TL;DR
- OranjeBTC plans DIGY11 with 95% in Strategy’s STRC and 5% in Strive’s SATA, targeting monthly income for Brazilian investors.
- The ETF aims to distribute Brazil’s 14.15% CDI rate plus roughly 3 to 5 percentage points annually, net of costs, without guaranteeing returns.
- DIGY11 will hedge dollar exposure with monthly FX forwards, charge a 0.90% management fee and is expected to begin trading on B3 in early September if plans hold.
Brazil’s OranjeBTC is preparing DIGY11, a monthly-income ETF that would initially allocate 95% of its portfolio to Strategy’s STRC preferred shares and the remaining 5% to Strive’s SATA. The planned fund would trade on Brazil’s B3 exchange in reais and distribute income every month. The striking setup is that a bitcoin treasury company is packaging preferred-stock yield rather than direct bitcoin exposure. STRC and SATA currently yield 12.5% and 13.1%, while the bitcoin held by their issuers stays on company balance sheets and is not pledged to preferred shareholders, for Brazilian income-focused market participants.
Great work by @GuiAmadoGomes, @samcallah, & the OranjeBTC team on $DIGY11. It will hold $STRC, $SATA, and hopefully additional digital credit securities in the future.
Digital Credit is maturing from an innovation pioneered by a single company into a true asset class with… https://t.co/78duE3DuUe
— Matt Cole (@ColeMacro) August 13, 2026
DIGY11 blends preferred-stock income with currency hedging
OranjeBTC expects DIGY11’s annual distributions to match Brazil’s CDI interbank rate of 14.15% plus roughly 3 to 5 percentage points, net of costs, although actual investor returns are not guaranteed. The estimate depends on preferred-share payouts and the interest-rate differential between Brazil and the United States. That makes the fund’s income target unusually ambitious, but also dependent on variables outside the ETF’s direct control. OranjeBTC estimates total fund costs at 1.30%, including a 0.90% management fee, with an undisclosed portion going to the firm under a consulting arrangement, seeking predictable monthly cash distributions.
Currency risk is another central piece of the design. DIGY11 plans to hedge its U.S. dollar exposure using one-month foreign-exchange forwards that would be rolled monthly and rebalanced quarterly. 3R Investimentos is set to manage the portfolio, while MarketVector will maintain the benchmark index. The structure effectively tries to convert dollar-denominated preferred-stock income into a real-denominated monthly product without leaving investors fully exposed to FX swings. OranjeBTC, which holds 3,950 BTC worth about $250 million, expects trading to begin in early September, though no firm listing date has been announced, without abandoning cross-border yield exposure.
Comparable products exist, but DIGY11 would differ in how it distributes income. The 21Shares Strategy Yield ETP in Europe holds $17.6 million, owns only STRC and reinvests monthly distributions instead of paying them out. In the United States, VanEck’s $2.44 billion PFXF holds about $251 million across four Strategy preferred securities, roughly 10% of its portfolio. Brazil’s established appetite for listed crypto products gives OranjeBTC a market where this hybrid income strategy could find receptive investors. Crypto funds and ETFs held 13.7 billion reais, or $2.6 billion, across 576,000 investors in April 2025, seeking alternatives to direct bitcoin.
