OranjeBTC, the Brazilian Bitcoin treasury company listed on Brazil’s B3 exchange under the ticker OBTC3, is preparing to launch DIGY11, a new exchange-traded fund (ETF) focused on preferred shares issued by companies with Bitcoin treasury strategies.
The Digital Yield ETF is expected to begin trading on B3 in early September. According to OranjeBTC, the fund will initially hold preferred shares issued by Strategy and Strive, including Strategy’s STRC and Strive’s SATA, and is designed to make monthly distributions in Brazilian reais while using currency hedging.
The product does not invest directly in Bitcoin. Instead, it gives investors exposure to preferred securities issued by companies that hold Bitcoin on their balance sheets.
What DIGY11 Will Hold
DIGY11 is structured around preferred shares issued by companies operating Bitcoin treasury strategies. Its initial portfolio is expected to include Strategy’s STRC and Strive’s SATA, with STRC representing the larger allocation, as per OranjeBTC’s statement, which did not divulge the exact allocation number.
Preferred shares are securities that sit within a company’s equity structure but generally have priority over common shares for distributions. The specific terms vary by issuer. In the case of STRC, Strategy describes the security as a perpetual preferred stock with a variable dividend rate. Strategy’s current STRC rate is 11.50% annually, with dividends payable semi-monthly following a change approved by shareholders earlier this year.
DIGY11 itself is not a Bitcoin fund. Investors therefore would not own Bitcoin through the ETF. Their exposure would instead be to the preferred securities held by the fund and, indirectly, to the financial condition and policies of their issuers.
Monthly Distributions Are the Core Pitch
OranjeBTC says DIGY11 is designed to make monthly distributions in Brazilian reais, with currency hedging intended to reduce the impact of movements between the U.S. dollar and the Brazilian real. The company estimates that annual distributions could be equivalent to Brazil’s CDI benchmark rate plus approximately 3% to 5%. That figure is an estimate rather than a guaranteed return.
OranjeBTC also says the estimate does not account for changes in the market value of DIGY11 shares. Investors could therefore receive distributions while still experiencing gains or losses in the ETF’s market price. That distinction is important because the distribution rate and the total return of an ETF are not the same thing.
How the Product Is Being Structured
OranjeBTC created the product and serves as its advisor, while 3R Investimentos will manage the portfolio. MarketVector, part of the VanEck group, provides the reference index, and Banco Daycoval is responsible for fiduciary administration, according to the launch information.
The ETF will track the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index. The index methodology is designed to select issuers based on factors including liquidity, Bitcoin holdings, leverage, and distribution history. OranjeBTC says companies exceeding specified leverage thresholds can be excluded.
The structure is intended to package several individual preferred securities into a locally traded product rather than requiring Brazilian investors to purchase the underlying securities separately.
Why This Is Different From a Conventional Bitcoin ETF
DIGY11 is aimed at an income-oriented use case rather than direct Bitcoin exposure. A conventional spot Bitcoin ETF derives its value primarily from the price of Bitcoin. DIGY11 instead holds preferred shares issued by companies whose businesses and capital structures are linked to Bitcoin treasury strategies.
That creates additional layers of risk. The performance of the preferred securities can be affected by Bitcoin prices, but also by issuer-specific factors such as leverage, liquidity, dividend policy, financing conditions, and the market’s assessment of each company. In other words, a rise in Bitcoin does not automatically translate into an equivalent rise in DIGY11 or its underlying preferred shares.
The Strategy and Strive Connection
Strategy is the largest issuer represented in the initial portfolio through STRC. The company describes STRC as part of its “Digital Credit” family of preferred securities. Strategy’s own materials classify STRC as perpetual preferred stock rather than conventional corporate debt. STRC’s dividend rate is variable. Strategy has said the rate can be adjusted to encourage trading around its $100 par value, and the security’s dividend structure was changed to semi-monthly payments beginning in mid-2026.
Strive’s SATA provides a second issuer in the portfolio, giving DIGY11 exposure to more than one Bitcoin-treasury company rather than concentrating entirely on Strategy. That diversification does not eliminate issuer risk, however. Both securities remain dependent on the financial condition, capital structure, and distribution policies of their respective issuers.
Why Brazil Matters
For Brazilian investors, the primary change is access. DIGY11 is designed to trade locally on B3 in Brazilian reais, removing some of the operational steps associated with buying foreign securities directly. The fund also incorporates currency hedging, which is intended to reduce the impact of exchange-rate movements on the product.
OranjeBTC says the structure is designed to provide local investors with access to the preferred-share market without having to open a foreign brokerage account or purchase the underlying securities individually.
Those are structural and operational benefits rather than a guarantee of better investment performance. The launch also represents a new direction for OranjeBTC, which has primarily positioned itself around Bitcoin treasury activities and Bitcoin-related education and investment initiatives. B3 records show OranjeBTC began trading under the OBTC3 ticker in October 2025.
Saylor and Cole Back the Launch
The launch has also received public support from Strategy Executive Chairman Michael Saylor and Strive CEO Matt Cole.
Saylor described the launch as “Digital Credit” going global, while Cole characterized the development as evidence of the category expanding beyond a single issuer. Those comments should be viewed in context. Strategy and Strive are the issuers of the securities that DIGY11 is designed to hold, giving both executives a direct commercial interest in the broader adoption of their preferred securities.
Their comments therefore provide the issuers’ perspective on the launch rather than an independent assessment of DIGY11’s investment merits.
The Risks
DIGY11’s income-oriented structure does not make it equivalent to a bank deposit or conventional fixed-income product. The fund is exposed to market, credit and liquidity risks, and distributions depend on the underlying securities and the ETF’s structure. The product is not covered by Brazil’s FGC deposit-guarantee scheme.
The underlying preferred shares are also not the same as debt secured by a segregated pool of Bitcoin. Bitcoin held by Strategy or other issuers remains on those companies’ balance sheets and is subject to their broader financial obligations and capital-allocation decisions.
Bitcoin-price volatility can therefore affect the financial position and market value of the issuers, even though DIGY11 itself does not hold Bitcoin directly. There is also no guarantee that the ETF’s estimated CDI-plus distribution level will be maintained. OranjeBTC’s projected distribution range is an estimate and should not be treated as a promised yield.
What to Watch Before the Launch
Three factors will matter once DIGY11 begins trading. First is the ETF’s actual portfolio composition and weighting between STRC and SATA. Second is the level and sustainability of distributions relative to the company’s initial estimates. Third is how the underlying preferred securities trade as Bitcoin prices, interest rates and investor demand change.
The relationship between the ETF’s market price and the value of its underlying holdings will also be important once trading begins. The expected early-September launch means investors will have to distinguish between the advertised distribution characteristics of the underlying securities and DIGY11’s actual total return after fees, market movements, and currency-hedging effects.
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