OranjeBTC Plans DIGY11 ETF
OranjeBTC plans to launch DIGY11 as a monthly income product for investors seeking exposure to preferred securities issued by Bitcoin treasury companies.
The ETF is expected to trade in Brazilian reais on the B3 exchange.
The initial portfolio allocation would be heavily concentrated in Strategy's STRC, with approximately 95% of the fund invested in the preferred stock.
The remaining allocation would go to SATA, the comparable preferred security issued by Strive.
The structure gives Brazilian investors access to U.S. preferred-stock products through a locally traded investment vehicle rather than requiring them to directly purchase the securities overseas.
STRC and SATA Offer Recurring Distributions
Strategy's STRC and Strive's SATA are preferred securities that provide recurring U.S. dollar distributions.
At the time of the proposal, STRC offered a yield of approximately 12.5%, while SATA offered around 13.1%.
Unlike common shares, preferred securities are designed primarily around income distributions and other contractual features.
The underlying companies' Bitcoin holdings remain on their respective balance sheets and are not pledged directly to preferred shareholders.
That distinction means investors in DIGY11 would gain exposure to the preferred securities rather than directly owning the Bitcoin held by Strategy or Strive.
DIGY11 Targets Brazil's High Interest Rates
OranjeBTC expects DIGY11's annual distributions to potentially reach the equivalent of Brazil's Interbank Deposit Certificate (CDI) rate plus roughly 3–5 percentage points, after estimated costs.
Brazil's CDI rate was approximately 14.15% when the product was being prepared.
Based on that estimate, the targeted annual distribution could be substantially higher than the local risk-free rate.
However, OranjeBTC has emphasized that the estimate is not a guaranteed return.
The actual outcome would depend on factors including preferred-share distributions, exchange rates, interest-rate differences between Brazil and the United States and DIGY11's operating costs.
Investors' Actual Returns Could Differ
The targeted distribution does not represent a guaranteed investment return.
OranjeBTC's estimate also excludes potential changes in the market price of DIGY11 shares.
If the ETF's market price rises or falls, investors' total returns could differ significantly from the income distributed by the fund.
The fund will also face currency and market risks because its underlying assets are denominated in U.S. dollars while DIGY11 will trade in Brazilian reais.
OranjeBTC Plans Currency Hedging
To reduce the impact of exchange-rate fluctuations, OranjeBTC plans to hedge DIGY11's dollar exposure.
The strategy would use one-month foreign-exchange forward contracts, which would be rolled monthly and rebalanced every quarter.
The fund is expected to charge a 0.90% management fee.
OranjeBTC would also receive an undisclosed portion of the economics under a consulting agreement.
This structure is intended to provide Brazilian investors with exposure to U.S. preferred securities while limiting the impact of movements between the Brazilian real and U.S. dollar.
Who Will Manage DIGY11?
3R Investimentos will manage the ETF's portfolio, while MarketVector will maintain its benchmark index.
The involvement of established financial-service providers is intended to provide the product with the infrastructure needed to operate within Brazil's regulated investment market.
The final portfolio composition could also change over time depending on the ETF's investment strategy and market conditions.
OranjeBTC Holds 3,950 Bitcoin
The planned ETF comes as OranjeBTC continues to build its own Bitcoin treasury.
The company currently holds approximately 3,950 BTC, valued at roughly $250 million based on the price cited in the original report.
This makes OranjeBTC one of the most significant publicly visible corporate Bitcoin holders in Brazil.
The company's Bitcoin strategy provides the broader foundation for its involvement in digital-asset financial products.
Rather than launching a fund that directly tracks Bitcoin, DIGY11 is designed around income-producing preferred securities associated with Bitcoin treasury companies.
European Bitcoin Treasury Income Products Already Exist
The concept is not entirely new.
Similar products have already appeared in European markets, although adoption has remained relatively limited.
The 21Shares Strategy Yield ETP, for example, invests in STRC and is listed on European exchanges.
According to 21Shares' official product page, the product holds STRC and reinvests the monthly distributions instead of paying them directly to investors.
DIGY11 would take a different approach by targeting monthly income distributions for investors in Brazil.
U.S. Investors Have Preferred-Stock Exposure
Preferred securities linked to Strategy have also gained exposure through broader U.S. investment products.
For example, the VanEck Preferred Securities ex Financials ETF (PFXF) holds several Strategy preferred securities as part of its portfolio.
According to VanEck's official PFXF page, the ETF provides diversified exposure to preferred securities while excluding financial companies.
The product demonstrates how Strategy's preferred securities are increasingly becoming part of the broader preferred-income investment market.
Brazil Already Has a Growing Crypto Investment Market
Brazil has developed a relatively established market for regulated crypto investment products.
According to data published by B3, crypto funds and ETFs in Brazil held approximately 13.7 billion reais, equivalent to around $2.6 billion, across roughly 576,000 investors in April 2025.
That existing investor base could provide a potential market for DIGY11 if the product receives the necessary approvals and launches as planned.
Bitcoin Treasury Companies Expand Beyond BTC Purchases
The planned ETF reflects a broader evolution in the Bitcoin treasury industry.
Companies such as Strategy and Strive have increasingly used financial markets to create different classes of securities around their Bitcoin-focused balance sheets.
Preferred stocks can provide investors with recurring distributions while allowing the issuing companies to raise capital without relying exclusively on common-stock issuance.
For investors, these instruments create a different way to gain exposure to the Bitcoin treasury trend without directly purchasing BTC.
DIGY11 Could Bring Bitcoin Treasury Income to Brazilian Investors
If launched as planned, DIGY11 would give Brazilian investors access to a specialized investment strategy combining Bitcoin treasury companies, preferred-stock income and currency management.
The heavy initial allocation to STRC means the ETF's performance will be closely connected to Strategy's preferred security.
At the same time, its distribution target means investors will likely focus heavily on the sustainability of STRC and SATA payments, as well as changes in U.S. and Brazilian interest rates.
Risks Remain for Investors
Despite the potentially attractive income target, DIGY11 would carry several risks.
Investors would be exposed to movements in the underlying preferred securities, changes in interest rates, credit risks associated with the issuers and the effectiveness of the fund's currency hedging strategy.
The ETF could also trade above or below the value of its underlying assets.
Most importantly, the projected CDI-plus return is an estimate rather than a guaranteed yield.
Investors would therefore need to consider both income and potential changes in the ETF's market value.
DIGY11 Expected to Launch in September
OranjeBTC expects DIGY11 to begin trading in early September, although the company has not established a firm listing date.
Before trading begins, the fund will need to complete the applicable regulatory and operational processes.
If launched successfully, DIGY11 could become one of the more specialized crypto-related investment products available to Brazilian investors.
Its focus on preferred securities rather than direct Bitcoin exposure also distinguishes it from traditional spot Bitcoin ETFs.
Brazil's Crypto Market Continues to Expand
The planned launch highlights Brazil's growing role in the global digital-asset investment market.
Brazil has already developed a broad ecosystem of regulated crypto funds and exchange-traded products, giving investors multiple ways to gain exposure to digital assets.
DIGY11 would add another category by combining preferred-stock income with the Bitcoin treasury strategy.
Its success could also encourage other asset managers to develop similar products aimed at investors seeking income rather than direct cryptocurrency price exposure.
Conclusion
OranjeBTC is preparing to launch DIGY11, a Brazilian ETF that would initially allocate approximately 95% of its portfolio to Strategy's STRC preferred stock and the remaining 5% to Strive's SATA.
The fund is designed to provide monthly income and could target annual distributions equivalent to Brazil's CDI rate plus roughly 3–5 percentage points, after estimated costs.
However, the projected return is not guaranteed and investors would remain exposed to market, credit, interest-rate and currency risks.
With OranjeBTC holding approximately 3,950 BTC and Brazil already hosting a growing market for regulated crypto investment products, DIGY11 could represent another step in the evolution of Bitcoin treasury companies into broader financial products.
