Brazil’s largest bitcoin treasury firm plans ETF with 95% allocation to Strategy's STRC
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Summary
Brazil’s largest bitcoin treasury firm, OranjeBTC, is launching a new exchange-traded fund (ETF) called DIGY11. The ETF will allocate 95% of its portfolio to preferred shares of Strategy’s STRC and 5% to Strive’s SATA. DIGY11 aims to provide monthly income distributions and will begin trading on Brazil’s B3 exchange in early September.
Why it matters
DIGY11 offers Brazilian investors exposure to U.S. bitcoin-related preferred shares with monthly income distributions in local currency. The ETF targets yields above Brazil’s risk-free rate, net of costs, potentially appealing to income-focused investors. The product also includes a hedging strategy to mitigate foreign exchange risk between the U.S. dollar and Brazilian real.
Key context
STRC and SATA are preferred shares that pay recurring U.S. dollar distributions backed by companies holding bitcoin on their balance sheets, though the bitcoin is not pledged to these shareholders. The yields on STRC and SATA are currently 12.5% and 13.1%, respectively. OranjeBTC holds approximately 3,950 BTC, worth $250 million, supporting its expertise in bitcoin treasury management. Brazil’s crypto funds and ETFs market had assets of 13.7 billion reais ($2.6 billion) across 576,000 investors as of April 2025.
Key numbers and entities
OranjeBTC holds 3,950 bitcoin valued at $250 million. DIGY11 will allocate 95% to Strategy’s STRC and 5% to Strive’s SATA. Target annual distributions aim to cover Brazil’s CDI interbank rate of 14.15% plus 3–5 percentage points, net of an estimated 1.30% total fund cost. The ETF will charge a 0.90% management fee. STRC and SATA yields are 12.5% and 13.1%. The ETF is planned to start trading in early September 2026 on Brazil’s B3 exchange. Portfolio management will be handled by 3R Investimentos; MarketVector will maintain the benchmark index.
What remains unclear
OranjeBTC has not set a firm listing date for DIGY11. The projected returns exclude changes in DIGY11’s share price, and no guarantees of actual investor returns are provided. The exact division of the management fee payments to OranjeBTC under its consulting agreement remains undisclosed.