Have you noticed how Brazilian investors keep finding new ways to chase yield without sitting on pure Bitcoin volatility? A fresh move from OranjeBTC might just shift that conversation. The company is preparing an income-oriented ETF for the B3 exchange that leans hard into preferred shares from U.S. Bitcoin treasury firms, and the early details already feel different from the usual crypto products.
What DIGY11 Actually Brings To The Table
OranjeBTC plans to list the Digital Yield ETF, known as DIGY11, on B3 in early September. The product targets monthly distributions paid in Brazilian reais while hedging its U.S. dollar exposure. That combination alone sets it apart from most crypto-linked funds that simply track Bitcoin price moves.
The initial portfolio is expected to concentrate heavily on Strategy’s STRC preferred stock. Reports indicate STRC could represent about 95 percent of the holdings, with the rest allocated to Strive’s SATA. OranjeBTC itself confirms both securities will sit in the fund and notes that STRC carries the largest weight, though it stops short of publishing the exact 95 percent figure in its broader announcement.
I’ve found that concentration of this scale often raises eyebrows among cautious investors, yet it also reflects a clear view on where the most reliable preferred-share income currently sits. The fund does not hold Bitcoin directly. Instead it tracks the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index, which selects preferred shares issued by listed companies carrying heavy Bitcoin balance sheets. Liquidity, Bitcoin reserves, leverage and distribution history all factor into the methodology.
Monthly Income Over Pure Bitcoin Exposure
DIGY11 is built for income rather than directional Bitcoin bets. OranjeBTC estimates annual distributions equivalent to the CDI rate plus roughly three to five percentage points under current market conditions. That figure excludes changes in the ETF’s share price and carries no guarantee of investor returns. Still, the target sits in a range that many local income seekers find worth examining.
The fund will charge a 0.90 percent annual management fee. Total costs are estimated around 1.30 percent according to local reporting. Management sits with 3R Investimentos, MarketVector maintains the benchmark, and Banco Daycoval handles fiduciary administration. OranjeBTC acts as product creator, adviser and anchor investor.
In my experience, that mix of roles can create tighter alignment between the product’s design and its ongoing performance, provided the incentive structures remain transparent. The ETF is expected to offer daily liquidity, monthly real-denominated distributions and daily disclosure of both portfolio holdings and net asset value.
Current Dividend Rates On The Preferred Shares
Strategy’s STRC currently lists an annualized dividend rate of 12 percent for August. Earlier mentions of 12.5 percent no longer match the company’s latest figures. The rate is variable and can shift monthly. Strategy also states clearly that its preferred securities are not collateralized by Bitcoin holdings and that future dividends remain unguaranteed.
STRC pays cash distributions twice monthly after a shareholder-approved change introduced this year. Even while the security traded below its $100 stated amount, Strategy kept the August rate at 12 percent. That decision offers a useful signal about how the company prioritizes consistency for preferred holders.
Strive’s SATA currently carries a 13 percent annualized rate. By early August the company had delivered 44 consecutive business-day dividend payments. Strive moved SATA to daily cash dividends at the 13 percent annualized rate beginning in mid-June. The regularity of those payments stands out in a market where many yield products still operate on monthly or quarterly schedules.
Perhaps the most interesting aspect is how these two rates sit side by side inside a single Brazilian product. Investors receive exposure to both streams while the currency hedge works to keep the distributions in reais. That structure feels practical for local portfolios that already hold more traditional fixed-income instruments.
How DIGY11 Fits Into Brazil’s Crypto Investment Landscape
Brazil already supports a sizable listed crypto investment market. Data from B3 showed crypto funds and ETFs holding roughly R$13.7 billion in net assets across about 576,000 investors as of April 2025. DIGY11 extends that universe in a different direction. Returns depend primarily on preferred-share prices, issuer distributions, currency hedging costs and fund expenses rather than direct Bitcoin price tracking.
OranjeBTC itself entered public markets last year through a reverse merger. The company debuted on B3 with a treasury of 3,650 Bitcoin, positioning its shares as another regulated route to Bitcoin-related exposure. DIGY11 now moves the firm beyond simply holding Bitcoin on its own balance sheet and into product creation for income-focused investors.
The distinction matters. Conventional Bitcoin ETFs give price exposure. DIGY11 aims for cash flow. That difference can appeal to investors who already feel comfortable with Bitcoin’s long-term story but prefer more predictable monthly income in local currency.
Key Structural Features Worth Watching
Several design choices shape how DIGY11 is expected to behave once trading begins.
- Heavy initial concentration in STRC with a smaller allocation to SATA
- Monthly distributions denominated in Brazilian reais
- Active hedging of U.S. dollar exposure
- 0.90 percent management fee and estimated total costs near 1.30 percent
- Daily liquidity and daily portfolio disclosure
- Benchmark that can later add other eligible Bitcoin treasury preferred securities
The ability to expand the index beyond the two initial names adds flexibility. If new issuers meet the liquidity, reserves, leverage and distribution criteria, the portfolio can evolve. For now the focus remains tightly on Strategy and Strive preferred shares.
I’ve always believed that transparent daily disclosure helps investors stay informed without having to wait for quarterly reports. That feature should prove useful once the product is live, especially during periods when preferred-share prices or dividend rates move.
What The Projected Yield Really Means
The CDI-plus-three-to-five-percent estimate is an illustration based on current conditions, not a promise. Preferred-share prices can fluctuate. Dividend rates can be adjusted. Hedging costs can rise or fall. All of those variables affect the final distribution investors actually receive.
Strategy has already shown it can keep the STRC rate steady even when the security trades below par. Strive has demonstrated consecutive daily payments at its stated rate. Those track records provide a baseline, yet they do not lock future outcomes in place.
In practical terms, investors will need to monitor three main moving parts after launch: the market prices of STRC and SATA, any changes to their dividend rates, and the ongoing cost of the currency hedge. Portfolio weight adjustments could also appear once the fund is operating.
Risks That Deserve Careful Attention
No income product is free of risk, and DIGY11 is no exception. Preferred shares sit higher in the capital structure than common equity yet still carry credit and market risk. Strategy has stated that its preferred securities are not backed by Bitcoin collateral. Future dividend payments remain at the discretion of the issuer.
Currency hedging removes one layer of volatility but introduces its own costs. Those costs can eat into the net distribution, particularly in periods of sharp exchange-rate moves. Concentration risk is another factor. A portfolio that begins with roughly 95 percent in a single security will feel the price swings of that name more acutely than a more diversified fund.
Liquidity of the underlying preferred shares also matters. The index methodology already screens for liquidity, yet secondary-market depth can change. Investors who need to exit the ETF quickly will rely on B3 trading volume rather than the underlying securities alone.
Perhaps the clearest way to think about the product is as a hybrid. It sits between traditional fixed-income instruments and pure crypto exposure. That middle ground can look attractive, yet it also means investors inherit elements of both worlds.
Timeline And What Comes Next
OranjeBTC expects DIGY11 to begin trading on B3 in early September. No firm first trading date has been announced. Once live, the fund should provide daily liquidity, monthly real distributions and transparent daily updates on holdings and net asset value.
The benchmark’s ability to incorporate additional Bitcoin treasury preferred securities later on keeps the door open for broader exposure. For the moment the story centers on Strategy’s STRC and Strive’s SATA.
After launch the practical variables will be straightforward to track: preferred-share prices, dividend-rate decisions, hedging costs and any shifts in portfolio weights. The projected CDI premium remains an estimate. Actual results will depend on how those variables interact over time.
Why This Product Matters Beyond The Numbers
DIGY11 illustrates a broader trend. Brazilian companies with Bitcoin treasuries are moving past simple balance-sheet accumulation and into structured products that deliver income in local currency. That evolution mirrors what we have seen in other markets where corporate Bitcoin holders eventually explore capital-markets tools.
For local investors the appeal is practical. Monthly reais distributions, currency hedging and daily liquidity address real portfolio needs. The heavy reliance on preferred shares from established U.S. Bitcoin treasury companies brings both opportunity and concentration risk into the same package.
I’ve watched enough product launches to know that the early months often reveal more about actual behavior than any pre-launch estimate. Distribution consistency, price volatility of the preferred shares and the true cost of the hedge will all become clearer once trading begins.
Until then the core idea remains straightforward. DIGY11 tries to turn preferred-share income from Bitcoin-heavy companies into a regulated, locally traded, reais-denominated stream. Whether that stream delivers the projected CDI-plus range will depend on factors that sit outside any single company’s control.
A Closer Look At The Two Preferred Securities
Strategy’s STRC stands as the dominant holding in the planned portfolio. Its current 12 percent annualized rate and twice-monthly payment schedule give it a clear income profile. The fact that the rate held steady even while the security traded below its stated amount suggests a degree of commitment to preferred holders, though nothing is contractually guaranteed.
Strive’s SATA brings a slightly higher 13 percent annualized rate and a daily payment cadence. The stretch of consecutive business-day distributions already recorded by early August provides a short but tangible track record. Together the two securities offer complementary payment frequencies inside a single ETF wrapper.
The index methodology that sits behind DIGY11 evaluates liquidity, Bitcoin reserves, leverage and distribution history before including any preferred share. That screening process aims to keep the basket focused on issuers that meet minimum quality thresholds. Whether those thresholds prove sufficient over a full market cycle remains an open question.
Practical Considerations For Potential Investors
Anyone considering DIGY11 will want to weigh several practical points. First, the product is designed for income rather than capital appreciation tied to Bitcoin. Second, the heavy concentration in a single preferred share introduces issuer-specific risk that a more diversified fund would dilute. Third, the currency hedge reduces one form of volatility while adding ongoing costs that reduce net yield.
Daily liquidity on B3 should help with entry and exit, yet liquidity is never guaranteed in stressed markets. The daily disclosure of holdings and net asset value offers transparency that many traditional products still lack. That visibility can help investors monitor concentration and performance without waiting for periodic reports.
The projected yield range of CDI plus three to five points is useful as a starting reference. It is not a floor and not a ceiling. Actual distributions will reflect the preferred-share prices, the rates the issuers choose to maintain, the cost of hedging and the fund’s own expenses.
In my view the most useful mindset is to treat DIGY11 as an income experiment that sits at the intersection of Bitcoin treasury companies and Brazilian capital markets. The experiment looks carefully designed. Results will still depend on variables that no one fully controls.
Broader Context Inside The Brazilian Market
Brazil’s listed crypto investment space has grown steadily. The R$13.7 billion in net assets recorded across crypto funds and ETFs in April 2025 reflects real investor interest. DIGY11 adds a yield-focused option to that mix. It does not replace pure Bitcoin exposure products. It simply offers a different profile.
OranjeBTC’s own journey from reverse merger to product creator shows how quickly the local landscape can evolve. Holding 3,650 Bitcoin on the balance sheet established the company as a Bitcoin treasury vehicle. Creating an income ETF that leans on preferred shares from other Bitcoin treasury firms takes the strategy one step further into product design.
That progression feels natural. Once a company has demonstrated it can hold Bitcoin in a regulated public structure, the next logical question becomes how to package related exposures for a wider investor base. DIGY11 is one answer to that question.
Looking Ahead After The Expected Listing
Early September remains the target window. Once trading starts, attention will shift from announcement details to actual distribution amounts, preferred-share price behavior and the effectiveness of the currency hedge. The index’s capacity to add new names later on could gradually reduce concentration if eligible securities appear.
Until those developments unfold, the core proposition stays the same. DIGY11 aims to deliver monthly reais income drawn primarily from Strategy’s STRC preferred stock, supplemented by Strive’s SATA, while shielding investors from direct dollar fluctuations. The structure is clear. The execution will determine how closely results match the pre-launch estimates.
For investors already comfortable with the risks of preferred shares issued by Bitcoin-heavy companies, the product offers a regulated local vehicle with daily liquidity. For those who prefer broader diversification or pure price exposure, other options already exist on B3. The choice depends on the role the investment is meant to play inside a larger portfolio.
One thing feels certain. The arrival of an income-focused ETF built around Bitcoin treasury preferred shares marks another step in the maturation of Brazil’s crypto investment market. How the product performs after launch will tell us whether that step lands solidly or requires further refinement.
Final Thoughts On The Income Angle
Yield products always look attractive when rates sit at interesting levels. DIGY11 enters the market with a projected premium over CDI that many local investors will find worth examining. The heavy weighting toward STRC, the monthly reais payouts and the currency hedge form a coherent package. Concentration risk, variable dividend rates and hedging costs form the other side of the ledger.
I’ve found that the most durable income strategies usually balance attractive current yields against clear understanding of the risks that support those yields. DIGY11 makes both sides of that equation visible. Investors who take the time to study the preferred-share mechanics, the index rules and the cost structure will be better positioned to decide whether the product fits their needs.
The coming weeks should bring a firm listing date and the first real trading data. Until then the announcement itself already expands the set of regulated tools available to Brazilian investors who want exposure to Bitcoin treasury preferred income without holding the preferred shares directly. That expansion alone makes DIGY11 worth watching.
