OranjeBTC plans to list DIGY11 on B3, an ETF allocating 95% of its portfolio to Strategy’s preferred STRC share. The product gives Brazilian investors a regulated local route to dollar income, but its elevated distribution depends on the issuers, the interest-rate gap and the currency hedge.
🔑 En bref
- 95% in STRC and 5% in SATA.
- A B3-listed ETF traded in reais with income distributed monthly.
- Target payout: the 14.15% CDI plus 3 to 5 points, after fees.
- A 0.90% management fee and estimated 1.30% annual total cost.
DIGY11 backs two digital-credit issuers
Designed as a local investment vehicle, DIGY11 will give Brazilian investors regulated access to two preferred-share classes funded by dollar distributions. Its attractive income profile, however, comes with extreme concentration and dependence on the issuers’ decisions.
A highly concentrated starting allocation
The fund will be primarily exposed to STRC, Strategy’s preferred share, while Strive’s SATA will occupy a smaller complementary position.
| Asset | Initial weight | Portfolio role |
|---|---|---|
| Strategy’s STRC | 95% | Recurring dollar distribution |
| Strive’s SATA | 5% | Secondary exposure to the same segment |
Portfolio management will be handled by 3R Investimentos. MarketVector will maintain the Bitcoin Treasury Preferred Equity BRL Hedged Index benchmark. OranjeBTC will receive an undisclosed share of the 0.90% management fee under a consulting agreement.
Income, hedging and risk
OranjeBTC expects annual distributions to equal the CDI, Brazil’s Interbank Deposit Certificate, currently at 14.15%, plus 3 to 5 percentage points. That projection is net of estimated total costs of 1.30%, but it is not a guaranteed return.
Current yields are 12.5% on STRC and 13.1% on SATA. To protect against moves in the real, the fund will use one-month foreign-exchange forwards, rolled monthly, with quarterly rebalancing. Payouts will depend on preferred-share distributions, the Brazil-US interest-rate differential and fund costs. Changes in DIGY11’s share price are excluded from the estimate.
STRC has surpassed $10 billion in notional value and recorded about $160 million in average daily trading volume over the past 30 days. OranjeBTC estimates that Strategy and Strive together hold roughly $2.80 in cash and $28 in Bitcoin for every $1 they distribute annually. Their Bitcoin remains on the companies’ balance sheets and is not pledged to preferred shareholders.
« Digital credit represents a new asset class, and seeing it reach Latin American investors through a local regulated product shows the kind of expansion STRC was designed to support. »
Michael Saylor, Strategy founder
Strive CEO Matt Cole, meanwhile, said the launch demonstrates digital credit evolving from a single-company idea into a broader asset class.
OranjeBTC turns its treasury into financial infrastructure
OranjeBTC currently holds 3,950 Bitcoin, valued at approximately $250 million according to CoinDesk. Other sources place the value closer to $380 million at current market prices, explaining the discrepancy in reported valuations.
Steady accumulation and a global ranking
The company is described as South America’s largest Bitcoin treasury and ranks 23rd among publicly traded companies worldwide by Bitcoin ownership, according to BitcoinTreasuries.net. Its latest recorded purchase was only 2 Bitcoin, consistent with a strategy of gradual accumulation rather than market timing.
Its backers include Adam Back, who holds a 25.3% stake in B HODL, Cameron and Tyler Winklevoss, FalconX, Ricardo Salinas Pliego, Off the Chain Capital, ParaFi Capital and former Bridgewater executives.
A B3 listing is already in preparation
OranjeBTC plans to go public on B3 through a reverse merger with Intergraus, a listed prep-course provider, and operate with approximately 85% free float. The initial target was early October, but the timeline may have shifted as DIGY11 targets early September. No firm listing date has been set. Investors will not need overseas accounts, individual foreign-exchange transactions or separate security selection.
CEO Guilherme Gomes describes the Bitcoin-treasury industry as being in its early innings. Consolidation is possible, but he sees the structural trend as the larger story. The company aims to be more than a Bitcoin balance sheet, building infrastructure, education and community across Latin America and beyond.
Brazil already has an institutional crypto market
In April 2025, Brazilian crypto funds and ETFs held R$13.7 billion, equivalent to approximately $2.6 billion, across 576,000 investors. The securities regulator has approved several crypto-related products, while the central bank is actively exploring a digital currency.
International precedents remain limited
Outside the US, the 21Shares Strategy Yield ETP manages just $17.6 million, owns STRC exclusively and reinvests monthly distributions. In the US, exposure sits mainly in broader preferred-stock funds: VanEck’s PFXF manages $2.44 billion, including roughly $251 million across four Strategy preferred securities, or approximately 10% of its portfolio.
The key factors to monitor
- Whether STRC and SATA maintain distributions in a high-rate environment.
- Bitcoin-price performance, which is separate from preferred-share income.
- The effectiveness of the real-to-dollar currency hedge.
- DIGY11’s liquidity and any premium or discount to net asset value.
These factors show that DIGY11 is not a direct Bitcoin proxy. It is a synthetic fixed-income product whose resilience depends on the issuers’ financial health, market access and the quality of its currency hedge.
Conclusion: High income with several variables
If Strategy and Strive sustain their distributions, DIGY11 could offer Brazilian investors dollar income above the CDI. Local access and currency hedging are major advantages, but fees, applicable taxes and dependence on two issuers must be considered.
The base case is therefore a high-income product, not a substitute for owning Bitcoin. Lower payouts, a changed hedge or an excessive premium in DIGY11’s market price could materially reduce its appeal. With no fixed launch date yet, investors should wait for the final prospectus and compare the targeted payout with credit, liquidity and market risks.
Sources
- CoinDesk, August 13, 2026
- Futu News
- CryptoNews
- Sherwood News
- Coinpedia
- Yahoo Finance
- BitcoinTreasuries.net, ranking cited by CoinDesk
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
