The T-Strive Digital Credit Preferred Income ETF (ticker DCAP) began trading on the Cboe BZX Exchange. This first US exchange-traded fund focused on digital credit preferred securities splits its portfolio roughly 50/50 between STRC issued by Strategy Inc. and SATA issued by Strive Inc. The fund offers yields ranging from 12% to 13.16% by exposing investors to Bitcoin treasury companies through fixed-income-style instruments rather than direct cryptocurrency holdings. At launch, SATA delivers an annualized yield of approximately 13% with daily dividend payments, while STRC pays between 12% and 13.16% on a semi-monthly basis. The primary risk lies in these preferred securities’ dependence on companies whose balance sheets are heavily exposed to Bitcoin’s price, which could pressure dividend sustainability in a prolonged downturn.
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