Key Takeaways
- • OranjeBTC launched DIGY11, a Bitcoin-backed digital yield ETF on Brazil's B3 exchange, marking the first product from the country's largest Bitcoin treasury firm to enter capital markets beyond its corporate holdings.
- • DIGY11 allocates 95% to Strategy preferred shares (STRC) and 5% to Strive preferred shares (SATA)—both US companies with substantial Bitcoin reserves—providing Brazilian investors indirect Bitcoin exposure through dividend-generating securities rather than direct BTC ownership.
- • The ETF targets annual distributions of CDI (Brazil's interbank rate) plus 3–5 percentage points, with monthly income paid in Brazilian reais; under current market conditions, estimates suggest roughly 18% annual yields, though actual returns depend on market conditions and share price fluctuations.
- • DIGY11 offers daily liquidity on B3, FX hedging to manage currency risk, and charges a 0.9% annual management fee; Itaú BBA structures and distributes the fund, while MarketVector (VanEck group) calculates the index.
- • The launch signals OranjeBTC's strategic expansion from corporate Bitcoin treasury management into retail and institutional capital markets products, with the CEO indicating multiple additional ETF launches planned for future deployment.
Summary
OranjeBTC, Brazil's largest Bitcoin treasury company, launched DIGY11, a digital yield ETF, on B3 (the country's primary stock exchange) in early September 2026. The fund represents the company's inaugural venture into capital markets products, broadening its business model beyond its core Bitcoin treasury operations. Rather than holding Bitcoin directly, DIGY11 provides investors with exposure to US-domiciled companies that maintain substantial Bitcoin reserves on their balance sheets.
The ETF's portfolio composition reflects a deliberate strategy to generate recurring income. DIGY11 allocates 95% of its holdings to Strategy preferred shares (ticker STRC) and 5% to Strive preferred shares (ticker SATA). Both underlying securities are designed to distribute dollar-denominated payments derived from the companies' Bitcoin holdings and related operations. The ETF converts these dollar distributions into Brazilian reais for monthly payout to shareholders, employing currency hedging to mitigate foreign exchange volatility. This structure allows Brazilian investors to access Bitcoin-related income streams without direct cryptocurrency ownership—a material distinction for institutional and retail participants seeking regulated market exposure.
OranjeBTC estimates that under current market conditions, DIGY11 could deliver annual distributions equal to the CDI (Certificado de Depósito Interbancário, Brazil's interbank rate) plus 3–5 percentage points, net of the fund's 0.9% annual management fee. Preliminary guidance suggests potential annual yields near 18%, although the company explicitly disclaims this as a guarantee and notes that investor returns will fluctuate with market conditions and changes in the ETF's share price. The fund offers daily liquidity and trades in Brazilian reais on B3, addressing a key operational requirement for Brazilian institutional and retail capital.
The fund's infrastructure involves multiple institutional partners. Itaú BBA served as structuring and distribution partner; 3R Investimentos manages daily operations; MarketVector (part of the VanEck group) calculates the index; and Banco Daycoval provides fiduciary administration. This institutional architecture underscores B3's regulatory framework and the participation of Brazil's established financial ecosystem in the Bitcoin treasury asset class.
CEO Guilherme Gomes signaled that DIGY11 represents only the first of multiple planned products, indicating OranjeBTC intends to develop a suite of Bitcoin-backed investment vehicles. The company views the ETF launch as a pathway to serve investors seeking income-generating Bitcoin exposure without direct cryptocurrency holdings, positioning itself at the intersection of traditional capital markets and digital asset economics.
The ETF's portfolio composition reflects a deliberate strategy to generate recurring income. DIGY11 allocates 95% of its holdings to Strategy preferred shares (ticker STRC) and 5% to Strive preferred shares (ticker SATA). Both underlying securities are designed to distribute dollar-denominated payments derived from the companies' Bitcoin holdings and related operations. The ETF converts these dollar distributions into Brazilian reais for monthly payout to shareholders, employing currency hedging to mitigate foreign exchange volatility. This structure allows Brazilian investors to access Bitcoin-related income streams without direct cryptocurrency ownership—a material distinction for institutional and retail participants seeking regulated market exposure.
OranjeBTC estimates that under current market conditions, DIGY11 could deliver annual distributions equal to the CDI (Certificado de Depósito Interbancário, Brazil's interbank rate) plus 3–5 percentage points, net of the fund's 0.9% annual management fee. Preliminary guidance suggests potential annual yields near 18%, although the company explicitly disclaims this as a guarantee and notes that investor returns will fluctuate with market conditions and changes in the ETF's share price. The fund offers daily liquidity and trades in Brazilian reais on B3, addressing a key operational requirement for Brazilian institutional and retail capital.
The fund's infrastructure involves multiple institutional partners. Itaú BBA served as structuring and distribution partner; 3R Investimentos manages daily operations; MarketVector (part of the VanEck group) calculates the index; and Banco Daycoval provides fiduciary administration. This institutional architecture underscores B3's regulatory framework and the participation of Brazil's established financial ecosystem in the Bitcoin treasury asset class.
CEO Guilherme Gomes signaled that DIGY11 represents only the first of multiple planned products, indicating OranjeBTC intends to develop a suite of Bitcoin-backed investment vehicles. The company views the ETF launch as a pathway to serve investors seeking income-generating Bitcoin exposure without direct cryptocurrency holdings, positioning itself at the intersection of traditional capital markets and digital asset economics.
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