Key Takeaways
- • OranjeBTC is launching DIGY11, a Bitcoin ecosystem ETF on Brazil's B3 exchange in early September 2026, with 95% of assets allocated to MicroStrategy's STRC preferred shares and 5% to Strive's SATA preferred shares.
- • DIGY11 will not purchase Bitcoin directly; instead, it provides Brazilian real-denominated exposure to Bitcoin treasury companies through preferred shares designed for recurring income distribution, addressing local investor demand for alternative Bitcoin exposure structures.
- • The ETF targets annual distributions of CDI plus 3% to 5% with monthly payouts in Brazilian reais, incorporating currency hedging to mitigate USD/BRL volatility and offering daily liquidity on the B3 exchange.
- • The fund structure converts a U.S. Bitcoin treasury strategy into a Brazilian real income product, managed by 3R Investimentos, and represents OranjeBTC's strategy to capitalize on the preferred share model pioneered by Strategy and Strive in U.S. capital markets.
- • STRC's current trading price at $95.73 suggests institutional demand for the security; DIGY11's 95% allocation concentration positions the fund as a significant channel for directing Brazilian capital into MicroStrategy's preferred equity.
Summary
OranjeBTC, Brazil's largest Bitcoin digital asset treasury firm, has announced the DIGY11 ETF, a novel instrument designed to provide Brazilian institutional and retail investors with income-focused exposure to Bitcoin ecosystem companies. Scheduled to launch on Brazil's B3 exchange in early September 2026, the fund represents a strategic pivot away from direct Bitcoin ownership toward preferred share allocation, offering an alternative structure for capturing Bitcoin-related returns.
The fund's portfolio construction is deliberately concentrated: 95% of DIGY11's assets will be allocated to MicroStrategy's STRC preferred shares, with the remaining 5% directed toward Strive's SATA preferred shares. This allocation reflects confidence in the preferred share model that Strategy and Strive have established in U.S. capital markets—a structure designed to generate recurring income while maintaining exposure to companies with substantial Bitcoin holdings. Unlike traditional Bitcoin ETFs that purchase the underlying asset directly, DIGY11 achieves Bitcoin ecosystem exposure indirectly through equity ownership of Treasury companies.
The fund will trade in Brazilian reais and incorporate currency hedging mechanisms to reduce the impact of USD/BRL exchange rate fluctuations, a critical feature for local investors seeking to avoid unintended foreign exchange exposure. DIGY11 will offer daily liquidity, addressing the operational needs of both institutional and retail participants. Management of the fund will be handled by 3R Investimentos, ensuring professional portfolio administration.
Income generation is central to DIGY11's investment thesis. The ETF is structured to deliver monthly distributions in Brazilian reais, with OranjeBTC estimating annual yields of CDI (Certificado de Depósito Interbancário, Brazil's interbank deposit rate) plus 3% to 5% after fund costs, subject to prevailing market conditions. This yield target positions DIGY11 as an income-generating alternative within the Bitcoin-adjacent asset class, appealing to investors seeking regular cash distributions rather than pure capital appreciation.
According to Guilherme Gomes, founder and CEO of OranjeBTC, the DIGY11 structure was developed to "bring the revolution that Strategy and Strive are promoting in the U.S. capital markets" to Brazilian investors. This framing underscores the fund's role in democratizing access to a sophisticated U.S. financial innovation within a Brazilian regulatory and market framework, potentially opening significant demand channels for STRC preferred shares from Brazilian institutional capital.
The fund's portfolio construction is deliberately concentrated: 95% of DIGY11's assets will be allocated to MicroStrategy's STRC preferred shares, with the remaining 5% directed toward Strive's SATA preferred shares. This allocation reflects confidence in the preferred share model that Strategy and Strive have established in U.S. capital markets—a structure designed to generate recurring income while maintaining exposure to companies with substantial Bitcoin holdings. Unlike traditional Bitcoin ETFs that purchase the underlying asset directly, DIGY11 achieves Bitcoin ecosystem exposure indirectly through equity ownership of Treasury companies.
The fund will trade in Brazilian reais and incorporate currency hedging mechanisms to reduce the impact of USD/BRL exchange rate fluctuations, a critical feature for local investors seeking to avoid unintended foreign exchange exposure. DIGY11 will offer daily liquidity, addressing the operational needs of both institutional and retail participants. Management of the fund will be handled by 3R Investimentos, ensuring professional portfolio administration.
Income generation is central to DIGY11's investment thesis. The ETF is structured to deliver monthly distributions in Brazilian reais, with OranjeBTC estimating annual yields of CDI (Certificado de Depósito Interbancário, Brazil's interbank deposit rate) plus 3% to 5% after fund costs, subject to prevailing market conditions. This yield target positions DIGY11 as an income-generating alternative within the Bitcoin-adjacent asset class, appealing to investors seeking regular cash distributions rather than pure capital appreciation.
According to Guilherme Gomes, founder and CEO of OranjeBTC, the DIGY11 structure was developed to "bring the revolution that Strategy and Strive are promoting in the U.S. capital markets" to Brazilian investors. This framing underscores the fund's role in democratizing access to a sophisticated U.S. financial innovation within a Brazilian regulatory and market framework, potentially opening significant demand channels for STRC preferred shares from Brazilian institutional capital.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.