Key Takeaways
- • OranjeBTC launched DIGY11 on B3 in early September 2026, an ETF providing Brazilian investors exposure to preferred shares of Bitcoin treasury companies Strategy (STRC) and Strive (SATA) without direct Bitcoin holdings.
- • DIGY11 allocates approximately 95% to Strategy's preferred stock (paying 12% annualized dividend) and the remainder to Strive's shares (13% annualized dividend), with monthly distributions in Brazilian reais and dollar-hedged positioning.
- • US spot Bitcoin ETFs recorded a $450.4 million net outflow on September 16 (Tuesday), marking the largest single-day outflow since June, following a 13-day streak of consecutive outflows totaling $4.4 billion.
- • The ETF targets annual returns of CDI plus 3–5% with a 0.90% management fee and approximately 1.30% in total costs, managed by 3R Investimentos with MarketVector maintaining the benchmark.
- • Brazil's crypto investment ecosystem has grown to R$13.7 billion in net assets across approximately 576,000 investors as of April 2025, providing market context for DIGY11's launch.
Summary
OranjeBTC launched DIGY11 on the Brazilian stock exchange B3 in early September 2026, introducing a novel ETF structure that grants local investors exposure to preferred shares issued by major US Bitcoin treasury companies without requiring direct Bitcoin ownership. The fund tracks the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index and concentrates its portfolio heavily in Strategy's STRC preferred stock (approximately 95%) with the remaining allocation to Strive's SATA shares. This structural approach allows Brazilian investors to capture income streams from Bitcoin-holding corporations through dividend exposure rather than cryptocurrency price appreciation.
The dividend characteristics of both holdings remain central to the fund's value proposition. Strategy's STRC preferred stock currently pays a 12% annualized dividend rate, while Strive's SATA pays 13%, though both rates are explicitly variable and not guaranteed. DIGY11 distributes earnings monthly to shareholders in Brazilian reais, with dollar currency exposure hedged to insulate Brazilian investors from foreign exchange volatility. The fund projects annual returns in the range of CDI plus 3–5%, though OranjeBTC has clarified this constitutes an estimate rather than a commitment. Management and operational costs total approximately 1.30%, comprised principally of a 0.90% management fee, with 3R Investimentos serving as fund manager, MarketVector maintaining the benchmark index, and Banco Daycoval providing fiduciary administration.
The DIGY11 launch coincides with significant volatility in global Bitcoin ETF markets. US spot Bitcoin ETFs experienced a $450.4 million net outflow on September 16, representing the largest single-day capital flight since June 2026. This outflow capped a substantial 13-day consecutive outflow period during which these funds shed approximately $4.4 billion in aggregate capital. The timing underscores diverging market dynamics: while traditional spot Bitcoin ETF products faced redemption pressure in the US market, OranjeBTC proceeded with its preferred equity alternative in Brazil, where the crypto investment ecosystem had expanded to R$13.7 billion in net assets distributed across approximately 576,000 investors as of April 2025. This Brazilian market foundation, combined with the income-focused structure of DIGY11, positions the product as a distinct offering aligned with institutional and retail demand for dividend-generating exposure to cryptocurrency treasury entities.
The dividend characteristics of both holdings remain central to the fund's value proposition. Strategy's STRC preferred stock currently pays a 12% annualized dividend rate, while Strive's SATA pays 13%, though both rates are explicitly variable and not guaranteed. DIGY11 distributes earnings monthly to shareholders in Brazilian reais, with dollar currency exposure hedged to insulate Brazilian investors from foreign exchange volatility. The fund projects annual returns in the range of CDI plus 3–5%, though OranjeBTC has clarified this constitutes an estimate rather than a commitment. Management and operational costs total approximately 1.30%, comprised principally of a 0.90% management fee, with 3R Investimentos serving as fund manager, MarketVector maintaining the benchmark index, and Banco Daycoval providing fiduciary administration.
The DIGY11 launch coincides with significant volatility in global Bitcoin ETF markets. US spot Bitcoin ETFs experienced a $450.4 million net outflow on September 16, representing the largest single-day capital flight since June 2026. This outflow capped a substantial 13-day consecutive outflow period during which these funds shed approximately $4.4 billion in aggregate capital. The timing underscores diverging market dynamics: while traditional spot Bitcoin ETF products faced redemption pressure in the US market, OranjeBTC proceeded with its preferred equity alternative in Brazil, where the crypto investment ecosystem had expanded to R$13.7 billion in net assets distributed across approximately 576,000 investors as of April 2025. This Brazilian market foundation, combined with the income-focused structure of DIGY11, positions the product as a distinct offering aligned with institutional and retail demand for dividend-generating exposure to cryptocurrency treasury entities.
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