Key Takeaways
- • OranjeBTC launched DIGY11, a Bitcoin-treasury preferred ETF, on Brazil's B3 exchange on September 15, 2026, providing Brazilian investors exposure to preferred shares of U.S. corporations holding significant Bitcoin reserves rather than spot Bitcoin holdings.
- • The fund tracks a Brazilian-real-hedged MarketVector index of preferred equity, with disclosed early portfolio concentration in Strategy's STRC preferred and Strive's SATA preferred, alongside a cash/FX-hedge margin sleeve to manage currency exposure.
- • The product charges a 0.90% annual management fee plus administration and custody costs; distributions and unit returns are explicitly not guaranteed, and OranjeBTC presents yield framing as an estimate rather than a contractual commitment.
- • The partnership stack includes MarketVector (VanEck's index division), 3R Investimentos as asset manager, and Banco Daycoval and Itaú BBA in support roles, reflecting a coordinated institutional infrastructure for the Brazilian market entry.
- • Secondary trading was delayed from an earlier planned date at the asset manager's request, with the listing finalized in mid-September; this is a preferred-share income wrapper, not a spot Bitcoin ETP.
Summary
OranjeBTC brought DIGY11, a Bitcoin-treasury preferred ETF, to market on Brazil's B3 exchange around September 15, 2026, marking a strategic entry into the Brazilian institutional investment space with a differentiated product structure. Unlike spot Bitcoin ETPs, DIGY11 holds preferred shares issued by U.S. corporations with substantial Bitcoin balance sheets, filtered through a Brazilian-real-hedged MarketVector index. This approach combines exposure to Bitcoin-holding companies with fixed-income characteristics and currency protection for local investors.
The fund's early portfolio reflects selective concentration in corporate preferred securities, including Strategy's STRC preferred and Strive's SATA preferred, complemented by a cash and FX-hedge margin sleeve designed to manage volatility and currency fluctuation risk. This structure targets income-oriented Brazilian investors seeking indirect Bitcoin-economy exposure without direct cryptocurrency holdings. The use of the MarketVector index—the indexing arm of VanEck—provides a transparent, institutional-grade benchmark underpinning the product.
3R Investimentos serves as the asset manager, with Banco Daycoval and Itaú BBA as key partners in custody and distribution functions. This institutional partnership stack underscores the product's positioning for the Brazilian wealth management and institutional channel. The fund charges 0.90% annually in management fees, with additional administration and custody costs passed to investors. Critically, all distributions and unit returns are explicitly non-guaranteed, and OranjeBTC's yield estimates are presented as illustrative projections rather than promises.
Secondary trading in DIGY11 was initially delayed at the manager's request before the mid-September listing was finalized, suggesting careful market timing and preparation for local exchange infrastructure. This is fundamentally a preferred-share yield wrapper linked to Bitcoin-treasury corporate credit risk, not a Bitcoin volatility or price appreciation product, making it suitable for investors seeking income rather than directional cryptocurrency exposure.
The fund's early portfolio reflects selective concentration in corporate preferred securities, including Strategy's STRC preferred and Strive's SATA preferred, complemented by a cash and FX-hedge margin sleeve designed to manage volatility and currency fluctuation risk. This structure targets income-oriented Brazilian investors seeking indirect Bitcoin-economy exposure without direct cryptocurrency holdings. The use of the MarketVector index—the indexing arm of VanEck—provides a transparent, institutional-grade benchmark underpinning the product.
3R Investimentos serves as the asset manager, with Banco Daycoval and Itaú BBA as key partners in custody and distribution functions. This institutional partnership stack underscores the product's positioning for the Brazilian wealth management and institutional channel. The fund charges 0.90% annually in management fees, with additional administration and custody costs passed to investors. Critically, all distributions and unit returns are explicitly non-guaranteed, and OranjeBTC's yield estimates are presented as illustrative projections rather than promises.
Secondary trading in DIGY11 was initially delayed at the manager's request before the mid-September listing was finalized, suggesting careful market timing and preparation for local exchange infrastructure. This is fundamentally a preferred-share yield wrapper linked to Bitcoin-treasury corporate credit risk, not a Bitcoin volatility or price appreciation product, making it suitable for investors seeking income rather than directional cryptocurrency exposure.
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