New Brazil ETF Puts 95% Into Strategy’s STRC
Brazil-listed Bitcoin treasury firm OranjeBTC is preparing an ETF for B3 with an unusually concentrated portfolio: 95% in Strategy's STRC preferred stock and just 5% in Strive's SATA.
DIGY11 is designed to turn the income from those securities into monthly payments in Brazilian reais. Bitcoin sits behind the companies issuing them, but the ETF itself would be tied far more closely to Strategy’s preferred-stock market than to BTC’s day-to-day price.
| Feature | Details |
|---|---|
| Exchange | B3 |
| Expected launch | Early September |
| Manager | 3R Gestora de Recursos |
| Administrator | Banco Daycoval |
| Management fee | 0.90% |
| Estimated total costs | Around 1.30% |
Almost the Entire Fund Would Sit in STRC
According to details reported on August 13 by Coindesk, DIGY11 is already listed in Brazilian fund data as pre-operational and is expected to begin trading in early September. It would track the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index.
The 95% allocation makes STRC the product’s defining holding from day one.
STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. Its dividend rate can be adjusted as Strategy tries to keep the shares near their $100 stated amount, and the company moved payments to a semi-monthly schedule in June.
The remaining 5% would go into Strive’s SATA preferred stock. Strive maintained SATA’s annual dividend rate at 13% for August.
Five percent does not offer much diversification. DIGY11’s performance would depend heavily on how STRC trades and whether Strategy can continue supporting the security through its dividend policy, financing activity and balance-sheet management.
Bitcoin still matters, but not in the same way it does for a spot ETF. STRC can move on corporate events even when BTC is heading in the opposite direction. This summer for example, STRC rebounded after Strategy changed its preferred-stock framework while Bitcoin continued falling.
Where the Monthly Income Comes From
Bitcoin does not pay a dividend. Strategy and Strive do.
DIGY11 would collect distributions from STRC and SATA and pass that income to shareholders monthly in reais. The fund is targeting roughly CDI plus 3 to 5 percentage points annually, net of estimated costs.
CDI currently sits around 14.15%, so the nominal target is high. Brazil also operates with much higher local interest rates than the United States, which makes a direct comparison with dollar-denominated yields misleading.
The underlying dividends arrive in dollars, creating another problem for a Brazilian fund. DIGY11 plans to roll one-month USD/BRL forwards to reduce currency swings rather than leave shareholders fully exposed to the exchange rate.
A stronger real could otherwise eat into the value of the distributions after conversion. The hedge also limits gains from a stronger dollar and comes with the pricing effects created by the interest-rate gap between Brazil and the U.S.
Strategy’s Bitcoin Does Not Back STRC
The most important risk is easy to miss because Strategy holds such a large amount of Bitcoin.
Strategy states explicitly that STRC and its other preferred securities are not collateralized by its BTC holdings. Preferred holders rank above common shareholders on residual assets, but there is no designated pool of Bitcoin securing the shares.
An SEC filing covering another fund built around STRC and SATA also describes the securities as unsecured obligations dependent on the creditworthiness of Strategy and Strive.
Strategy gave a useful example in July when it sold 3,588 BTC for $216 million, with part of the proceeds earmarked for dividend obligations on its Digital Credit securities.
There was no default and no missed payment while the sale showed how Bitcoin can be used inside Strategy’s broader financing machine without directly securing STRC holders.
The high distribution target does not protect investors from losses either. STRC and SATA can trade below their stated amounts, so monthly income can be positive while the investor’s total return is negative. Both dividend structures can also change, and payments remain subject to their respective terms and board decisions.
Brazil Is Adding Another Layer to Bitcoin Investing
Brazil already offers spot crypto products, while B3 added options on Bitcoin, Ether and Solana futures in July.
DIGY11 goes somewhere else entirely: rather than wrapping spot BTC, it packages the corporate yield generated by companies whose balance sheets are built around Bitcoin.
For OranjeBTC, the product also brings Strategy’s increasingly complex Bitcoin financing model into a new market. Brazilian investors would not need to buy STRC directly in the U.S.; they could access it through a locally listed ETF, with monthly distributions and a currency hedge layered on top.
The catch is that most of the risk would still sit with one corporate security. With 95% of the portfolio in STRC, Strategy’s preferred-stock market would matter to DIGY11 investors almost as much as Strategy’s Bitcoin pile itself.
- Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. DIGY11 remains pre-operational, its reported launch terms may change, and targeted distributions are not guaranteed. Preferred shares, currency hedges and Bitcoin-linked corporate securities can all lose value.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
