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OranjeBTC Puts Brazilian ETF on STRC and SATA

DIGY11 mainly invests in Strategy and Strive preferred stock and aims for monthly payouts in reais. The fund highlights the growth of Brazilian crypto ETFs on the B3 exchange.

By Zenz van der Wielen
• 2 min read
OranjeBTC Puts Brazilian ETF on STRC and SATA

Key Takeaways

  • OranjeBTC is preparing DIGY11, a Brazilian monthly income ETF that invests 95% in STRC and 5% in SATA.
  • The fund will trade in reais on B3, its dollar exposure will be hedged, and OranjeBTC expects a total expense load of 1.30%.
  • OranjeBTC expects an annual payout of around CDI interest plus 3 to 5 percentage points; a final launch date has not yet been set.

OranjeBTC, Brazil’s largest Bitcoin treasury firm, is preparing a monthly income ETF that will initially invest 95% in Strategy’s preferred stock STRC and 5% in Strive’s SATA. The fund, DIGY11, is set to trade in reais on the Brazilian exchange B3 and is aiming for monthly payouts.

How DIGY11 Is Structured

The ETF does not buy Bitcoin directly, but instead focuses on preferred stock from companies that keep Bitcoin on their balance sheets. STRC and SATA pay recurring dollar distributions, while the underlying Bitcoin held by Strategy and Strive is not pledged as collateral to preferred shareholders. Based on the available information, the current yields are 12.5% for STRC and 13.1% for SATA.

OranjeBTC expects DIGY11 could deliver an annual payout based on Brazil’s risk-free CDI rate of 14.15%, plus about 3 to 5 percentage points, after subtracting the estimated total costs of 1.30%. That estimate depends on the preferred distributions and the interest-rate gap between Brazil and the US, and says nothing about how the fund’s share price itself will perform.

Hedging and Fee Structure

The fund’s dollar exposure is hedged through one-month foreign exchange forwards that are rolled monthly and rebalanced every quarter. OranjeBTC charges a management fee of 0.90%, while the company also receives an unspecified portion through a consulting agreement.

3R Investimentos will manage the portfolio and MarketVector will maintain the benchmark index. OranjeBTC says the fund could start trading in early September, but it has not yet set a final launch date.

Why This Matters

The launch shows that Brazil’s market for listed crypto products is continuing to mature. In April 2025, crypto funds and ETFs there already held 13.7 billion reais, spread across 576,000 investors.

DIGY11 also fits into a broader trend where Bitcoin treasury companies are not only building BTC positions, but also using shares and preferred securities to gain exposure to other companies with large Bitcoin reserves. That model first became widely known through MicroStrategy and is now getting more traction outside the US too. Meanwhile, demand for regulated Bitcoin exposure is also growing in the US, as seen with BlackRock’s IBIT.

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