DIGY11 Debuts on B3 as a Bitcoin Treasury Preferred ETF

Brazil's B3 exchange now lists DIGY11, an exchange-traded fund from OranjeBTC that tracks preferred shares of Bitcoin-treasury companies. The product page marked the fund as trading on Sept. 15 at R$10.04 per unit, with R$27.5 million in net assets and a R$10.00 net asset value reported for Sept. 11. Secondary-market trading had been slated for Sept. 11 but was postponed at the fund manager's request.

DIGY11 is not a spot Bitcoin ETF and does not track Bitcoin's price. It follows a Brazilian real-hedged MarketVector index of preferred shares issued by companies holding substantial BTC on their balance sheets. The disclosed Sept. 11 portfolio was 74.29% Strategy's STRC preferred stock, 4.88% Strive's SATA preferred shares, and 20.83% cash in reais plus margin for the currency hedge.

Why it matters

The listing opens a new route for Brazilian investors to gain exposure to corporate Bitcoin adoption without directly buying Bitcoin. STRC and SATA are perpetual, variable-rate preferred securities whose payouts depend on the issuers' dividend policies and the effect of BTC prices on their balance sheets. Strategy's August filing disclosed a 12% annualized STRC rate with semi-monthly payments, though neither rate is guaranteed.

OranjeBTC presents a potential annual return of CDI, Brazil's interbank benchmark, plus 3% to 5%, labeled as an illustrative estimate. The fund charges a 0.90% annual management fee plus at least 0.055% for administration and custody, targets monthly distributions in reais, and carries no FGC deposit protection.

Market impact

DIGY11 gives B3, one of the largest exchanges in the Americas, its first listed vehicle tied to the Bitcoin-treasury equity trade rather than spot BTC. That channels local capital toward Strategy and Strive balance sheets and could set a template for similar preferred-income products across Latin America. Investors should watch whether secondary-market volume materializes after the delayed launch, and how the fund's distributions track STRC's variable rate if BTC volatility stresses the issuers' capital structures.