DIGY11 ETF Puts 95% of Portfolio in Strategy’s STRC

OranjeBTC, Brazil's largest bitcoin treasury company with 3,950 BTC ($250 million) on its balance sheet, is preparing to list the Digital Yield ETF, or DIGY11, on B3 with trading expected to begin in early September. The fund will allocate 95% of its portfolio to Strategy's STRC preferred shares and 5% to Strive Asset Management's SATA, charging a 0.90% management fee and hedging dollar exposure through one-month FX forwards rolled monthly. OranjeBTC projects annual distributions equivalent to Brazil's CDI interbank rate of 14.15% plus 3 to 5 percentage points, net of an estimated 1.30% total cost, though returns are not guaranteed.

Why it matters

The structural read is the yield stack: STRC and SATA currently pay 12.5% and 13.1% respectively in U.S. dollar distributions, layered on top of Brazil's 14.15% CDI base. By hedging the dollar leg, DIGY11 turns a USD yield product into a BRL real-yield vehicle without exposing holders to currency swings. OranjeBTC Director of Strategy and Research Sam Callahan framed the estimate as conditional on the Brazil-U.S. interest-rate differential and on the preferred-share distributions holding steady.

Brazil already runs a deep crypto-finance market. Crypto funds and ETFs held 13.7 billion reais ($2.6 billion) across 576,000 investors as of April 2025, giving DIGY11 a retail and institutional distribution channel that has not existed for comparable U.S. products.

Market impact

Comparable products have launched to little fanfare outside the U.S. The 21Shares Strategy Yield ETP on European exchanges holds $17.6 million and reinvests monthly distributions rather than paying them out. VanEck's $2.44 billion PFXF diversified preferred fund holds roughly $251 million across four Strategy preferred securities, equal to about 10% of its portfolio. DIGY11 is structurally different: it pays out monthly in BRL, sits as a single-product ETF rather than a sleeve inside a diversified preferred fund, and targets an explicit real-rate floor. 3R Investimentos will manage the portfolio and MarketVector will maintain the benchmark index.