OranjeBTC's New ETF Puts 95% of Investors' Money Into Strategy's STRC

3 min readPublished 15 Aug 2026

OranjeBTC, described by CoinDesk as Brazil’s largest bitcoin treasury firm, is preparing to list a new exchange-traded fund on the B3 exchange that would put almost none of its money directly into bitcoin. Instead, according to CoinDesk, the Digital Yield ETF — ticker DIGY11 — would open with 95% of its portfolio in Strategy’s STRC preferred stock and the remaining 5% in Strive’s SATA preferred stock. TheStreet Crypto‘s coverage carries the same core allocation detail in its headline, describing a fund that buys perpetual preferred shares of bitcoin-holding companies rather than bitcoin itself.

Trading is expected to begin in early September, per CoinDesk, though OranjeBTC has not set a firm listing date. The fund would trade in Brazilian reais and pay income monthly rather than tracking bitcoin’s price day to day.

How the fund is built

DIGY11 would track the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index, with 3R Investimentos managing the portfolio and MarketVector maintaining the benchmark, CoinDesk reported. The fund plans to hedge its dollar exposure using one-month foreign-exchange forwards, rolled monthly and rebalanced quarterly, according to CoinDesk. It would charge a 0.90% management fee, with OranjeBTC collecting an undisclosed share under a separate consulting arrangement; CoinDesk put the fund’s estimated total cost at 1.30%.

OranjeBTC expects annual distributions equivalent to Brazil’s risk-free rate — the Interbank Deposit Certificate, or CDI, which CoinDesk reported at 14.15% — plus roughly 3 to 5 percentage points, net of costs. That estimate, attributed by CoinDesk to OranjeBTC Director of Strategy and Research Sam Callahan, depends on the preferred shares’ own distributions and the interest-rate gap between Brazil and the U.S. It excludes any change in DIGY11’s own share price and does not guarantee investor returns, CoinDesk reported.

CoinDesk reported that STRC and SATA are not backed by either company’s bitcoin holdings — the bitcoin remains on the companies’ balance sheets and is not pledged to preferred shareholders. That distinction matters: DIGY11’s income depends on corporate dividend policy at two U.S. companies, not directly on bitcoin’s price.

Where the coverage agrees — and where it splits

CoinDesk and TheStreet Crypto agree on the fund’s defining feature — a 95% weighting toward STRC — and on the broad structure: a preferred-stock income vehicle rather than a spot bitcoin fund. They diverge, however, on the dividend rate that makes the fund’s yield pitch work.

CoinDesk reported STRC’s current yield at 12.5% and SATA’s at 13.1%. TheStreet Crypto’s reporting instead puts STRC’s annual dividend at 12%, with Strategy adjusting the rate monthly to keep the security trading near its $100 par value. Neither figure is reconciled against a primary Strategy filing in the reporting reviewed here — the half-point gap between the two outlets’ numbers is unresolved.

Sizing up the comparison

DIGY11 would not be the first product to wrap STRC into a packaged security, but CoinDesk’s reporting suggests nothing at this scale has drawn much attention outside the U.S. The 21Shares Strategy Yield ETP, listed on European exchanges, holds $17.6 million and owns STRC alone, reinvesting monthly distributions rather than paying them out, according to CoinDesk. In the U.S., exposure to Strategy’s preferred stock mostly sits inside broader funds: CoinDesk reported that VanEck’s PFXF fund, a $2.44 billion vehicle, holds about $251 million spread across four of Strategy’s preferred securities — roughly one-tenth of that fund’s total portfolio. DIGY11’s proposed 95% weighting toward a single security would be far more concentrated than any of those comparisons.

Brazil already has an established retail market for listed crypto products to build on. CoinDesk reported that crypto funds and ETFs in the country held 13.7 billion reais, or $2.6 billion, across 576,000 investors as of April 2025.

What remains unresolved

Several details have not been settled by the reporting reviewed. OranjeBTC has not announced a firm first trading date beyond an early-September target, per CoinDesk. The undisclosed portion of the 0.90% management fee that OranjeBTC receives under its consulting agreement has not been quantified anywhere in the coverage. And the dividend-rate discrepancy described above has not been reconciled against a primary filing or company statement in the material reviewed for this article.

For Brazilian investors, the practical takeaway is that DIGY11’s advertised yield is an estimate built on assumptions about U.S. corporate dividend policy, a rolling currency hedge, and the trading behavior of a single preferred stock relative to its stated $100 value — not a fixed or guaranteed payout, as CoinDesk’s reporting makes explicit.