Brazil’s B3 stock exchange has listed DIGY11, an exchange-traded fund managed by OranjeBTC that holds preferred shares from two US Bitcoin-treasury companies: Strategy and Strive. The fund began trading on September 15 with a unit value of R$10.04, offering Brazilian investors exposure to preferred securities rather than Bitcoin itself.
DIGY11 tracks a Brazilian real-hedged MarketVector index composed of preferred shares from companies with substantial Bitcoin holdings on their balance sheets. The fund is not a spot Bitcoin ETF and does not seek to match Bitcoin’s price movement.
Portfolio Composition and Assets
At launch, DIGY11 held R$27.5 million in net assets with an initial net asset value of R$10.00 per unit. Strategy’s preferred stock, ticker STRC, comprised 74.29% of the fund’s assets. Strive’s preferred shares, ticker SATA, accounted for 4.88%. The remaining 20.83% was held in cash in Brazilian reais and margin for currency hedging.
STRC and SATA are perpetual, variable-rate preferred securities whose value depends on the issuers’ dividend policies, capital structures, and market conditions including Bitcoin price effects. Strategy and Strive do not pledge Bitcoin as segregated collateral for these preferred shares. Strategy’s STRC pays distributions semi-monthly, while Strive’s SATA pays on business days following monthly board declarations.
Fee Structure and Return Expectations
DIGY11 charges an annual management fee of 0.90% and an annual administration and custody fee with a 0.055% minimum. The fund aims to make monthly distributions in reais when applicable, though returns and distributions are not guaranteed. The fund carries no FGC (Brazilian deposit insurance) protection.
OranjeBTC has presented an illustrative annual return range of CDI plus spread, between 3% and 5%. According to Strategy’s August filing, STRC carries an annualized rate of 12%.
Launch Timeline
Secondary-market trading was initially delayed on September 11 at the fund manager’s request, the same day the portfolio was disclosed. DIGY11 was marked “now on B3” by September 15, when the unit value stood at R$10.04.
