Overview
- OranjeBTC publicly outlined the Digital Yield ETF, or DIGY11, on Thursday with an expected listing on B3 in early September and a pre-operational registration already visible in Brazilian fund data.
- The fund’s initial structure calls for roughly 95% exposure to Strategy’s STRC preferred shares and about 5% to Strive’s SATA, with 3R Investimentos as manager, MarketVector as index provider and Banco Daycoval as fiduciary administrator.
- DIGY11 targets monthly distributions aimed at Brazil’s CDI rate plus about 3 to 5 percentage points after estimated total costs of roughly 1.30% and will charge a 0.90% management fee.
- To limit currency risk the product plans to roll one-month USD/BRL forwards monthly and rebalance quarterly which reduces exchange-rate swings but creates a hedge cost tied to Brazil–U.S. rate differences.
- Investors face key risks because STRC and SATA are unsecured corporate preferred shares that are not collateralized by issuers’ Bitcoin, have variable dividend rates, and leave DIGY11 heavily concentrated in one issuer rather than in spot BTC exposure.