# OranjeBTC's DIGY11 packages Strategy's STRC and Strive's SATA preferreds into a B3 monthly-income ETF in reais, with FX hedging and a CDI+3–5 target that has not paid a first coupon yet > DIGY11 is OranjeBTC's first non-treasury product: a B3 ETF of bitcoin-treasury preferreds (STRC/SATA), monthly reais distributions, FX hedge, and a waitlist ahead of a planned September debut. - **Source:** https://ptycoin.com/en/posts/2026-08-28-oranjebtc-digy11-b3-income-etf/ - **Published:** 2026-08-28 - **Category:** Projects - **Author:** Valentina - **Tags:** bitcoin, brazil, etf, institutional, treasury, fintech - **Also published in:** [Español](https://ptycoin.com/es/posts/2026-08-28-oranjebtc-digy11-b3-income-etf/) --- Guilherme Gomes announced it from the Blockchain.RIO stage on 12 August: Brazil's largest public bitcoin treasury is shipping a fund. [OranjeBTC](https://www.oranjebtc.com/) (B3: [OBTC3](https://finance.yahoo.com/quote/OBTC3.SA/); ADR ORNJY) is productizing DIGY11, the Digital Yield ETF, as its first offering that is not the company's own coin stack. [3R Investimentos](https://www.oranjebtc.com/digy11) will manage it, [MarketVector](https://www.oranjebtc.com/digy11) (VanEck group) supplies the reference index, and Banco Daycoval is the fiduciary administrator. The [product page](https://www.oranjebtc.com/digy11) still says "coming soon on B3," with a waitlist rather than a live ticker. ## What you actually hold DIGY11 does **not** buy bitcoin. It holds perpetual preferred shares issued by U.S. bitcoin-treasury companies, starting with Strategy's [STRC](https://finance.yahoo.com/quote/STRC/) and Strive's [SATA](https://www.strive.com/). Those preferreds pay recurring dollar coupons; the issuers' bitcoin stays on their balance sheets and is **not** pledged to preferred holders. OranjeBTC's own site puts the current illustrative dividend rates at **12.00%** a year for STRC and **13.00%** for SATA (as of early August filings), and says the index can later admit other eligible preferreds from the same category. [CoinDesk](https://www.coindesk.com/business/2026/08/13/brazil-s-largest-bitcoin-treasury-firm-plans-etf-with-95-allocation-to-strategy-s-strc) and [Exame](https://exame.com/future-of-money/oranjebtc-cria-etf-de-acoes-de-compradoras-de-bitcoin-focado-em-dividendos/) reported the opening book as roughly **95% STRC / 5% SATA**. OranjeBTC's broader release confirms both names and says STRC will be the largest weight without printing that exact split on the public product page. Treat the 95/5 figure as press reporting of the launch mix, not a locked prospectus schedule. The reference index is the **MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index**, built with OranjeBTC. The company's methodology notes say an issuer needs more than **50%** of assets in bitcoin and at least **4,000 BTC** in treasury to enter the eligible universe, with rules on leverage, liquidity, and volatility, and quarterly rebalancing. If no preferred clears the bar, the fallback is T-Bills via a BIL ETF. That is an index rulebook for preferred credit of bitcoin-heavy issuers, not a spot-bitcoin basket. ## The Brazilian packaging For a Brazilian investor, the pitch is local plumbing around a foreign income stream. DIGY11 is meant to trade in **reais on B3** with daily liquidity, convert overseas coupons into monthly distributions in BRL, and run a **currency hedge** via one-month FX forwards (rolled monthly, rebalanced quarterly in the CoinDesk write-up). You stay inside a Brazilian brokerage account. You do not open a U.S. account, pick STRC and SATA yourself, or manage the hedge. OranjeBTC and local press put the distribution ambition at Brazil's CDI interbank rate plus roughly **3 to 5** percentage points a year under current conditions, **net of costs**, and **excluding** moves in the ETF's own unit price. [Money Times](https://www.moneytimes.com.br/fundo-de-dividendos-oranjebtc-obtc3-lanca-primeiro-etf-de-bitcoin-treasuries-veja-quando-produto-chega-na-b3-rens/) lists a **0.90%** management fee and an estimated **15%** tax on distributions under applicable rules. CoinDesk carried a **~1.30%** total cost estimate with an undisclosed consulting slice back to OranjeBTC. The product page's footnotes are blunt: the CDI+ band is the manager's illustration, dividend rates on STRC/SATA can change, hedge and prime-broker costs eat into the USD coupon, and nothing is a promise of return. The fund is equity-income risk. It has no FGC deposit guarantee. Estadão reported an expected initial quote around **R$50** and a September B3 debut. As of this writing the listing date is still not pinned on the official page. ## How DIGY11 sits next to OBTC3 This is the useful distinction for readers who already know OranjeBTC from the treasury beat. **OBTC3** is equity in a company that stacks bitcoin and reports bitcoin-per-share. DIGY11 is a **fund of other companies' preferred coupons**, wrapped for the Brazilian income buyer. Gomes told Exame the bitcoin-per-share strategy is unchanged; DIGY11 is "the first delivery of what we had already been designing." CFO Guiga Ferreira's line in the [Livecoins](https://livecoins.com.br/oranjebtc-lanca-digy11-primeiro-etf-de-acoes-preferenciais-do-ecossistema-bitcoin-com-distribuicoes-mensais/) release is the retail translation: no overseas account, no DIY FX, and a local structure that may be tax-cleaner than buying the U.S. preferreds directly (that tax claim is theirs; verify with your own accountant). OranjeBTC is the product architect and consultant, not the portfolio manager of record. 3R runs the book. That split matters when you ask who is on the hook for index tracking, liquidity, and the monthly payout mechanics. We covered OranjeBTC's [Q2 stack and the DIGY11 announcement in passing](/en/posts/2026-08-17-oranjebtc-q2-3898-btc-yield/) on the Markets desk. This profile is the product map: what the ticker claims to hold, what it does not hold, and which risks sit next to the CDI+ marketing line. ## Caveats that belong next to the feature list **Preferreds are credit and equity hybrids, not bitcoin.** Coupons depend on Strategy and Strive keeping their preferred programs funded. Issuer bitcoin is collateral for *their* capital structure, not a lien for DIGY11 holders. If preferred dividend rates are cut, or if an issuer exits the index rules, the income story changes even if bitcoin's price does something helpful. **The hedge is not free and not perfect.** Monthly forwards reduce dollar swings into reais; they also cost money and leave residual basis risk. A product sold as "renda mensal em reais" still carries fund-unit price risk, issuer risk, and hedge-slippage risk. **Concentration risk is front-loaded.** A book that starts almost entirely in STRC is a Strategy preferred story with a Strive sleeve, not a diversified global income fund. The index can widen later. Day one is not that day. **It is not listed yet.** Waitlist and "em breve na B3" are not a traded NAV. Until the first distribution posts and the portfolio disclosure is daily on B3, every yield number in this piece is forward-looking marketing plus press math. **OranjeBTC earns from the product.** Consulting economics and any seed/anchor role create a commercial interest in DIGY11 succeeding as a distribution channel. That does not make the structure illegitimate. It does mean this column is describing a company's first fee-bearing fund, not an independent public good. ## Takeaway DIGY11 is OranjeBTC's attempt to turn a U.S. bitcoin-treasury preferred-yield trade into something a Brazilian brokerage account can buy by ticker: monthly reais distributions, a MarketVector BRL-hedged preferred index, 3R as manager, Daycoval as fiduciary, and a September listing still ahead of a live B3 book. The honest label is **preferred-stock income with a bitcoin-treasury backdrop**, not spot bitcoin and not OBTC3. If you already hold OBTC3 for bitcoin-per-share exposure, DIGY11 is a different job. If you want CDI-plus cashflow without opening a foreign account, it is the product to read the prospectus for once the regulator filings and listing notice are out, then size against the usual rule: numbers on a waitlist page are illustrations until a coupon clears your brokerage statement. This is a product map, not a recommendation to buy the fund or the preferreds underneath it. --- ## Keep reading - [Bull Bitcoin: privacy-first self-custody with LatAm rails](https://ptycoin.com/en/posts/2026-08-21-bull-bitcoin-mobile-wallet/index.md): Bull Bitcoin's open-source BULL wallet is self-custodial Bitcoin with Liquid Instant Payments, optional LatAm buy/sell rails, and no co-signing—plus a live caveat after Boltz paused swaps. - [Koywe: LatAm on/off-ramp API for Pix, SPEI, PSE](https://ptycoin.com/en/posts/2026-08-14-koywe-latam-on-off-ramp-api/index.md): Koywe is the Chilean-founded YC W23 API that turns local rails like Pix, SPEI, and PSE into fiat-to-crypto on/off-ramps for LatAm businesses, with multi-country treasury tools. - [Muun: Buenos Aires self-custody for Bitcoin and Lightning](https://ptycoin.com/en/posts/2026-08-07-muun-argentina-bitcoin-lightning-wallet/index.md): Muun is the Buenos Aires-built self-custodial Bitcoin wallet that pairs a 2-of-2 multisig model with Lightning payments, an Emergency Kit, and open-source Android and iOS clients. --- Source: PTYcoin — https://ptycoin.com/en/posts/2026-08-28-oranjebtc-digy11-b3-income-etf/. Free to read and cite with attribution to ptycoin.com. AI-usage terms: https://ptycoin.com/en/ai-usage/