RESOLVING THE LEDGER
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STRC and SATA pay recurring U.S. dollar distributions. The companies’ bitcoin remains on their balance sheets and is not pledged to the preferred shareholders. Yields are currently at 12.5% and 13.1%, respectively.
The Digital Yield ETF, or DIGY11, is planned to trade on Brazil’s B3 in the country’s fiat currency, the real, and distribute income monthly.
OranjeBTC, which holds 3,950 BTC ($250 million), expects annual distributions to be equivalent to Brazil’s risk-free rate, the Interbank Deposit Certificate (CDI), of 14.15%, plus roughly 3–5 percentage points, net of the fund’s estimated 1.30% total cost.
The estimate depends on the preferred-share distributions and the interest-rate difference between Brazil and the U.S., OranjeBTC Director of Strategy and Research Sam Callahan told CoinDesk. It excludes changes in DIGY11’s share price and does not guarantee returns.
OranjeBTC plans to hedge DIGY11’s dollar exposure through one-month foreign-exchange forwards rolled monthly and rebalanced quarterly. The fund would charge a 0.90% management fee, with OranjeBTC receiving an undisclosed portion under a consulting agreement.
3R Investimentos will manage the portfolio, while MarketVector will maintain the benchmark index.
Similar products have launched to little fanfare outside the U.S. The 21Shares Strategy Yield ETP, listed on European exchanges, holds $17.6 million . It owns STRC alone and reinvests the monthly distributions rather than paying them out.
U.S. exposure sits mainly inside broader preferred-stock funds. VanEck’s $2.44 billion PFXF holds roughly $251 million across four Strategy preferred securities, equal to about 10% of its portfolio.
Brazil already has an established market for listed crypto products. Crypto funds and ETFs held 13.7 billion reais ($2.6 billion) across 576,000 investors in April 2025.
OranjeBTC expects DIGY11 to begin trading in early September. It has not set a firm listing date.
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