OranjeBTC is preparing to launch DIGY11 on Brazil’s B3 in early September 2026, offering local investors a yield-focused vehicle concentrated in preferred securities issued by Bitcoin treasury companies. The fund plans to allocate about 95% of its portfolio to Strategy’s STRC preferred stock, with the remaining 5% directed to Strive’s SATA shares.

DIGY11 is expected to trade in Brazilian reais with daily liquidity and monthly distributions, targeting a net annual return equivalent to Brazil’s CDI benchmark plus 3 to 5 percentage points. The structure gives Brazilian investors access to dollar-denominated Bitcoin-linked corporate credit without directly holding Bitcoin or purchasing U.S.-listed preferred shares. Returns, however, are targets rather than guarantees.

Great work by @GuiAmadoGomes, @samcallah, & the OranjeBTC team on $DIGY11. It will hold $STRC, $SATA, and hopefully additional digital credit securities in the future.

Digital Credit is maturing from an innovation pioneered by a single company into a true asset class with… https://t.co/78duE3DuUe

— Matt Cole (@ColeMacro) August 13, 2026

STRC sits at the center of DIGY11’s income strategy

STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, currently carries a 12% annualized dividend rate based on its $100 stated amount. Strategy’s official STRC disclosure makes clear that the rate can be adjusted monthly and that cash dividends are not guaranteed. DIGY11’s income profile will therefore depend heavily on a security whose payout can change as Strategy manages STRC around its target value.

Strategy designed STRC to trade near its $100 stated amount through variable dividend adjustments and capital-market tools. Its SEC filings explain that monthly dividends are payable when declared by the board and that Strategy may alter the rate in response to market conditions. That makes STRC closer to a dynamically managed preferred instrument than a conventional fixed-rate bond, an important distinction for investors evaluating DIGY11’s yield target.

DIGY11 also plans to hedge much of its currency exposure through one-month foreign-exchange forwards rolled monthly and rebalanced quarterly. Management will be handled by 3R Investimentos, with MarketVector providing the benchmark, while estimated total costs are around 1.30%, including a 0.90% management fee. Those fees and hedging expenses will directly affect how much of the portfolio’s gross income reaches investors.

Strategy’s treasury decisions become a fund-level risk

The concentration in STRC also ties DIGY11 closely to Strategy’s capital allocation decisions. In an August 10 SEC filing, Strategy disclosed that it sold 1,690 BTC for $108.6 million during the week ending August 9 and used the proceeds to repurchase approximately $108.6 million of STRC. That transaction demonstrates that Bitcoin itself can become a liquidity source for supporting Strategy’s preferred-share capital structure.

The same filing showed Strategy holding a $4.65 billion U.S. dollar reserve intended to support preferred-stock dividends and debt interest. It also reported remaining capacity under its digital-credit securities repurchase program. DIGY11 investors will consequently be exposed not just to Bitcoin-linked economics, but to how Strategy balances cash reserves, BTC holdings, preferred dividends and repurchases.

OranjeBTC’s planned fund packages those mechanics into a locally traded income product. Its appeal rests on converting Bitcoin-treasury corporate finance into BRL-accessible monthly yield, while currency hedging reduces part of the direct USD/BRL exposure.

The trade-off is concentration. With roughly 95% allocated to one preferred security, changes in STRC’s dividend rate, market price or Strategy’s financial position could materially affect returns. DIGY11 may broaden access to Bitcoin-linked income in Brazil, but its performance will remain closely tied to Strategy’s ability and willingness to sustain STRC’s economics after fees and hedging costs.