B3 Lists DIGY11 ETF of Strategy and Strive Preferred Shares

B3 listed DIGY11 on Sept. 15, 2026. The exchange-traded fund is managed by OranjeBTC and holds preferred shares issued by U.S. Bitcoin-treasury companies Strategy and Strive. DIGY11 follows a MarketVector index of preferred securities denominated in Brazilian reais and does not aim to replicate Bitcoin’s price. The fund’s offering page warns that distributions and unit returns are not guaranteed.

OranjeBTC requested a delay to secondary-market trading originally planned for Sept. 11. The fund’s product page reported R$27.5 million in net assets and a net asset value of R$10.00 per unit for Sept. 11, and showed a trading value of R$10.04 per unit on Sept. 15.

The disclosed portfolio for Sept. 11 was concentrated in Strategy’s preferred security, STRC, which represented 74.29% of assets. Strive’s SATA preferred shares made up 4.88% of the portfolio, while 20.83% was held in cash in reais and margin for the currency hedge.

STRC and SATA are perpetual, variable-rate preferred securities. Their market value depends on each issuer’s dividend policy, capital structure and market conditions, including the effect of Bitcoin prices on the issuers’ balance sheets. Strategy’s August filing showed an annualized STRC rate of 12% with semi-monthly declared payments. SATA distributions are made after monthly board declarations. Both rates can change and preferred-share payouts are separate from an investor’s total return in DIGY11. Neither Strategy nor Strive pledge the Bitcoin on their balance sheets as segregated collateral for these securities.

DIGY11 is denominated in reais and uses a currency hedge intended to reduce the impact of dollar–real exchange moves. The fund aims to make monthly distributions in reais when applicable. OranjeBTC presents an illustrative potential annual return equal to Brazil’s CDI interbank rate plus 3%–5%, and it specifies that the estimate excludes any change in the fund’s unit value.

The vehicle charges a 0.90% annual management fee and at least 0.055% annually for administration and custody, in addition to other possible expenses. The product page notes that returns and distributions are not guaranteed and that the fund is not covered by the Fundo Garantidor de Créditos (FGC).

Investors in DIGY11 receive exposure to the credit and dividend dynamics of Strategy and Strive through their preferred shares rather than direct exposure to Bitcoin. Returns for holders will reflect changes in the issuers’ dividend policies, market perceptions of their creditworthiness, movements in the issuers’ Bitcoin holdings as recorded on their balance sheets, and the effects of the fund’s currency hedge and fee structure.