Brazil’s B3 launches DIGI11, a real‑hedged ETF linked to Bitcoin‑treasury preferred shares

OranjeBTC announced on September 15 that its DIGI11 exchange‑traded fund is now listed on Brazil’s B3 stock exchange, with a unit price displayed at R$10.04. The product gives Brazilian investors exposure to companies that hold significant Bitcoin on their balance sheets without requiring direct purchase of the cryptocurrency.

Fund structure and trading status

DIGI11 is not a spot Bitcoin ETF and does not aim to track Bitcoin’s price. Instead, it follows a real‑hedged MarketVector index composed of preferred shares issued by two U.S. Bitcoin‑treasury companies. Secondary‑market trading was postponed from the planned September 11 start at the fund manager’s request.

Portfolio composition (as of September 11)

• Strategy’s preferred stock (STRC) – 74.29% of assets
• Strive’s preferred stock (SATA) – 4.88% of assets
• Cash in reais and margin for the currency hedge – 20.83% of assets

Both STRC and SATA are perpetual, variable‑rate securities whose values depend on issuer dividend policies, capital structures, and market conditions, including the impact of Bitcoin price movements on the issuers’ balance sheets. The Bitcoin holdings are not pledged as collateral for these shares.

Distribution and return expectations

DIGI11 targets monthly distributions in reais when applicable, with a currency hedge intended to mitigate fluctuations in the USD‑BRL exchange rate. The fund advertises a potential annual return of Brazil’s CDI benchmark plus 3%–5%, presented as an illustrative estimate that excludes changes in the unit’s net asset value.

Fees and protections

The fund charges a 0.90% annual management fee and at least 0.055% annually for administration and custody, plus any additional expenses. Returns and distributions are not guaranteed, and the fund does not have protection from Brazil’s FGC deposit guarantee scheme.