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OranjeBTC’s DIGY11 began trading on B3 on September 15, giving Brazilian investors access to preferred shares from Bitcoin-treasury companies while US Bitcoin ETFs faced heavy outflows. The fund does not own Bitcoin directly. It debuted as US spot Bitcoin ETFs lost USD 450.4 million and Bitcoin traded near USD 75,900.
DIGY11 does not track Bitcoin’s spot price. Instead, it follows a Brazilian real-hedged MarketVector index built around preferred shares from companies holding substantial Bitcoin reserves.
B3 postponed secondary-market trading from September 11 at the fund manager’s request. OranjeBTC’s September 15 product page later marked DIGY11 as ‘now on B3’ and showed RUSD 10.04 per unit.
The fund reported RUSD 27.5 million in net assets and a RUSD 10.00 net asset value per unit for September 11. Those figures remained separate from the RUSD 10.04 value shown on September 15.
The September 11 portfolio showed 74.29% of assets in Strategy’s STRC preferred shares. Strive’s SATA preferred shares represented 4.88%, while cash and currency-hedge margin accounted for 20.83%.
Both STRC and SATA are perpetual, variable-rate preferred securities. Their values depend on dividend policies, issuer capital structures, market conditions, and Bitcoin’s effect on the companies’ balance sheets.
This structure creates a pivotal question for investors: How closely can a fund tied to Bitcoin-treasury companies move with Bitcoin without holding the asset itself? DIGY11 provides indirect exposure rather than spot Bitcoin ownership.
US spot Bitcoin ETFs recorded USD 450.4 million in net outflows Tuesday after taking in USD 159.9 million the previous day. The withdrawal marked the largest daily outflow since June 25.
Fidelity’s FBTC led redemptions with USD 214.8 million, followed by BlackRock’s IBIT with USD 161.7 million. GBTC lost USD 44.1 million, while ARKB and BITB saw USD 17.4 million and USD 12.4 million leave.
Bitcoin traded near USD 75,900 after moving between about USD 74,945 and USD 77,710. The asset then fell below USD 76,000 again as selling pressure continued across the broader cryptocurrency market.
Also Read: Bitcoin Inflow, KelpDAO Freezes Funds, Ethereum's Revenue Surged
At the same time, the US Senate failed to advance the Digital Asset Market CLARITY Act. The procedural vote ended 49-50, short of the 60 votes required to advance the measure. The bill sought a federal framework for digital assets and defined regulatory roles for the SEC and CFTC. Sponsors said the final draft incorporated 126 changes requested by Democrats.
These changes included ethics provisions, a larger enforcement role for state attorneys general, and new Treasury authority tied to payment-stablecoin deposit flight. Senator Thom Tillis also preserved an option for reconsideration through his procedural vote.
DIGY11 adds a Brazilian exchange-traded route to preferred shares from Bitcoin-treasury companies without direct Bitcoin ownership. Its B3 debut arrived as US Bitcoin ETFs posted USD 450.4 million in outflows, Bitcoin slipped near USD 75,900, and the CLARITY Act failed to clear a Senate procedural vote.
