Brazil's B3 Lists DIGY11 Fund Exposing Investors to Bitcoin-Treasury Companies
Brazil's B3 Exchange has listed DIGY11, a fund that gives investors exposure to companies treating Bitcoin as a corporate reserve asset. This regulated route allows Brazilian investors to gain indirect exposure to publicly traded firms holding cryptocurrency on their balance sheets without the custody and tax hurdles of owning coins directly.
The São Paulo-based exchange added the fund to its lineup of tradeable vehicles, reflecting growing institutional appetite for crypto-linked products in Latin America's biggest financial market. DIGY11 settles under the same regulatory framework that governs other locally listed funds, trading in Brazilian reais.
The product is distinct from a spot Bitcoin vehicle as it does not hold Bitcoin itself or attempt to replicate its price on a one-to-one basis. Instead, its value is tied to the equities of companies with adopted Bitcoin-treasury strategies, meaning corporate earnings, financing decisions, and management choices all influence returns alongside movements in the Bitcoin price.
The model was popularized internationally by firms such as Strategy, formerly known as MicroStrategy, which began converting large portions of corporate cash into Bitcoin reserves. Regulatory filings from the company illustrate how Bitcoin holdings become embedded in reported financials, including impairment charges, unrealized gains, and capital-raise disclosures.