Strive Files for First-Ever Digital Credit ETF, Wrapping Bitcoin Treasury Preferred Securities

Strive, Inc. and Tuttle Capital Management filed a prospectus with the SEC for what would be the first exchange-traded fund (ETF) dedicated to Bitcoin treasury preferred securities. The fund, called the T-Strive Digital Credit ETF, would trade on Cboe under the ticker DGCR, and would hold two primary positions: STRC, Strategy's perpetual preferred stock currently yielding 11.5%, and SATA, Strive's equivalent instrument paying a 12.75% annualized dividend.

The fund is structured as an actively managed, income-oriented ETF. It will not hold Bitcoin directly, but plans to use leverage to amplify the dividend yields of both instruments. Per the prospectus, SATA exposure will be achieved primarily through total return swaps rather than direct share ownership, while STRC is expected to be held directly. This asymmetry is attributable to a notable conflict of interest disclosure in the fund’s prospectus.

Strive Asset Management, which serves as sub-adviser and guides the fund's risk management and allocation decisions, is a wholly owned subsidiary of Strive, Inc., the issuer of SATA itself. The filing acknowledges the relationship but does not detail specific oversight mechanisms to manage it. BitcoinTreasuries.net reached out to both Strive and Tuttle Capital for comment. Both declined, citing a standard 75-day SEC blackout period that applies to 1940 Act products. The fund is expected to go effective around mid-June.

The timing of the filing is worth noting. Options on SATA began trading last week, a sign of growing market maturity for the digital credit asset class. Options markets tend to reduce volatility and attract institutional participation over time, both of which would benefit DGCR's ability to manage its swap-based SATA exposure. SATA crossed its $100 par value on the ex-dividend date, trading $43 million in a single session. As of April 3, the stock has pulled back slightly, trading around $97–$98. After hitting its $100 target, SATA jumped into action. According to our dashboard estimates, SATA acquired 102 Bitcoin in just one day. Strive has a cash reserve to cover over a year of dividends and an additional $50M reserve backed by STRC holdings to cover dividend obligations.

If approved, DGCR would be the first product to wrap both instruments into a single exchange-traded vehicle, potentially opening the digital credit market to a broader base of income investors who do not currently hold preferred securities directly.

BitcoinTreasuries.net will continue tracking DGCR through its SEC review period.