Strive, Tuttle file for Bitcoin income ETF built on STRC, SATA

Strive and Tuttle Capital Management have filed for a new exchange-traded fund built around income from preferred shares issued by Bitcoin treasury companies. The filing states that DGCR expects to focus mainly on two instruments: Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, and Strive’s Variable Rate Series A Perpetual Preferred Stock, known as SATA. 

The proposed T-Strive Digital Credit ETF would trade under the ticker DGCR and would seek current income rather than direct Bitcoin exposure, according to the prospectus filed with the U.S. SEC on March 30, 2026.

The filing shows that ETF Opportunities Trust submitted the prospectus for the T-Strive Digital Credit ETF, with Tuttle Capital Management as investment adviser and Strive Asset Management as sub-adviser. 

The fund’s stated objective is to “seek current income,” and its main strategy is to buy preferred securities issued by Bitcoin treasury companies and use derivatives as part of the portfolio.

The structure places the product in a different category from spot Bitcoin ETFs. The fund says it will not hold Bitcoin directly. Instead, it plans to build exposure through income-paying securities linked to companies that keep Bitcoin on their balance sheets.

The prospectus also says the shares are intended to list on the Central Bank of England (CBOE). The filing is not yet effective, which means the fund cannot begin sales until the registration process is complete.

Fund centers on Strategy STRC and Strive SATA

Both, STRC and SATA, are preferred shares tied to companies that use capital markets activity to support Bitcoin treasury strategies.

Strategy’s STRC currently carries an annualized dividend rate of 11.50 percent for March 2026, based on its $100 stated amount. Strive raised SATA’s variable annualized dividend rate to 12.75 percent earlier this month and also narrowed its targeted trading range to $99 to $101.

Strive has also tied SATA more closely to its own treasury plans. On March 11, the company said it held about 13,311 Bitcoin and had used $50 million to buy 500,000 shares of Strategy’s STRC. That same update said Strive had increased SATA’s dividend reserve to 18 months, combining cash reserves with STRC exposure.

This makes the proposed ETF a product tied not only to Bitcoin treasury companies, but also to their income-bearing preferred stock layer. 

In addition, the filing says the fund expects to use leverage mainly to increase exposure to the income generated by these securities and to support active portfolio allocations.

No direct BTC, still crypto-linked

The prospectus says the fund is “non-diversified” and may hold a concentrated portfolio. It also says the fund will remain concentrated in Bitcoin treasury companies, which means performance may depend heavily on a limited number of issuers and on market conditions tied to Bitcoin and corporate financing.

The filing adds that the fund may use total return swaps to make tactical changes in exposure instead of changing direct holdings. That approach gives the portfolio another way to adjust positions, but it also adds derivative risk on top of the normal risks attached to preferred shares and crypto-linked companies.

Management details in the prospectus show that Matthew Tuttle would serve as portfolio manager and Chris Nicholson, vice president at Strive Asset Management, would act as co-portfolio manager. The filing did not include a final management fee, leaving that field blank in the initial prospectus.

The fund also says it will not invest directly in Bitcoin for tax and structure reasons, even though it will remain exposed to Bitcoin-related risk through the underlying issuers. 

That means investors would be buying a yield-focused product tied to digital asset treasury firms rather than a vehicle that tracks the daily price of Bitcoin itself.

Bitcoin treasury funding shifts

The DGCR filing comes as treasury-focused crypto companies keep expanding the ways they raise capital. Strategy remains the largest corporate holder of Bitcoin, but it reported on March 30 that it made no Bitcoin purchases during the week ended March 29, breaking a 13-week buying run.

At the same time, Strategy and Strive have both kept preferred stock products at the center of their funding mix. STRC’s monthly dividend structure is designed to keep the shares trading near their stated value, while SATA has followed a similar path with a higher current rate. 

The proposed ETF shows that these preferred instruments may now become a separate product category for income-focused investors who want exposure to Bitcoin treasury firms without buying common stock or Bitcoin directly.

Tuttle has built a wider lineup of crypto-linked and thematic ETFs in recent months. Strive has also expanded from asset management into treasury-style Bitcoin accumulation and capital markets products.

The DGCR filing adds a new step in that direction by packaging preferred shares from treasury issuers into a single listed fund aimed at current income.