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Sam Callahan, Director of Bitcoin Strategy at OrangeBTC, joins hosts Jody Flournoy and Halston Valencia on The Daily Stack to discuss $SATA returning to par, $STRC recovering toward 96, and Bitcoin moving back above 70K. He explains DIGY11, OrangeBTC's first financial product in Brazil: an ETF holding variable rate perpetual preferreds from public Bitcoin companies, with an FX hedge for BRL denominated monthly income. The conversation also covers Fed and Treasury liquidity actions, Metaplanet's US expansion, whether the Bitcoin bottom is in near 60K, and Sam's reading and book recommendations.
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Chapters:
0:00 Intro: Sam Callahan joins as Bitcoin tops 70K
2:03 $SATA hits par and $STRC recovers toward 96
2:48 Fed liquidity moves, Bessent and the currency
5:48 OrangeBTC in Brazil and the DIGY11 ETF launch
8:59 Educating investors on digital credit and dividends
17:22 DIGY11 index methodology and $STRC weighting
19:06 Metaplanet's US entity and new perpetual preferreds
21:21 OrangeBTC's future products and education push
24:21 Leverage, ETF complexity and the SpaceX 2x ETF
28:08 Is the Bitcoin bottom in? The 60K floor
34:53 Orange Juice private equity firm and Bitcoin treasuries
36:47 High signal sources, book picks and Bitcoin history
Key takeaways:
- DIGY11 was announced at Blockchain Rio and holds variable rate perpetual preferreds, currently $STRC and $SATA, with an FX hedge to deliver BRL denominated monthly income. It is expected to list on B3 likely next month.
- Sam says DIGY11 targets an estimated yield of CDI plus 3 to 5%, supported by issuer Bitcoin balance sheets rather than Brazilian real estate or bank risk.
- The index, built with MarketVector, screens for Bitcoin holdings, market cap, liquidity and volatility. Strategy dominates the initial weighting because of its size and liquidity.
- Sam's base case is that the 60K area likely marked the Bitcoin bottom, barring a major macro shock, after heavy coin transfer and consolidation there.
- OrangeBTC reports gross BTC yield above 17% this year and says its mandate is to increase Bitcoin per share.
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Not financial advice.
