Strive (ASST), a major bitcoin treasury company, has partnered with investment advisor and ETF issuer Tuttle Capital Management to file for a new exchange-traded product with the U.S. Securities and Exchange Commission (SEC). The proposed T-Strive Digital Credit ETF aims to invest in preferred equity securities issued by bitcoin treasury firms, specifically targeting instruments from Strategy and Strive.
The fund would focus on two key perpetual preferred stock offerings: Strategy Inc. Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), which currently pays an 11.5% monthly dividend and maintains a strike price around $100, and Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA), which recently increased its dividend to 12.75% this month and targets a price range of $99-$100. These instruments are designed to raise capital for the companies' bitcoin acquisition strategies by offering investors stable prices and attractive monthly income.
According to the filing, the ETF would not directly invest in bitcoin. Instead, it would use swaps and leverage to amplify its income exposure to the STRC and SATA preferred shares. If approved, the fund is slated to trade on the Cboe exchange under the ticker symbol DGCR. The filing did not specify a management fee.
Matthew Tuttle of Tuttle Capital Management is named as the primary portfolio manager, with Chris Nicholson, Vice President of Strive, serving as sub-advisor. The filing highlights Strive's growing bitcoin reserves, which stood at 13,310.9 BTC as of March 11, accumulated through various capital raises including a $160 million SATA IPO in November and a planned $150 million secondary offering announced in January.
Tuttle Capital has been expanding its crypto-related offerings, having previously launched funds tracking exposure to tokens like XRP and Solana, as well as bitcoin infrastructure firms. The firm also manages thematic ETFs on unrelated topics.
