First US ETF for Bitcoin treasury preferreds, DCAP, debuts on Cboe
- —DCAP trades on Cboe BZX and holds no Bitcoin directly
- —Initial portfolio: ~50% STRC (Strategy) and ~50% SATA (Strive)
- —SATA pays about 13% annualized with daily dividends
- —STRC yields 12–13.16% with semi-monthly payouts
Why it matters: It creates a new income vehicle tied to Bitcoin treasury firms without direct BTC exposure, though payouts hinge on those issuers' resilience if Bitcoin falls.
Source: Crypto Briefing