©Reuters
NEW YORK – The Receipts Depositary Corporation (RDC) has launched a new financial instrument aimed at institutional investors seeking exposure to . Bitcoin Certificates of Deposit (BTC DRs), announced today, are designed specifically for Qualified Institutional Buyers (QIBs) and represent an important step in accessing direct ownership of Bitcoin in a regulated environment.
RDC, which was founded by former Citigroup executives, created BTC DR to allow institutional investors to access Bitcoin in a safe and regulated manner. These receipts allow you to hold bitcoins directly and are cleared by the Depository Trust Company (DTC). This arrangement mirrors the structure of American Depositary Receipts (ADRs) which are used to invest in foreign stocks.
To ensure a smooth transfer process, the RDC turned to Broadridge Corporate Issuer Solutions. Additionally, Anchorage Digital Bank National Association provides custody services. Anchorage Digital Bank’s role is critical, as it ensures that receipt-backed bitcoin is non-loanable and is held exclusively for the benefit of DR holders.
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