The Receipts Depositary Corporation (RDC) is planning to launch Bitcoin-based deposit receipts (DR BTC) in the near future, with the support of Franklin Templeton. These deposit receipts will be exempt from registration with the Securities and Exchange Commission (SEC). The RDC aims to offer qualified institutional buyers secure and regulated access to digital assets through BTC DR. These deposit certificates provide direct ownership of the underlying asset and can be easily integrated into institutional products. The launch of DR Bitcoin is made possible through collaboration between Broadridge Corporate Issuer Solutions, which operates as a registered transfer agent, and Anchorage Digital, a federally recognized digital asset bank providing custody. The BTC DRs operate within the infrastructure of the regulated market in the US, allowing qualified investors to own Bitcoin using familiar technology and workflows.
In a recent clash between Charles Hoskinson and Peter Schiff, Schiff expressed skepticism about the potential impact of Bitcoin ETFs. He argued that individuals can already own Bitcoin directly without the costs associated with ETFs. However, Hoskinson pointed out Schiff’s previous skepticism towards Bitcoin and highlighted the demand for regulated vehicles like ETFs among institutional investors. The introduction of a Bitcoin ETF could make it easier for investors to access this asset class. Additionally, Schiff’s comparison between Bitcoin and gold ETFs oversimplifies their unique value propositions. Directly owning Bitcoin presents its own challenges in terms of security and technical complexity.
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