Bitcoin Depository Receipts for Institutional Investors
A group of former Citigroup executives has introduced a new product for institutional investors called Bitcoin depository receipts (BTC Drs). These are similar to American depositary receipts (ADRs) for foreign stocks and will provide institutional investors with direct ownership of Bitcoin through US-regulated market infrastructure and cleared through the Depository Trust Co. (DTC).
Direct Bitcoin Access for Institutions
The startup, Receipts Depositary Corporation (RDC), aims to issue the first BTC DRs to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933. The offering will provide a product that is complementary to Bitcoin ETFs, as it offers direct ownership of Bitcoin to qualified institutions.
Market Standards from Traditional Finance
The co-founders of RDC believe that BTC DRs will be something institutions are more comfortable with since they offer market standards from traditional finance like depositary receipts to the digital asset ecosystem.
Hot Take
The new BTC DRs offering empowers institutional investors with direct ownership of Bitcoin through US-regulated market infrastructure and clearing through the Depository Trust & Clearing Corporation (DTCC).
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