Receipts Depositary Corporation Introduces First Bitcoin Depositary Receipt

Established by a group of former executives from Citigroup, Receipts Depositary Corporation (RDC) has made history by introducing the world to the “first-ever bitcoin depositary receipt (BTC DR).” This novel financial instrument has the potential to completely change the cryptocurrency investment landscape inside the U.S.-regulated market infrastructure. It is similar to American Depositary Receipts (ADRs) for foreign companies.

Revolutionizing Crypto Investments

RDC’s BTC DRs are expected to have a big impact because they are cleared by the Depository Trust Company (DTC) and function under the auspices of the US-regulated market infrastructure. The business has said that it intends to begin issuing BTC DRs in transactions that are not required to be registered under the Securities Act of 1933. In the upcoming weeks, qualified institutional buyers (QIBs) will be the only purchasers eligible to access these deals.

Prominent financial firms including BTIG, Broadhaven Ventures, and Franklin Templeton are supporting this audacious project. As the transfer agent, Broadridge Corporate Issuer Solutions, a reputable company in the financial services industry, will make sure that everything goes well. Furthermore, Anchorage Digital Bank National Association has been given the vital responsibility of protecting bitcoin custody, solidifying its standing as a major participant in the cryptocurrency custodial market.

In a synchronistic announcement, Anchorage Digital, the first and only OCC-chartered digital asset bank, disclosed its partnership with Receipts Depositary Corporation. Expressing pride in this collaboration, Anchorage Digital stated, “We are proud to announce our partnership with Receipts Depositary Corporation … As the first and only OCC-chartered digital asset bank, we look forward to supporting the launch of the first-ever bitcoin depositary receipt.”

Co-founder and CEO of RDC Ankit Mehta, a seasoned professional with experience at Citigroup, emphasized the unique value of the company’s product. Mehta stressed that RDC’s BTC DRs are a “complementary” product to spot bitcoin exchange-traded funds (ETFs) in a Bloomberg interview. Notably, these ETFs are anticipated to receive approval from the Securities and Exchange Commission (SEC) within the next week.

Mehta explained, “We are really a conversion tool for asset owners today, whether they are hedge funds, family offices, corporations, large institutional investors, that want to take their bitcoin and convert it into a DTC-eligible security and enjoy direct ownership in the U.S. clearances.”

The cryptocurrency investing market is undergoing a fundamental shift as RDC pioneers this innovative financial instrument, creating new opportunities for institutional investors and redefining the future of digital asset ownership.