Receipts Depositary Corporation (RDC) Announces First Bitcoin Depositary Receipts for Qualified Institutional Buyers
NEW YORK, Jan. 4, 2024 /PRNewswire/ -- Receipts Depositary Corporation (RDC) today announced the launch of the first ever Bitcoin depositary receipt (BTC DR). RDC expects to issue the first BTC DRs in transactions exempt from registration under the Securities Act of 1933 to Qualified Institutional Buyers (QIBs) in the coming weeks. BTC DRs are now available on an ongoing basis for issuance to QIBs.
- NEW YORK, Jan. 4, 2024 /PRNewswire/ -- Receipts Depositary Corporation (RDC) today announced the launch of the first ever Bitcoin depositary receipt (BTC DR).
- RDC expects to issue the first BTC DRs in transactions exempt from registration under the Securities Act of 1933 to Qualified Institutional Buyers (QIBs) in the coming weeks.
- BTC DRs follow the same construction as American Depositary Receipts (ADRs), and like ADRs, BTC DRs operate within US-regulated market infrastructure and are cleared through The Depository Trust Company (DTC ).
- "Depositary receipts are a simple solution to complex access problems for institutional investors," said Matthew Taback, Senior Market Maker, GTS .