Depositary Receipts for Digital Assets

A new Bitcoin investing paradigm is here. With our Bitcoin DR, Qualified Institutional Buyers can now directly own, convert and transfer Bitcoin as a DTC-eligible security.

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Reach out for more information on our Bitcoin DR and to join us on our journey to make digital and alternative assets as easy to invest in as traditional securities.


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The information provided herein is intended solely for Qualified Institutional Buyers (as defined in Rule 144A promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) located in the United States who meet the requirements set forth in any terms and conditions of the applicable products.

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Frequently Asked Questions

Depositary receipts (DRs) are securities issued by a depositary representing ownership of an underlying asset. DRs facilitate the conversion, holding and transferability of an underlying asset, such as foreign equity or bonds, for investors. Commonly known DR products include:

  • American Depositary Receipts (“ADRs”)
  • Global Depositary Receipts (“GDRs”)
  • Global Depositary Notes (“GDNs”)

A DR depositary is a business entity that administers DR facilities, including the creation and asset-servicing of the DRs and provision of other relevant operational services.

Some of the key benefits of DRs are as follows:

  • DRs can be cleared and settled through DTC, enabling investors to transact in their traditional clearing system
  • Unlike most other access products, DRs provide direct ownership of the underlying asset
  • The depositary provides high-touch, value-added operational services to DR holders 
  • DRs function within the existing US securities statutory and regulatory regime and are treated as securities

A DR ratio is the specific quantity of an underlying asset (whether multiple or fractional) represented by a single DR. For example, many traditional ADRs have a 1:1 ratio where one underlying foreign share equals one depositary receipt.

BTC DRs are instruments issued by RDC as depositary that are fully fungible with underlying Bitcoin held by a designated custodian for the exclusive benefit of BTC DR holders. BTC DRs represent direct ownership of the underlying Bitcoin and are not shares in a fund.

No, in its role as depositary and in accordance with the terms of the BTC DR facility, RDC does not own the underlying Bitcoin held in custody. The Bitcoin held in custody is owned by the BTC DR holders.
BTC DRs are fully fungible with and designed to track the asset value of the underlying Bitcoin.
No, the Bitcoin held in custody cannot be lent out and must 100% back each BTC DR in circulation.
No, RDC’s depositary structure means the Bitcoin held in custody is ring-fenced from RDC’s assets. The underlying Bitcoin is owned by the BTC DR holders.

A qualified institutional buyer (QIB) who is onboarded with RDC can issue and cancel BTC DRs.

RDC’s mission is to expand the traditional DR construct to digital and alternative assets. While BTC DRs are our sole offering today, we are actively exploring products for some of the most widely used digital and alternative assets based on a comprehensive due diligence process that accounts for institutional investor demand, the ability of custodians to support those assets and, most importantly, the regulatory views on the underlying assets.