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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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:
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:
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.
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.