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.

Disclaimers

By accessing this website, you confirm that you acknowledge the following disclaimers and agree to Receipts Depositary Corporation’s (“RDC”) Terms of Use and Privacy Policy.

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.

No state or federal securities commission or regulatory authority has approved, disapproved, endorsed or recommended any securities or products described on this website, or any of the terms or conditions thereof, or confirmed the accuracy or adequacy of any information or statements on this website or in any other document relating to the securities or products described on this website. Any representation to the contrary is unlawful. In making an investment decision, you must rely on your own examination of RDC and any applicable securities or products, including any risks involved, considering your own investment objectives and risk tolerance. No material contained on this website is intended to or shall constitute a recommendation to invest in any securities or products, any other investment advice or any legal or tax advice. You are encouraged to consult your own independent investment, legal and tax advisers, including with respect to your status as a Qualified Institutional Buyer and eligibility to invest in any applicable security or product. Nothing on this website purports to describe all of the terms and conditions of any security or product and you should review any such terms and conditions in their entirety, including any risk factors described therein, before making any investment decision. The information on this website is qualified in its entirety by reference to such terms and conditions.

None of the securities or products described on this website have been or will be registered under the Securities Act, or with any securities regulatory authority of any jurisdiction, and may not be offered, sold, pledged or otherwise transferred or delivered except pursuant to an applicable exemption from, or an effective registration statement under, the Securities Act and the applicable securities laws of each other applicable jurisdiction. The securities or products described on this website are also subject to additional restrictions on transfer and resale as described in the terms and conditions thereof. You may be required to bear the financial risks of any investment in such securities or products for an indefinite period of time and such investment may lose some or all of its value. No material contained on this website constitutes, or may be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities (1) unless otherwise expressly provided in such materials or (2) to any person in any jurisdiction in which any such offer or solicitation would be unlawful.

Investments in the securities or products described on this website are speculative, and involve a high degree of risk, including the risk of partial or total loss of any amounts invested therein. Before making any investment decision, a prospective investor should consider all investment risks, and carefully review and consider the risk factors included in the terms and conditions of any applicable security or product.

Materials contained on this website are intended to provide a limited overview of RDC and certain investment products it has developed or intends to develop. The information in such materials may apply only to certain RDC products or to products RDC intends to develop, and not to other products, and may not reflect changes in products that may be implemented from time to time. RDC does not undertake to update any information on this website to the extent it may become inaccurate at any time.

Certain materials contained on this website may include information or statements relating to potential future events that constitute “forward-looking statements,” which may be based on assumptions or expectations that prove incorrect. Such forward-looking statements should not be unduly relied upon. Past performance of any investment may not accurately predict the future results of the same or any other investment. Unless otherwise expressly stated by RDC, no other person has been authorized by RDC to provide any information on RDC’s behalf or otherwise relating to RDC or any securities or products. Unless otherwise expressly provided, no information or statements in any materials contained on this website are intended to be a “prospectus” under any applicable law.

RDC does not operate or hold itself out as a bank or broker or dealer or investment adviser and is not licensed as a bank or broker or dealer or investment adviser in any jurisdiction or country. We suggest that you consult a licensed bank or broker-dealer and/or investment adviser before engaging in or refraining from any investment-related course of action. This website is for informational purposes only, is general in nature, and does not constitute financial advice. RDC disclaims any liability for loss, damage, cost, or other expense that you might incur because of any information provided on this website.

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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.