The post Bitcoin Depository Receipts (BTC DRs): A New Offering for Institutional Investors appeared first on Coinpedia Fintech News
As the wait for the approval or refusal of a spot Bitcoin ETF intensifies, a group of former Citigroup executives has unveiled a new product for institutional investors called Bitcoin depository receipts (BTC Drs), as Bloomberg reported.
These securities are similar to American depositary receipts (ADRs) for foreign stocks and will provide institutional investors with direct ownership of Bitcoin through US-regulated market infrastructure and cleared through the Depository Trust Co. (DTC).
Direct Bitcoin Access for Institutions
The startup, Receipts Depositary Corporation (RDC), aims to issue the first BTC DRs to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933. The offering will provide a product that is complementary to Bitcoin ETFs, as it offers direct ownership of Bitcoin to qualified ins
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