Explore Our DRs

Direct, convenient and universally fungible ownership of digital and alternative assets is within reach for qualifying investors. Learn more about our DR offerings below.

DR Program Information

Bitcoin Depositary Receipt (BTC DR)

Security Name:
Restricted Bitcoin Depositary Receipt (BTC DR)
CUSIP:
75620X109 (DTC Eligible)
ISIN:
US75620X1090
Ratio (BTC : DR):
1 : 1000
Depositary:
Receipts Depositary Corporation (RDC)
Digital Asset Custodian:
Anchorage Digital National Association
Transfer Agent:
Broadridge Corporate Issuer Solutions, LLC
Regulations:
Offered under US securities law exemptions: Reg D / 506(c) and Reg S. Eligible for resale under Rule 144A and Reg S.
Investor Restrictions:
Documentation:
Master Receipt Terms and Conditions by and among the Depositary and all Holders and Beneficial Owners of BTC DRs issued thereunder, as amended

Ether Depositary Receipt (ETH DR)

Security Name:
Restricted Ether Depositary Receipt (ETH DR)
CUSIP:
75620X208
ISIN:
US75620X2080
Ratio (ETH : DR):
1 : 100
Depositary:
Receipts Depositary Corporation (RDC)
Digital Asset Custodian:
Anchorage Digital National Association
Transfer Agent:
Broadridge Corporate Issuer Solutions, LLC
Regulations:
Offered under US securities law exemptions: Reg D / 506(c) and Reg S. Eligible for resale under Rule 144A and Reg S.
Investor Restrictions:
Documentation:
Master Receipt Terms and Conditions by and among the Depositary and all Holders and Beneficial Owners of ETH DRs issued thereunder, as amended

Frequently Asked Questions

What are BTC DRs and ETH DRs?
BTC DRs and ETH DRs are securities issued by RDC as depositary that are fully fungible with underlying Bitcoin or Ether held by a designated custodian for the exclusive benefit of BTC DR or ETH DR holders. BTC DRs and ETH DRs represent direct ownership of the underlying Bitcoin or Ether and are not shares in a fund.
No, in its role as depositary and in accordance with the terms of the BTC DR or ETH DR facility, RDC does not beneficially own the underlying Bitcoin or Ether held in custody. The Bitcoin or Ether held in custody is held by RDC on behalf of the BTC DR or ETH DR holders and beneficial owners.
BTC DRs and ETH DRs are fully fungible with and designed to track the asset value of the underlying Bitcoin or Ether.
No, RDC as depositary cannot lend or sell the Bitcoin or Ether held in custody for operating expenses. Every BTC DR or ETH DR in circulation must be 100% backed by Bitcoin or Ether held in custody.
No, RDC’s depositary structure and documentation are designed to ring-fence the Bitcoin or Ether held in custody from RDC’s assets. The underlying Bitcoin or Ether is beneficially owned by the BTC DR or ETH DR holders and beneficial owners.

A qualifying investor who is onboarded with RDC can instruct RDC to issue and cancel BTC DRs or ETH DRs.

The Future of Digital and Alternative Assets

Digital assets are just the beginning. Our team is actively working to bring our vision for DR-powered investing to a host of other markets – and we want you along for the journey.