Posted 1/4/2024, 12:13:00 PM
Former Citigroup Executives Launch Bitcoin-Backed Securities for Institutions to Own Bitcoin Directly
- A group of former Citigroup executives plans to offer bitcoin-backed securities not needing SEC approval
- Receipts Depositary Corp. (RDC) will offer depositary receipts similar to American depositary receipts (ADRs)
- RDC will offer bitcoin depositary receipts to institutions, cleared through the Depository Trust Company
- RDC aims to address institutional desire for bitcoin investments not satisfied by a spot bitcoin ETF
- Depositary receipts would offer direct ownership of bitcoin, unlike shares in bitcoin ETFs