According to its press release, RDC plans to issue the first batch of BTC DR to qualified institutional buyers (QIB) in the coming weeks, without the need for registration under the Securities Act of 1933. BTC DR follows the same structure as American Depositary Receipts (ADR) and, like ADRs, operates within the regulated market infrastructure in the United States and settles through the Depository Trust Company (DTC). Its product has obtained security numbers CUSIP and ISIN.
Former Citigroup Executive Plans to Issue Bitcoin Depositary Receipts Without SEC Approval