The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

The currency market is currently most concerned about the approval results of Bitcoin ETFs, and some groups are finding other ways to prevent Bitcoin ETFs from being rejected. Bitcoin Depositary Receipts is one of the spin-off solutions, which even gained support from Franklin Templeton, BTIG, and Broadhaven
Favored and supported by Ventures and other institutions. What exactly are Bitcoin Depository Receipts? It can have such prestige. According to the data, Bitcoin Depositary Receipt is a financial instrument that allows investors to purchase and trade Bitcoin through the stock exchange. The editor of the currency circle below will explain this knowledge point in a popular way.

## What are Bitcoin Depository Receipts?

Bitcoin Depositary Receipts are essentially a Bitcoin investment tool that are fully interchangeable with the underlying Bitcoins held by the designated custodian. RDC (Receipts Depositary)
Corporation)’s Bitcoin Depositary Receipts represent direct ownership of the underlying Bitcoin, rather than shares in the fund. Simply put, Bitcoin Depository Receipts allow U.S. investors to invest in Bitcoin the same way they invest in overseas companies without running afoul of the Securities Act.

Bitcoin Depository Receipts follow the same structure as American Depository Receipts, which like ADRs operate within a U.S. regulated market infrastructure and are cleared by the Depository Trust Company (DTC), RDC’s current operational infrastructure includes: Broadridge
Corporate Issuer Solutions and Anchorage Digital Bank National
Association, the former will act as a transfer agent, and the latter will be responsible for the underlying Bitcoin custody. It is reported that RDC’s Bitcoin depositary receipts have obtained a U.S. Securities Cusp Number (CUSIP) number and an International Securities Identification Number (ISIN).

Depositary receipts (DRs) are securities issued by a depositary that represent ownership of an underlying asset and enable investors to convert, hold and sell the underlying asset, such as foreign equity or bonds. According to the relevant securities laws of the United States, companies listed in the United States need to be registered in the United States. American depositary receipts are a sellable certificate issued by U.S. commercial banks to help foreign securities trade in the United States. They generally represent non-U.S. companies that can be made public. Buy and sell stocks and bonds.

American Depositary Receipts are traded in the U.S. market. The buying and selling procedures are the same as those for general U.S. stocks. They are issued by U.S. banks. Each ADR includes a number of shares handed over to an overseas promotion custodian for promotion and custody by a company outside the U.S., and can be traded on U.S. securities trading platforms. Free trading on the market or over-the-counter market facilitates non-U.S. companies’ access to the U.S. securities market.

## What is the use of Bitcoin Depositary Receipts?

Bitcoin Depository Receipts provide some investors with a convenient and accessible way to invest in Bitcoin. The main purpose is to simplify Bitcoin investment, liquidity and convenience, market price tracking, diversified investment portfolios, and regulatory compliance. , the following is a detailed analysis:

1. Simplify Bitcoin investment: For investors who are unfamiliar with or unwilling to directly hold and manage Bitcoin, Bitcoin Depositary Receipts provide a simplified way. Investors can gain investment exposure to Bitcoin by purchasing Bitcoin depositary receipts listed on a stock exchange as securities.

2. Liquidity and convenience: Bitcoin depositary receipts are listed on the stock exchange, which allows investors to conveniently buy and sell during regular trading hours on the exchange, improving the liquidity of Bitcoin investment. At the same time, investors do not need to directly manage and keep Bitcoin, but can trade through regular securities brokerage accounts.

3. Market price tracking: The price of depositary receipts is usually highly correlated with the price of the underlying Bitcoin, making it easier for investors to track the performance of the Bitcoin market. This traceability helps investors gain a clearer understanding of the value and performance of their investments.

4. Diversify your investment portfolio: For those investors who wish to introduce cryptocurrencies into their portfolio, Bitcoin Depositary Receipts provide a relatively simple way to diversify through a securities account.

5. Regulatory Compliance: Some investors may be subject to regulations that prohibit or restrict direct holdings of cryptocurrencies. The issuance and trading of Bitcoin Depository Receipts are generally regulated by regulations, which may allow investors to comply with local regulatory requirements.

All of the above is the answer to the question of what are Bitcoin Depository Receipts? Depositary receipts can be cleared and settled through a depository trust company, allowing investors to trade in their traditional clearing system, with most other interfaces. Different deposit products, depositary receipts provide direct ownership of underlying assets, and the custodian provides high-touch, value-added operating services to depositary receipt holders. What’s more, this model is exempt from the registration requirements of the U.S. Securities Act, meaning Bitcoin depositary receipt custodians can bypass the U.S. Securities and Exchange Commission. It is important to note that Bitcoin Depositary Receipts do not have regulatory approval in all countries and regions.