• Inside DRs

Depositary Receipts:
A Tried-and-True Investment Vehicle

Since 1927, DRs have enabled market access, workflow efficiency and robust risk management for institutional investors.

DRs at a Glance

What Are DRs?

Depositary Receipts (DRs) are securities issued by a depositary that represent ownership of an underlying asset. DRs facilitate the conversion, holding and transferability of the underlying asset – in our case, currently digital assets.

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Why Invest in DRs?

  • Convenient access via existing technology infrastructure, workflows and counterparty relationships
  • Direct ownership of the underlying asset, with the security and protections institutional investors demand
  • Full fungibility with the underlying asset, streamlining transactions

A History
of Institutional Access

For nearly a century, investors have relied on DRs to trade, clear and settle a wide range of assets just like traditional securities. The result: a market where over 6,500 institutions have invested a combined $1 trillion, and growing.

1927

J.P. Morgan issues first American Depositary Receipt (ADR)
Foreign Equity
ADR
US Investors

1990

Citibank issues first
Global Depositary Receipt (GDR)

Foreign Equity
GDR
Qualifying Investors

2007

Citibank issues first
Global Depositary Note (GDN)

Sovereign Debt
GDN
Qualifying Investors

2015

BMO issues first DTC-cleared
Gold Deposit Receipt (GOLDR)

Gold
GOLDR
US Investors

2024

RDC issues first Digital Asset Depositary Receipt

BTC/ETH
BTC/ETH DR
Qualifying Investors

1927

JPMorgan issues first
American Depositary Receipt (ADR)

Foreign Equity
ADR
US Investors

A History
of Institutional Access

For nearly a century, investors have relied on DRs to trade, clear and settle a wide range of assets just like traditional securities. The result: a market where over 6,500 institutions have invested a combined $1 trillion, and growing.

1927

J.P. Morgan issues first American Depositary Receipt (ADR)

1990

Citibank issues first
Global Depositary Receipt (GDR)

2007

Citibank issues first
Global Depositary Note (GDN)

2015

BMO issues first DTC-cleared
Gold Deposit Receipt (GOLDR)

2024

RDC issues first Digital Asset Depositary Receipt

1927

JPMorgan issues first
American Depositary Receipt (ADR)

Foreign Equity
ADR
US Investors

An Established Operating Model

With each DR carrying its own CUSIP, ISIN and ticker, qualifying investors can transact in digital and alternative assets with minimal interruption to their existing operations. The result: a seamless, straightforward investing experience with RDC acting as the depositary for primary DR conversions and other DR asset servicing needs.

Institutional Counterparties

Only qualifying investors and their
regulated agents can initiate DR
conversions

Seamless Conversion

Easily convert underlying digital assets to corresponding DRs or vice versa, utilizing the depositary’s connectivity with regulated partners

Familiar Workflows

DRs are processed through DTC, enabling traditional clearing and settlement
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Robust Risk Management

Regulated partners, responsible structures and solid compliance are fundamental to any DR offering. Our digital asset DRs bring all this and more.

Regulated Partners

We’ve partnered with Broadridge as our SEC-registered transfer agent and Anchorage as our OCC-regulated and federally chartered digital asset custodian

A Protective Platform

Segregated roles and responsibilities among regulated entities ensure asset protection, transparency and risk mitigation

No Rehypothecation

The depositary model is designed to prevent digital
assets held in custody from being lent or sold to pay for
operating expenses, and every DR in circulation is
backed by a corresponding amount of digital assets
deposited with our custodian

Secure and Stable

The DRs are offered in compliance with US securities law
and with customary DR terms and conditions that
govern the rights and responsibilities of the DR facility.
The assets of the DR facility remain segregated in a
bankruptcy-remote structure

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