RDC

What RDC does

RDC (Receipts Depositary Corporation) is a US-based fintech that issues depositary receipts (DRs) representing direct ownership of digital assets — currently Bitcoin, Ethereum, Solana, and XRP — to qualified institutional investors. Founded by three former Citi global DR executives (Ankit Mehta, Bryant Kim, and Ishaan Narain), the company has positioned itself as the first depositary with the ability to issue depositary receipts on digital and alternative assets, bringing the traditional DR structure (established 1927, used by 6,500+ institutions, $1T+ invested) to the digital asset market. Each RDC DR is a DTC-eligible security with an assigned CUSIP and ISIN, designed for in-kind issuance and cancellation, with the underlying digital assets held in bankruptcy-remote custody at Anchorage Digital Bank.

The technical platform is cloud-native, hosted on Azure, comprising 16 microservices built on Python FastAPI, LoopBack Node.js, and Angular, with custom workflow logic in PostgreSQL. The platform integrates directly with DTC for clearing and settlement, Broadridge Corporate Issuer Solutions as SEC-registered transfer agent, Anchorage Digital Bank for custody, and Clear Street as a prime brokerage execution partner. Products are offered under Reg D/506(c) and Reg S exemptions with Rule 144A resale eligibility, restricting distribution to Qualified Institutional Buyers and non-US persons.

RDC's revenue model is transaction- and fee-based, generating revenue through DR issuance fees, annual maintenance fees, and transaction/conversion fees tied to issuance and cancellation activity. Distribution is conducted via consultative enterprise sales targeting asset managers, hedge funds, banks, broker-dealers, custodians, and liquidity providers. The company has executed a landmark first BTC DR trade through Clear Street's prime brokerage platform for UTXO Management with GTS as counterparty. Customers disclosed include UTXO Management, GTS, and Digital Wealth Partners. The company has signaled plans to expand into additional alternative asset classes and eventually retail investor access.

Name

RDC

Legal name

Receipts Depositary Corporation

Website

https://receiptsdepo.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Receipts Depositary Corporation (RDC) issues DTC-eligible depositary receipts representing direct ownership of digital assets (Bitcoin, Ethereum, Solana, XRP) for qualified institutional investors, enabling digital asset access through traditional securities clearing and settlement infrastructure.

Ownership category

akta.pro rank

Product category

Digital Asset Securities

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

OTC Spot Trading & Block Execution (FSADAJAB)

Keywords

• Digital asset depositary receipts
• Institutional digital asset securities
• DTC-eligible crypto products
• Alternative asset infrastructure
• Digital asset custody receipts

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Depositary Receipt Issuance and Management Fees: RDC generates revenue through fees charged for issuing and managing depositary receipts. The company provides issuer services, operational infrastructure, and market connectivity to bring DR products to U.S. investors. Revenue likely includes issuance fees, annual maintenance fees, and transaction/conversion fees based on DR issuance and cancellation instructions.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

RDC operates a first-of-its-kind depositary receipts platform that issues regulated, DTC-eligible securities (Depositary Receipts) representing direct ownership of underlying digital assets including Bitcoin, Ethereum, Solana, and XRP. Each DR is 100% backed by digital assets held in segregated, bankruptcy-remote custody at Anchorage Digital Bank, cleared through DTC and serviced by Broadridge as transfer agent, enabling institutional investors to transact in digital assets through existing prime brokerage, custody, and settlement infrastructure. RDC also plans to expand the DR structure to commodities and additional alternative asset classes.

Product overview

RDC operates as a first-of-its-kind depositary receipts platform enabling institutional investors to access digital and alternative assets through regulated, DTC-eligible depositary receipt securities. The platform offers four core digital asset DR products: Bitcoin (BTC DR), Ethereum (ETH DR), Solana (SOL DR), and XRP Depositary Receipts. Each DR represents direct, bankruptcy-remote ownership of the underlying digital asset held in segregated custody at Anchorage Digital Bank N.A., with transfer agent services provided by Broadridge. The DRs are cleared and settled through DTC, enabling qualifying investors to transact in digital assets using existing institutional infrastructure, workflows, and counterparty relationships. RDC plans to expand its offerings to include commodities and other alternative assets, and eventually retail investor access.

Differentiator

Problem solved

Functional benefit

Products and services

• Bitcoin Depositary Receipt (BTC DR) DTC-eligible depositary receipt (CUSIP 75620X109, ISIN US75620X1090, Ticker: XBTDY) representing direct ownership of Bitcoin at a 1:1000 ratio. Each BTC DR is 100% backed by Bitcoin held in bankruptcy-remote custody at Anchorage Digital Bank N.A., offered to qualifying investors under Reg D/506(c) and Reg S with Rule 144A resale eligibility.
• Ethereum Depositary Receipt (ETH DR) DTC-eligible depositary receipt (CUSIP 75620X208, ISIN US75620X2080, Ticker: XETDY) representing direct ownership of Ethereum at a 1:100 ratio, 100% backed by Ethereum held in bankruptcy-remote custody at Anchorage Digital Bank. Offered to qualifying investors under Reg D/506(c) and Reg S exemptions.
• Solana Depositary Receipt (SOL DR) DTC-eligible depositary receipt (CUSIP 75620X307, ISIN US75620X3070, Ticker: XSODY) representing direct ownership of Solana at a 1:10 ratio, 100% backed by Solana held in bankruptcy-remote custody at Anchorage Digital Bank. Offered to qualifying investors under Reg D/506(c) and Reg S exemptions.
• XRP Depositary Receipt (XRP DR) DTC-eligible depositary receipt (CUSIP 75620X406, ISIN US75620X4060, Ticker: XRPRY) representing direct ownership of XRP at a 1:1 ratio, 100% backed by XRP held at Anchorage Digital National Association. Offered to qualifying investors under Reg D/506(c) and Reg S exemptions; the fourth digital asset DR program launched by RDC.

Quantifiable outcome

• BTC DRs can be in-kind converted on an intraday basis into underlying Bitcoin and vice-versa
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Five partnerships are on record, tiered flagship, strategic, partner and core partner.

• Clear StreetflagshipStrategic or Co-development Partner · 24 June 2026Cloud-native financial infrastructure technology firm. Executed first BTC DR trades through prime brokerage platform, settling via DTC. Clear Street Digital division offers large-scale OTC spot trading across Bitcoin, Ethereum, Solana and altcoins.
• Canton NetworkstrategicStrategic or Co-development Partner · 17 September 2025Privacy-enabled blockchain ecosystem for institutional assets. RDC joined as validator and DR depositary, working toward introducing tokenized depositary receipts on the network. Network has $3.6+ trillion in tokenized assets on-chain.
• Menas GlobalpartnerStrategic or Co-development Partner · 5 August 2025Strategic partner delivering digital asset exposure via regulated depositary receipts. Nature of partnership involves joint delivery of DR products.
• Anchorage Digital Bank National Associationcore partnerTechnology or Integration · 4 January 2024First and only OCC-regulated and federally chartered digital asset bank. Provides custody of underlying digital assets in bankruptcy-remote structure for all DR programs (BTC, ETH, SOL, XRP).
• Broadridge Corporate Issuer Solutions, LLCcore partnerTechnology or Integration · 4 January 2024SEC-registered transfer agent providing transfer agent services for RDC's DR programs. Manages DR holder records and transaction processing.

Scale indicators4 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• BitGo: Institutional digital asset custody, trading, and lending platform serving many of the same broker-dealer, prime broker, and asset manager clients as RDC. Comparable as institutional crypto infrastructure, though focused on custody/trading rather than DR issuance.
• Citigroup: Global bank where RDC's three co-founders built the DR business; a leading traditional depositary receipt issuer. Directly relevant as the institutional DR infrastructure RDC is recreating for digital assets and the source of its core domain expertise.
• JPMorgan: Major traditional depositary bank and DR issuer for cross-listed equities, with active digital asset initiatives (JPM Coin, Onyx). Comparable to RDC as a TradFi incumbent with deep DR expertise exploring institutional digital asset infrastructure.
• BNY Mellon: One of the world's largest traditional depositary banks and DR issuers, providing depositary receipt services for foreign equities. Comparable to RDC as an established DR market operator; RDC's value proposition is essentially extending BNY/Citi/JPM-style DR infrastructure to digital assets.
• WisdomTree: Global asset manager with a digital asset product suite including Bitcoin and Ethereum ETPs, plus established ETP infrastructure. Comparable to RDC as a broader incumbent expanding into digital asset securities wrappers for institutional clients, with materially larger scale and distribution.

Emerging players

• Securitize: Tokenization platform enabling issuance and management of digital asset securities, including tokenized funds. Comparable to RDC as an emerging player bridging traditional securities and on-chain infrastructure, with a more retail/issuer-services orientation vs RDC's DR-based institutional model.
• Ondo Finance: Issuer of tokenized financial products (e.g., tokenized Treasuries, OUSG/USDY) distributed through traditional and on-chain rails. Comparable to RDC as an emerging player building regulated, institutional-grade wrappers for non-traditional assets, with overlapping Canton Network participation.

Direct peers

• Grayscale Investments: Issuer of the largest single-asset crypto investment products (GBTC, ETHE) providing institutional and accredited investors regulated exposure to digital assets. Highly comparable to RDC in that both wrap crypto exposure in securities-style instruments for institutional buyers, though Grayscale uses trust/ETF structures rather than depositary receipts.
• Osprey Funds: Issuer of crypto trust products (e.g., Osprey Bitcoin Trust) providing institutional-grade exposure to digital assets. Directly comparable to RDC in offering tradable, regulated wrappers for underlying crypto holdings, though using trust rather than DR structures.
• 21Shares: Issuer of crypto exchange-traded products (ETPs) across Bitcoin, Ethereum, Solana, and other digital assets, distributed to institutional and retail investors. Comparable to RDC as both package underlying crypto assets into regulated securities wrappers accessible through traditional brokerage workflows.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ReceiptsDepo
• LinkedInlinkedin.com/company/receipts-depositary-corporation

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RDC