As speculation about the impending approval or rejection of spot Bitcoin ETFs reaches fever pitch, a group of former Citigroup Inc. executives is beginning to offer securities backed by the oldest cryptocurrency that they say does not have the blessing of U.S. regulators need.
The new offering, called Bitcoin Depositary Receipts, is similar to American depositary receipts that represent foreign stocks. The startup, called Receipts Depositary Corporation (RDC), announced that it plans to issue the first Bitcoin depositary receipts to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933.
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