Former Citigroup Executives Launch Bitcoin-Backed Securities

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A group of former Citigroup executives has made headlines with their ambitious venture into the cryptocurrency space. 

Their latest project involves Bitcoin-backed securities known as Bitcoin (BTC) Depository Receipts (BDRs). What set this initiative apart, is its deliberate decision to operate outside the traditional regulatory framework imposed by the United States Securities and Exchange Commission (US SEC).

As per the reports, this novel financial product, akin to American Depository Receipts representing foreign stocks, aims to provide institutions with a gateway to BTC securities via U.S regulated market infrastructure, with clearing facilitated through the Depository Trust Co. 

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BTC DRs: a Conversion tool for Asset Owners

Meanwhile, the startup, called Receipts Depository Corporation (RDC), mentioned that it plans to give out the first BTC DRs to qualified global institutional investors, who are exempted from transaction registration under the Securities Act of 1933.

According to a press release from Ankit Mehta, co-founder and chief executive of RDC, the BTC DRs major role is to become a conversion tool for asset owners. It will also help convert Bitcoin into DTC-eligible security while allowing direct ownership for qualified organizations in the US. 

However, the approach taken by the ex-Citigroup executives with BDRs has the potential to attract a more diverse range of investors, including those who may be hesitant to navigate the intricacies of the crypto landscape. Furthermore, Broadridge Corporate Issuer Solutions will operate as the transfer agent, while Anchorage Digital Bank National Association will take charge of the custody of the underlying Bitcoin.

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Bitcoin Price Targeted at $80k in 2024

Just recently reported, a prominent investment firm, AllianceBernstein, said potential approvals of Bitcoin spot Exchange Traded Fund (ETFs), the BTC halving set for April, and the growing demand from enterprises could drive Bitcoin to $80,000 by the year-end.

According to data from CoinMarketCap, Bitcoin is on positive momentum and is currently trading at $43,446.67, with a 2.71% increase within the last 24 hours. Undoubtedly, this is the first time the coin has reached this level since April 2022.

The price gain was probably triggered by the assumption that the SEC will likely inform all fourteen ETF filers that have met the agency’s requirements of its approval soon.

Asset Managers Prepare to Launch Bitcoin ETF

Markedly, this greenlight would be the clearance that the ETF filers need to launch the product. Its coming would mark a significant pivot for top asset management firms like BlackRock, Fidelity Investments, WisdomTree, Invesco, Galaxy, Bitwise, and many others that applied with the SEC.

On the part of a number of these ETF filers, they have put in all required measures to ensure they do not fall behind in the race for the physically-backed ETF product.

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