Clear Street Executes First Bitcoin Depositary Receipt Trade Through Prime Brokerage Platform

Landmark Transaction with UTXO Management, GTS and Receipts Depositary Corporation Brings Bitcoin Into TradFi Institutional Workflows

Clear Street, a cloud-native financial infrastructure technology firm on a mission to give every sophisticated investor access to every asset in every market,  announced the successful execution of Bitcoin Depositary Receipt (“BTC DR”) trades for institutional clients UTXO Management and GTS. Receipts Depositary Corporation (“RDC”) is the Depositary for the Bitcoin DRs and issued the BTC DRs that were subsequently traded; the transactions mark the first time BTC DRs have been traded through a traditional prime brokerage platform and settled through the Depository Trust Company (“DTC”).

Modeled on the American Depositary Receipt framework, BTC DRs are direct, 100% Bitcoin-backed securities that are fully fungible, cleared and settled through DTC, and available to qualifying institutional Investors. In addition to being tradable as securities in the traditional markets, BTC DRs can be in-kind converted on an intraday basis into the underlying Bitcoin and vice-versa. Each BTC DR represents a bankruptcy remote, direct ownership claim on a particular amount of Bitcoin, held at Anchorage Digital Bank N.A., the first federally chartered crypto bank in the U.S. BTC DRs are intended to provide holders with an additional diversification tool and an avenue to access Bitcoin exposure with a direct beneficial interest in Bitcoin held in segregated, regulated custody.

Robert Rutherford, Chief Executive Officer of Clear Street Digital, said, “The convergence of digital assets and traditional finance is here and the trend continues. Bitcoin Depositary Receipts represent exactly the kind of innovative, cross-asset class, institutional-grade product that Clear Street was built to deliver. By executing the first BTC DR through our cloud native single ledger infrastructure, we are demonstrating that Bitcoin exposure no longer requires a separate operational stack. We are proud to deliver this milestone alongside RDC, UTXO Management and GTS.”

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By processing the transaction through its modern infrastructure, Clear Street demonstrated that BTC DRs can be integrated into existing institutional workflows with no new custody arrangements, wallets or blockchain infrastructure required of the end client. UTXO Management, a Bitcoin-focused investment firm, initiated the creation of the BTC DRs, with the resulting receipts held in its prime brokerage account at Clear Street via DTC. GTS, a leading global electronic market maker and liquidity provider, participated as a counterparty in the related trade execution as part of its strategic priority to support innovative digital asset structures at the intersection of capital markets and blockchain.

Jessica Raybeck, Head of Digital Asset Strategy at GTS, commented, “We continue to see increased interest from institutions around solutions that bridge traditional capital markets infrastructure and emerging digital asset ecosystems. GTS is focused on innovation that expands access to digital through efficient trading frameworks.”

Clear Street Digital, the Company’s digital assets division, recently launched large-scale OTC spot trading across Bitcoin, Ethereum, Solana and a broad range of altcoins and stablecoins. The BTC DR capability extends the platform with structured, DTC-native Bitcoin exposure alongside its existing spot execution, financing and clearing services.

Digital asset products are offered by Clear Street Digital LLC. Digital assets held through Clear Street Digital LLC’s custodial partnerships are not FDIC insured or SIPC protected. Securities are offered by Clear Street LLC, member FINRA and SIPC.

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