On Tuesday, Clear Street said it had carried out Bitcoin Depositary Receipt trades on its prime brokerage platform for UTXO Management and GTS, two institutional clients, with settlement via the Depository Trust Company (DTC).
Clear Street said the transaction marked the first occasion on which BTC DRs were traded inside a conventional prime brokerage workflow and settled through DTC.
The trade means institutions can gain Bitcoin exposure through the same securities infrastructure they already use, without building separate crypto custody or wallet arrangements.
The BTC DRs were issued by Receipts Depositary Corporation (RDC). Each receipt represents a direct ownership claim on Bitcoin held in custody at Anchorage Digital Bank, according to RDC’s product materials. The instruments are modelled on the American Depositary Receipt framework and are available to qualified institutional buyers.
UTXO Management, a Bitcoin-focused investment firm, initiated creation of the BTC DRs, and the resulting receipts were booked into its prime brokerage account at Clear Street through DTC. Electronic market maker GTS acted as a counterparty in the related trade execution.
“Bitcoin exposure no longer requires a separate operational stack,” said Robert Rutherford, Chief Executive Officer of Clear Street Digital, in the company’s announcement.
RDC first launched BTC DRs in January 2024. Clear Street said the new capability extends its digital-asset platform beyond OTC spot execution into DTC-settled structured Bitcoin exposure.
