Clear Street Executes First Bitcoin Depositary Receipt Trade Through Prime Brokerage Platform
NEW YORK, June 23, 2026 (GLOBE NEWSWIRE) -- Clear Street ("Clear Street" or "the Company"), a cloud-native financial infrastructure technology firm on a mission to give every sophisticated investor access to every asset in every market, today 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."
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.
About Clear Street:
Clear Street's mission is to give every sophisticated investor access to every asset, in every market, through a unified platform built for speed, transparency and scale. We give our clients the technology, tools and service once reserved for the largest institutions, rebuilt with modern infrastructure. Our single, cloud-native, end-to-end capital markets platform powers investor growth today and transforms how they interact with markets tomorrow. Founded in 2018 and headquartered in New York with offices globally, Clear Street serves active traders, hedge funds, market makers, broker-dealers, ETF issuers and corporates worldwide.
For more information, visit www.clearstreet.com.
About Receipts Depositary Corporation (RDC):
RDC is the first depositary with the ability to issue depositary receipts (DRs) on digital and alternative assets. RDC’s products currently enable investors to own a wide range of assets through compliant, institution-grade DR instruments designed to enhance liquidity, access, and cross-border efficiency. This ability reflects the founders’ decade of experience in the DR business. Combining deep capital markets expertise with innovation, RDC is building a modern, transparent, technology-driven depositary platform designed for today’s markets, and is currently planning to expand its suite of products to make certain offerings available to retail investors. RDC is not a bank and is not registered as a broker, dealer or investment adviser in any jurisdiction. Learn more at www.receiptsdepo.com.
For more information, visit receiptsdepo.com.
About GTS:
GTS is a collection of financial services companies spanning a wide array of asset classes and investment approaches, all powered by the combination of market expertise with innovative, proprietary technology. With roots as a quantitative trading firm continually building for the future, the GTS family of companies are able to leverage the latest in artificial intelligence systems and sophisticated pricing models to bring consistency, efficiency, and transparency to today’s financial markets. GTS’s electronic market maker GTS Securities accounts for 3-5% of daily cash equities volume in the U.S. and is a leading Designated Market Maker (DMM) at the New York Stock Exchange, responsible for nearly $13 trillion of market capitalization.
About UTXO Management:
UTXO Management is a Bitcoin-native asset manager focused on public and private market investments across the Bitcoin ecosystem. The firm manages multi-strategy portfolios spanning liquid securities, venture investments, and strategic partnerships, supporting the growth of Bitcoin-native companies and infrastructure. UTXO Management is a subsidiary of Nakamoto Inc. (NASDAQ:NAKA), a publicly held Bitcoin company that owns and operates a global portfolio of Bitcoin-native enterprises. For more information visit www.utxo.management.
Media Contact:
Products and services are offered by Clear Street LLC as a Broker Dealer member FINRA and SIPC and a Futures Commission Merchant registered with the CFTC and member of NFA. Additional information about Clear Street LLC is available on FINRA BrokerCheck. Clear Street does not provide investment, legal, regulatory, tax, or compliance advice.
Disclosures
BTC DRs have not been registered under the Securities Act of 1933 or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The information in this press release is not legal, financial or tax advice and you are encouraged to consult your own legal, financial and tax advisors in all applicable jurisdictions. Investments in BTCDRs are speculative, and involve a high degree of risk, including the risk of partial or total loss of any amounts invested therein. Before making any investment decision, a prospective investor should consider all applicable risks, and carefully review and consider the risk factors included in the terms and conditions for the BTC DRs.
