About RDC
Receipts Depositary Corporation (RDC) issues depositary receipts for digital assets. A depositary receipt is a security that stands for an asset held by a custodian. RDC offers receipts for Bitcoin, Ethereum, Solana and XRP to qualifying investors. Holders can use their usual brokers and clearing systems, and can swap a receipt for the coin and back again.
RDC is based in Houston and was founded in 2022, according to InnovationMap. Ankit Mehta is chief executive, Bryant Kim is chief financial officer and Ishaan Narain is chief operating officer. All three previously worked on depositary receipts at Citi. Anchorage Digital Bank holds the coins behind the receipts, and Broadridge keeps the ownership records. In June 2026, RDC raised $7 million in a round led by LiveOak Ventures. RDC sold $932,545 in depositary receipts, about the value of assets deposited, with no change in who owns them.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Oct 18, 2024 | Nov 1, 2024amended Oct 27, 2026 | $932,545target not set | 4 | $233K | Depositary ReceiptsRule 506(c) | Form D/A ↗2 earlier filings |
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Who Invested in RDC
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| Announced | Round | Amount | Lead | Other investors | On the Form D | Source |
|---|---|---|---|---|---|---|
| Jun 16, 2026 | Funding round | $7 million | LiveOak Ventures | Hivemind Capital, Onigiri Capital, OTC Markets Group, GTS, Redbeard Ventures | [5][6][9] | |
| Aug 5, 2025 | Strategic investment | Undisclosed | — | Menas Global | [20] | |
| Jan 4, 2024 | Backing | Undisclosed | Franklin Templeton; BTIG; Broadhaven Ventures | — | [12] |
Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
Why Investors Backed RDC
LiveOak sees digital and alternative assets as a multi-trillion-dollar class disconnected from established U.S. securities systems. It chose RDC because Ankit Mehta, Bryant Kim and Ishaan Narain spent most of a decade running Citi's depositary-receipts franchise. LiveOak also valued the co-investors' trading relationships, regulatory depth and distribution. [9]
Origin and Team
Ankit Mehta, Bryant Kim and Ishaan Narain founded RDC after careers in depositary receipts. LiveOak reports that they spent most of a decade running Citi's depositary-receipts franchise. Their work supported NYSE listings for global companies, including Alibaba. [2][9]
At Citi, Mehta led global depositary-receipt products and capital-markets work. Kim led product initiatives and commercial deals. Narain led product development and partnerships. [2]
Product and Technology
RDC connects digital and alternative assets to U.S. securities markets through depositary receipts. These securities represent assets held by a custodian. Qualifying investors can use existing custody, clearing and brokerage systems. The receipts combine direct ownership with those established systems. [1][4][5]
RDC acts as depositary. Each receipt has a ticker and ID numbers, specifically a CUSIP and an ISIN. Anchorage Digital Bank is federally chartered and holds the coins. Broadridge serves as transfer agent. [3][4][12]
Every receipt in circulation is backed by a matching amount of the asset in custody. RDC cannot lend or sell those assets for operating expenses. The structure separates them from RDC's own assets. [3][4]
An onboarded qualifying investor can instruct RDC to issue or cancel receipts. The receipts are interchangeable with their underlying assets and designed to track their value. Holders can exchange receipts and tokens in kind on the same day. [3][9]
RDC offers receipts for Bitcoin, Ethereum and Solana. It also offers an XRP receipt. One Bitcoin maps to 1,000 BTC receipts. One Ethereum maps to 100 ETH receipts. Solana uses one-to-10. XRP uses one-to-one. [3]
RDC offers receipts to qualifying investors under Regulation D and to non-U.S. persons under Regulation S. Resales follow Rule 144A or Regulation S. [3]
LiveOak reports that RDC is building receipt infrastructure for other commodities. [9]
RDC plans to expand its product suite so some offerings are available to retail investors. [5]
Use of Funds
- RDC will develop new receipt products for more asset categories. [5]
- RDC will expand sales and distribution through banks, broker-dealers and market makers. It will also deepen ties with custodians and exchange partners. [5]
- RDC will keep investing in capital-markets infrastructure. [5]
- RDC will add staff across four functions, including product, operations and technology. Commercial roles make up the fourth. [5]
Milestones
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| Date | What happened | Source | Coverage |
|---|---|---|---|
| Jun 23, 2026 | Clear Street, serving hedge funds and other large traders, completed the first Bitcoin receipt trades on a traditional prime brokerage platform for UTXO Management and GTS, an electronic market maker. They settled through DTC, the central U.S. securities depository, without new client wallets or custody arrangements. | [8] | Markets Media ↗ |
| Jun 23, 2026 | Clear Street said its digital-assets division had recently launched large-scale over-the-counter spot trading for Bitcoin, Ethereum, Solana and other tokens. | [8] | — |
| Jun 16, 2026 | RDC's June 2026 funding round was oversubscribed. | [5] | InnovationMap ↗The Business Journals ↗citybiz ↗ |
| Sep 17, 2025 | RDC joined the Canton Network as a validator and depositary. RDC plans to work toward tokenized depositary receipts on the network. | [7] | — |
| Aug 5, 2025 | Menas Global planned to invest in RDC and work with it to distribute the receipts through Menas's DC Wallet platform. | [20] | — |
| Jan 4, 2024 | RDC announced its Bitcoin depositary receipt for qualified institutional buyers. | [12] | InvestmentNews ↗ |
| 2024 | RDC issued its first digital-asset depositary receipts for Bitcoin and Ethereum. | [4] | — |
Market
RDC reports that more than 6,500 institutions have invested a combined $1 trillion in depositary receipts. [1][4]
LiveOak argues that spot crypto ETFs leave investors owning fund shares rather than the coins. It favors RDC's direct-ownership structure because receipts use existing clearing and brokerage systems. LiveOak sees that ownership as useful for funds that must hold securities instead of commodities. It also points to prime brokers' ability to margin receipts as standard equity. [9]
Citi says longer IPO timelines are pushing private companies toward other sources of liquidity. On June 11, 2026, Citi launched tokenized Digital Depositary Receipts for private shares on blockchain infrastructure operated by SIX. Citi describes SIX as a regulated digital securities depository and is considering extensions across digital and traditional systems. [10]
We wrote this summary from public statements by RDC and its investors. It is not investment advice.
Leadership Team
Executive officers and directors listed on RDC's Form D filed Oct 27, 2026.
Sources
- Company siteRDC home page and depositary-receipt market figures · linked above ↑
- Company siteRDC company page and founder biographies
- Company siteRDC offerings, ratios, custody structure and investor rules
- Company siteRDC explanation and history of depositary receipts
- Company releaseRDC closes $7 million funding round
- Wire releaseRDC funding announcement on PR Newswire
- Wire releaseRDC joins the Canton Network
- Partner releaseClear Street completes Bitcoin receipt trades
- Investor articleLiveOak explains its RDC investment
- Bank releaseCiti launches Digital Depositary Receipts
- CoverageInnovationMap covers RDC's funding round · linked above ↑
- Company releaseRDC launches its Bitcoin depositary receipt
- CoverageMarkets Media covers Clear Street's Bitcoin receipt trades · linked above ↑
- CoverageThe Business Journals covers RDC's funding round · linked above ↑
- Coveragecitybiz covers RDC's funding round · linked above ↑
- CoverageInvestmentNews covers RDC's Bitcoin depositary receipt · linked above ↑
- SECRDC Form D, filed 2024-11-01
- SECRDC Form D/A, filed 2025-10-23
- SECRDC Form D/A, filed 2026-10-27 · linked above ↑
- AnnouncementMenas Global and RDC announcement
- SECReceipts Depositary Corp filing history