Clear Street Trades First BTC DRs Through Traditional Prime Brokerage Platform

Clear Street, a cloud-native financial infrastructure technology firm, has successfully executed Bitcoin Depositary Receipt (BTC DR) trades for institutional clients UTXO Management and GTS. This milestone marks the first time BTC DRs have been traded through a traditional prime brokerage platform and settled through the Depository Trust Company (DTC).

BTC DRs are direct, 100% Bitcoin-backed securities that are fully fungible, cleared, and settled through DTC, and available to qualifying institutional investors. 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.

Clear Street's digital assets division recently launched large-scale OTC spot trading across various cryptocurrencies and stablecoins. The BTC DR capability extends the platform with structured, DTC-native Bitcoin exposure alongside its existing spot execution, financing, and clearing services.