7RCC Applies for Eco-Friendly Spot Bitcoin ETF
18 Dec, 2023 ● Crypto News
An application has been submitted for a spot Bitcoin exchange-traded fund (ETF) that offers a carbon-neutral investment option in the cryptocurrency space by 7RCC, a company that "specializes in developing solutions for ESG-conscious investors."
The application that was submitted to the Securities and Exchange Commission (SEC) of the United States states that the ETF will target investors who follow environmental, social, and governance (ESG) principles.
As a result, the ETF will hold 20% of carbon credit futures and 80% of Bitcoin (BTC).
The ETF's investment goal, according to the company, is to track changes in Bitcoin prices as well as the value of carbon credit futures, as represented by the Vinter Bitcoin Carbon Credits Index.
The value of emissions allowances granted under the California Carbon Allowance, the Regional Greenhouse Gas Initiative, and the European Union Emissions Trading System is tied to the carbon credit futures.
Nate Geraci, president of ETF Store, remarked on the development and predicted that it was "only a matter of time" before an ESG Bitcoin ETF would eventually surface.
Additionally, Geraci forecast that there would be "all types of permutations" with regards to Bitcoin ETF spots.
Gemini, a cryptocurrency exchange, declared on December 18 that it would be the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF.
Gemini stated that the fund provides a chance for investors to diversify their holdings and that a key advancement for its platform is that it supports 7RCC in its role as the fund's custodian.
Sources:
https://cointelegraph.com/news/7rcc-bitcoin-etf-application-carbon-credits-futures
https://www.sec.gov/Archives/edgar/data/1985840/000183988223034059/tidal-s1_121823.htm
https://www.gemini.com/blog/gemini-to-custody-7rcc-bitcoin-and-carbon-credit-futures-etf
