Crypto firm 7RCC has taken significant strides toward introducing an environmentally-conscious spot Bitcoin ETF in the United States. The New York Stock Exchange (NYSE) has notified the Securities and Exchange Commission (SEC) of its proposal to list and trade shares of the 7RCC spot Bitcoin and Carbon Credit Futures ETF.
NYSE advances 7RCC’s eco Bitcoin ETF proposal
NYSE has submitted a 19b-4 form, a crucial filing required for the listing and trading of shares of 7RCC’s ETF. This development marks a substantial step forward in 7RCC’s endeavor to offer another option for Bitcoin ETF investors in the US market.
7RCC initiated the process by filing an S-1 application with the SEC for the Bitcoin ETF, designated by the ticker BTCK, in December. The primary aim of this ETF is to provide investors with exposure to Bitcoin while incorporating carbon credits.
The fund intends to mirror the daily price fluctuations of BTC and the value of carbon credit futures contracts, represented by the Vinter Bitcoin Carbon Credits Index.
The ETF is structured to invest 80% of its assets in Bitcoin and the remaining 20% in financial instruments such as swaps that offer exposure to carbon credit futures contracts associated with emissions allowances.
The inclusion of carbon credits in the ETF aligns with 7RCC’s commitment to environmental responsibility. The carbon credit futures are tied to emissions allowances issued under various regulatory frameworks, including the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Potential market influence and forecasts
7RCC’s co-founder and CEO, Rali Perduhova, emphasized the significance of targeting institutional investors seeking Environmental, Social, and Governance (ESG) compliant investments.
Perduhova also expressed optimism regarding Bitcoin’s future price trajectory, predicting a potential rise to $200,000 or higher by year-end.
In a strategic move, 7RCC has appointed the Gemini crypto exchange as the custodian of the Bitcoin and Carbon Credit Futures ETF. This partnership aims to ensure the security and integrity of the assets underlying the ETF, providing investors with confidence in its management.
Global impact and regulatory approval
The approval of spot Bitcoin ETFs is viewed as a global catalyst, signaling broader adoption of the asset class, particularly in the US market. The evolving narrative around Bitcoin, coupled with regulatory advancements, is reshaping the investment landscape.
7RCC’s proposal for an environmentally-conscious spot Bitcoin ETF represents a significant development in the crypto investment space. The collaboration with the NYSE and Gemini underscores the company’s commitment to providing innovative investment opportunities while adhering to ESG principles.
As regulatory processes unfold, investors await further updates on the potential launch of the 7RCC Bitcoin and Carbon Credit Futures ETF.
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