- 7RCC seeks SEC approval for a spot Bitcoin ETF with an ESG focus, offering a unique blend of 80% Bitcoin and 20% Carbon Credit Futures.
- The ETF aims to reflect changes in Bitcoin prices and the value of Carbon Credit Futures represented by the Vinter Bitcoin Carbon Credits Index.
- Gemini will serve as the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF.
7RCC, a cryptocurrency firm specialising in environmentally conscious investment solutions, has submitted an application to the United States Securities and Exchange Commission (SEC) for a unique spot Bitcoin Exchange-Traded Fund (ETF).
This ETF aims to provide a carbon-neutral investment opportunity in the cryptocurrency market, aligning with the principles of environmental, social, and governance (ESG) investing.
The Eco-Friendly Way
The core feature of 7RCC’s spot Bitcoin ETF is its eco-friendly approach. The ETF will consist of 80% Bitcoin and 20% Carbon Credit Futures, offering investors a dual-purpose investment vehicle. This innovative blend aligns with the growing trend of ESG-conscious investing within the cryptocurrency space.
The primary objective of this ETF is to mirror the fluctuations in Bitcoin prices, combined with the value of Carbon Credit Futures, which are represented by the Vinter Bitcoin Carbon Credits Index. These Carbon Credit Futures are directly tied to emissions allowances issued within environmental frameworks such as the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Nate Geraci, President of ETF Store, expressed that the emergence of an ESG-focused Bitcoin ETF was only a matter of time. He anticipates a plethora of innovative approaches in the realm of spot Bitcoin ETFs, catering to various investor preferences and priorities.
Cryptocurrency exchange Gemini revealed that it would serve as the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF. This strategic partnership reflects Gemini’s commitment to diversifying investor portfolios while also contributing to a sustainable future. The move has been deemed a pivotal step forward for Gemini’s platform.