A crypto-asset manager called 7RCC has filed an application with the United States Securities and Exchange Commission (SEC) for the issuance of a Bitcoin Spot ETF. The fund, named “7RCC Global Bitcoin and Carbon Credit Futures ETF,” aims to combine Bitcoin with ecological investments. According to the S-1 filing, the fund’s investment strategy involves a combination of bitcoin and financial instruments to gain exposure to carbon credit futures. The goal is to reflect the daily variations in the price of bitcoin and the value of carbon credit futures contracts. However, there is no guarantee of achieving this objective or investment strategy.
Gemini, a crypto-exchange, has been appointed as the custodian of the fund’s bitcoins. They commented on this news, highlighting how the fund offers investors a unique opportunity to balance the innovative nature of Bitcoin with environmental sustainability through Carbon Credit Futures.
In other news, BlackRock’s application for a Bitcoin spot ETF seems to be progressing well, as it already has its ticker as IBIT. However, approval from the SEC is still pending. Many other asset managers have also submitted applications for Bitcoin ETFs, including WisdomTree, Ark Invest, Grayscale, and others.
Recently, SEC President Gary Gensler stated that the agency is reviewing its position on Bitcoin ETFs based on court rulings that seem to be in favor. This suggests a potential shift in the SEC’s stance towards approving these ETFs.
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