7RCC Files Application for Bitcoin and Carbon Credit Futures ETF
Investment firm 7RCC has submitted an application with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that combines bitcoin and carbon credit futures. The proposed ETF, called the “Carbon Credits Index,” aims to track the performance of a portfolio consisting of 80% bitcoin and 20% carbon credit futures. In its filing, 7RCC mentioned that it plans to appoint Gemini as the custodian for the fund’s bitcoin holdings. Gemini, in a statement, highlighted that this ETF offers investors an opportunity to diversify their portfolios by combining the innovative nature of bitcoin with the progressive realm of carbon credit futures.
Increasing Interest in ETFs
7RCC joins a list of major asset managers, including BlackRock, WisdomTree, Ark Invest, and 21Shares, who have recently submitted applications for ETFs. BlackRock even updated its S-1 filing with a ticker name. The growing interest in ETFs reflects the increasing recognition of cryptocurrencies and their potential as investment assets.
Bitcoin Price Rises
In the past 24 hours, the price of bitcoin has increased by 4.4%, reaching $42,911 at 1:15 p.m. Hong Kong time. This upward movement indicates renewed market optimism and demand for cryptocurrencies.
Hot Take: The Rise of Crypto-Backed ETFs
The filing of yet another application for a crypto-backed ETF demonstrates the growing acceptance and integration of digital assets into traditional financial markets. Combining bitcoin with other innovative investment products like carbon credit futures not only offers diversification opportunities but also promotes sustainable investing practices. As more institutions explore cryptocurrency-based funds, it showcases the mainstream recognition of cryptocurrencies as viable investment options. The rising bitcoin price further reinforces the positive sentiment surrounding digital currencies and their potential for growth.
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