7RCC Global Files Spot Bitcoin ETF Application with Carbon Credits
7RCC Global, an ESG-focused asset management firm, has submitted an application for a spot Bitcoin ETF with carbon credits to the SEC. The proposed ETF will consist of 80% Bitcoin and 20% carbon credit futures, making it the first environmentally-focused offering in the market.
Race for Spot Bitcoin ETF Approval
7RCC joins other major players such as BlackRock, Fidelity, and Ark Invest in the race to secure approval for a spot Bitcoin ETF in the US. These firms aim to provide investors with a secure and regulated avenue for investing in Bitcoin.
Tidal Financial Group and Gemini Involved
Tidal Financial Group has partnered with 7RCC to facilitate the creation and operation of the ETF. Additionally, Gemini will act as the custodian for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF.
Gemini emphasizes the importance of partnering with fund issuers and supporting their workflows in order to gain approval for a spot Bitcoin ETF in the US.
Expectations for ESG Bitcoin ETF
Nate Geraci, host of ETF Prime podcast, believes that it is only a matter of time before we see an “ESG” bitcoin ETF. He anticipates various iterations of spot Bitcoin ETFs in the market.
Meanwhile, Ark 21Shares, BlackRock, and WisdomTree have updated their spot Bitcoin ETF filings to focus on cash creations. This shift is seen as a positive indication towards approval. Experts speculate that approval may come within the next three days.
Hot Take: 7RCC Global Introduces Innovative Environmental-Focused Spot Bitcoin ETF
7RCC Global’s filing for a spot Bitcoin ETF with carbon credits marks an innovative step towards merging digital asset investments with environmental sustainability. By incorporating 20% carbon credit futures, the ETF offers ESG investors an opportunity to support both the crypto market and green initiatives. As major players continue to pursue spot Bitcoin ETF approval, the market is poised for further expansion and accessibility. The involvement of Tidal Financial Group and Gemini demonstrates the industry’s commitment to establishing secure and regulated platforms for cryptocurrency investments. With growing anticipation for an ESG-focused Bitcoin ETF, the future of sustainable digital asset investing looks promising.
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