7RCC Global Plans to Launch Environmentally Conscious Spot Bitcoin ETF
Asset management company 7RCC Global is preparing to launch its spot Bitcoin ETF in the United States. Despite not being included in the initial wave of launches, the entities backing the proposal are proceeding with their plans.
Spot Bitcoin ETF Plans
The New York Stock Exchange submitted a form for the listing and trading of shares of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF. This comes after 7RCC submitted an application to the SEC for the Bitcoin ETF, designated as BTCK, to provide investors exposure to both the crypto asset and carbon credits.
7RCC’s ETF has a unique composition with 80% of its holdings in BTC and the remaining 20% gaining exposure to Carbon Credit Futures. This sets it apart from other spot Bitcoin ETFs recently approved by the SEC.
The ETF is structured to mirror the daily fluctuations in Bitcoin’s price and the valuation of Carbon Credit Futures based on Vinter Bitcoin Carbon Credits Index.
7RCC will serve as the Bitcoin advisor, Tidal Investments will be its sponsor, Gemini will act as custodian, and Wilmington Trust will be the fund’s trustee.
CEO Forecasts $200,000 Bitcoin
7RCC Global Co-Founder and CEO Rali Perduhova predicts that Bitcoin could reach $200,000 by the end of the year. In an interview with Bloomberg, Perduhova stated that the approvals of ETFs have been a catalyst for wider adoption of Bitcoin.
“Last time we were here, our target was $100,000. We are currently revising that to $200,000 by the end of the year if not higher indeed. The approvals of the ETFs were a big catalyst, a global event. Not only did this open the door for a wider adoption of the asset in the US, but the narrative has shifted globally. The conversations with investors have changed significantly.”
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