7RCC applies for new ETF listing to invest in Bitcoin spot and carbon credit futures

Diversification of investment portfolio

7RCC, a US crypto asset (virtual currency) investment company, announced on the 18th that the US Securities and Exchange Commission (SEC) will introduce a new exchange-traded fund (ETF) focused on environmental, social, and governance (ESG). A formal application was made.

The investment objective of the fund, called 7RCC Bitcoin and Carbon Credit Futures ETF (BTCK), is to track and reflect daily fluctuations in the price of Bitcoin and the value of carbon credit futures. BTCK’s portfolio consists of 80% Bitcoin and 20% carbon credit futures.

The carbon credit futures component relates to three different carbon credit indices, which are comprised of futures contracts for emissions credits based on various regulatory requirements that facilitate the reduction of greenhouse gas emissions. These indices include EU ETS (European Union Emissions Trading System), CCA (California Carbon Cap and Trade), and RGGI (Eastern Regional Greenhouse Gas Initiative).

7RCC is a company founded in 2021 that provides ESG-conscious investors with access to crypto assets and blockchain-related assets. Now, 7RCC will collaborate with Tidal Financial Group to help build, operate and grow the ETF. Tidal Financial Group has more than $8.5 billion under management as of October 31, 2023, and has launched 118 ETFs in partnership with 54 ETF issuers.

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Gemini becomes a custodian

On the same day, it was announced that Gemini, a major U.S. virtual currency exchange, has been selected as the custodian of physical Bitcoin for 7RCC’s ETF (BTCK). Gemini maintains regulatory standards and has a track record of being named custodian for other Bitcoin ETF applications.

Gemini says the new fund offers investors the opportunity to diversify their investment portfolios by combining the innovation of Bitcoin with the progressive aspects of environmental sustainability.

As industry expectations for Bitcoin spot exchange-traded funds (ETFs) grow, experts believe multiple Bitcoin spot ETFs could be approved in the near future. There is. In particular, there are voices predicting that multiple ETFs will be approved at the same time between January 8 and 10, 2024.

Currently, 13 companies have applied for the ETF, including Ark and 21Shares. The final deadline for this application is January 10th (US time).

According to an analysis by Bloomberg ETF analyst James Seifert, the SEC may be strategically slowing down the review process to deny advantage to certain applications.

connection:“Predicting Bitcoin ETF approval in January 2024” What is the basis for Bloomberg analyst’s opinion?

The deadline for reviewing multiple applications is near the final deadline for ARK (1/10). Source: Bloomberg

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

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