7RCC Takes a Leap Forward with Environmentally-Conscious Bitcoin ETF Proposal at NYSE

The cryptocurrency landscape is witnessing a noteworthy development as 7RCC, a crypto firm, takes significant steps towards introducing an environmentally-friendly Spot Bitcoin ETF in the United States. The New York Stock Exchange (NYSE) has recently notified the Securities and Exchange Commission (SEC) of its proposal to list and trade shares for 7RCC’s Bitcoin and Carbon Credit Futures ETF.

NYSE Advances 7RCC’s Proposal for an Eco-Friendly Bitcoin ETF

This development represents a considerable milestone for 7RCC in its mission to offer yet another option for Bitcoin ETF investors in the US market. NYSE has filed a 19b-4 form, which is a crucial requirement for the listing and trading of shares for the ETF (view the filing here).

The Genesis: 7RCC’s Initial Application for a Bitcoin ETF

In December 2021, 7RCC initiated the process by filing an S-1 application with the SEC for a Bitcoin ETF under the ticker BTCK. The primary objective of this ETF is to provide investors with exposure to Bitcoin while incorporating carbon credits.

Structure and Investment Allocation

This fund is designed to mirror the daily price fluctuations of Bitcoin and the value of carbon credit futures contracts, represented by the Vinter Bitcoin Carbon Credits Index. The ETF is structured to invest 80% of its assets in Bitcoin and the remaining 20% in financial instruments such as swaps that offer exposure to carbon credit futures contracts associated with emissions allowances.

Potential Market Impact and Forecasts

7RCC’s co-founder and CEO, Rali Perduhova, highlighted the significance of targeting institutional investors seeking Environmental, Social, and Governance (ESG) compliant investments. Moreover, Perduhova expressed optimism regarding Bitcoin’s future price trajectory, predicting a potential rise to $200,000 or even higher by year-end (read more here).

Securing Investor Confidence with Strategic Partnerships

In a strategic move, 7RCC has appointed the Gemini crypto exchange as the custodian for the Bitcoin and Carbon Credit Futures ETF. This partnership aims to ensure the security and integrity of the assets underlying the ETF, providing investors with confidence in its management.

Global Impact and Regulatory Approval

The approval of spot Bitcoin ETFs is viewed as a global catalyst, signaling broader adoption of the asset class, particularly in the US market. The evolving narrative around Bitcoin, coupled with regulatory advancements, is reshaping the investment landscape.

7RCC’s Commitment to Innovation and Sustainability

7RCC’s proposal for an environmentally-conscious spot Bitcoin ETF represents a significant development in the crypto investment space. The collaboration with the NYSE and Gemini underscores the company’s commitment to providing innovative investment opportunities while adhering to ESG principles.

As regulatory processes unfold, investors await further updates on the potential launch of the 7RCC Bitcoin and Carbon Credit Futures ETF. Stay tuned for more information.