Cryptocurrency firm 7RCC is one step closer to launching an environmentally friendly Spot Bitcoin ETF in the United States, potentially adding another option to Bitcoin ETF investors.
On March 13, the New York Stock Exchange filed the necessary application, known as a 19b-4 form, to list and trade shares of 7RCC's Spot Bitcoin and Carbon Credit Futures ETF.
7RCC filed an S-1 application with the SEC for a Bitcoin ETF under the ticker BTCK in December. The application aims to provide investors with exposure to digital assets along with carbon credits.
The purpose of this fund is to reflect daily changes in the price of BTC and the value of carbon credit futures contracts, as represented by the Vinter Bitcoin Carbon Credits Index.
“The index aims to provide exposure to Bitcoin in an environmentally responsible approach by offsetting carbon emissions,” the filing said at the time. Updates from the company regarding its progress were minimal.
The latest 19b-4 filings, known as “proposed rule change” filings, are required when stock exchanges want to list new products.
Although this is considered the more important filing in the SEC approval process, both require SEC approval before new products can begin trading.
In its S-1 filing, Rali Perduhova, co-founder and CEO of 7RCC Global, said, “We want to target a group of institutional investors that require an ESG checkmark.” said.
The ETF will invest 80% of its assets in Bitcoin and 20% in financial instruments such as swaps that provide exposure to carbon credit futures contracts linked to emissions allowances.
Carbon credit futures are linked to the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Perdukhova told Bloomberg TV on March 13. predicted BTC price will reach over $200,000 by the end of the year.
” [spot Bitcoin] “ETFs were a catalyst, a global event that not only opened the door to widespread adoption of the asset in the US, but also changed the narrative globally,” she added.
Related: Sustainable energy usage for Bitcoin mining reaches record high of 54.5%
Commenting on the halving, she said that supply would be reduced from 900 BTC per day to around 450 BTC per day mined, but “there is a demand of around 9,000 BTC to 10,000 BTC per day.”
Gemini Cryptocurrency Exchange has been appointed as the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF.
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