7RCC Progressing Towards Launching Environmentally-Conscious Bitcoin ETF

7RCC, a leading crypto firm, is making significant progress towards launching its environmentally-conscious spot Bitcoin ETF in the United States. This move could offer a new investment option for Bitcoin ETF enthusiasts.

Recently, on March 13, the New York Stock Exchange submitted a crucial 19b-4 form, which is required for listing and trading 7RCC’s spot Bitcoin and Carbon Credit Futures ETF.

7RCC initially filed an S-1 application with the SEC for the Bitcoin ETF under the ticker BTCK in December. The primary goal of this ETF is to provide investors with exposure to Bitcoin while also incorporating carbon credits into the investment strategy.

The fund aims to mirror daily price changes in BTC and the value of carbon credit futures contracts, as reflected by the Vinter Bitcoin Carbon Credits Index.

The latest 19b-4 filing, known as a “proposed rule change” filing, is a crucial step in the SEC approval process. Both the 19b-4 filing and the initial S-1 filing must be approved by the SEC for the new product to commence trading.

According to Rali Perduhova, co-founder and CEO of 7RCC Global, the ETF targets institutional investors seeking an environmentally responsible investment option. The ETF will allocate 80% of its assets to Bitcoin and 20% to financial instruments providing exposure to carbon credit futures contracts.

The carbon credit futures are associated with emissions allowances issued under various schemes, including the European Union Emissions Trading System and the California Carbon Allowance.

Perduhova, speaking on Bloomberg TV, expressed optimism about BTC prices reaching $200,000 or higher by the end of the year. She also highlighted the significant impact of ETF approvals on Bitcoin’s global adoption.

It’s worth noting that the Gemini crypto exchange will serve as the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF.

This development comes at a time when Bitcoin is hitting new highs, the SEC is postponing options decisions, and a stablecoin bill is looming, as reported in Hodler’s Digest from March 3-9.