Bitcoin Price Going To $50k If SEC Greenlights Multiple BTC Spot ETFs

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7RCC Files First ESG-Focused Spot Bitcoin ETF With Gemini As Custodian – Crypto News

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1 year ago

December 19, 2023

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7RCC Global, a firm providing ESG investors with access to blockchain and digital asset investments through ETFs, has filed a spot Bitcoin ETF application with carbon credits with the U.S. Securities and Exchange Commission (SEC). It will hold 80% Bitcoin and 20% carbon credits futures, becoming the first with environmental-focused offering.

7RCC Spot Bitcoin ETF With Carbon Credits

ESG-focused asset management firm 7RCC Global has filed the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, a filing with the SEC shows. The new spot Bitcoin ETF will track the performance of investing in a portfolio comprised of 80% of Bitcoin and 20% Carbon Credit Futures.

7RCC is the latest applicant to join the race for a spot Bitcoin ETF approval with a unique environmental-focused offering. BlackRock, Fidelity, Ark Invest, and others are already ahead in the race to approve a spot Bitcoin ETF in the US and provide investors with a secure way to invest in Bitcoin.

Tidal Financial Group has partnered with 7RCC to serve as the platform facilitating the creation, operation, and growth of the ETF. Moreover, Gemini is the custodian for 7RCC Spot Bitcoin and Carbon Credit Futures ETF.

Gemini said partnering with fund issuers and supporting their work flows with the approval of a spot bitcoin ETF in the US is crucial for the firm.

Also Read: Ripple, Coinbase, Kraken Raises $78M To Elect Pro-Crypto Candidates

Spot Bitcoin ETF Near Issuance

Nate Geraci, host of ETF Prime podcast, asserts it is only a matter of time before we got an “ESG” bitcoin ETF. He also believes that “We’re gonna see all types of permutations on spot bitcoin ETFs.”

Meanwhile, Ark 21Shares, BlackRock, and WisdomTree have updated their spot Bitcoin ETF filing with cash creates in focus. The decision to prioritize cash creations in the S-1 amendment is interpreted as a positive sign for approval. ETF experts are also speculating an approval in the next three days.

Also Read: Binance and CFTC Reach a $1.35 Billion Settlement, CZ to Pay $150 Million