7RCC, a cryptocurrency firm, is making progress towards launching its environmentally-conscious spot Bitcoin ETF in the United States, which could provide another investment option for Bitcoin ETF investors.
On March 13, the New York Stock Exchange submitted a 19b-4 form, which is the necessary filing for listing and trading shares of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF.
In December, 7RCC filed an S-1 application with the SEC for the Bitcoin ETF under the ticker BTCK. The objective of the fund is to give investors exposure to Bitcoin along with carbon credits. The fund aims to reflect the daily price changes of Bitcoin and the value of carbon credit futures contracts based on the Vinter Bitcoin Carbon Credits Index.
The recent 19b-4 filing is known as a “proposed rule change” filing, which is a crucial step in the SEC approval process for listing a new product. Both the 19b-4 filing and the S-1 application need to be approved by the SEC for the new product to start trading.
Co-founder and CEO of 7RCC Global, Rali Perduhova, stated during the S-1 filing that they want to target institutional investors who prioritize environmental, social, and governance (ESG) factors.
The ETF will allocate 80% of its assets to Bitcoin and 20% to financial instruments such as swaps that provide exposure to carbon credit futures contracts linked to emissions allowances. These carbon credit futures are tied to the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
During an interview with Bloomberg TV on March 13, Perduhova predicted that BTC prices would reach $200,000 or higher by the end of the year. She also mentioned that the approval of spot Bitcoin ETFs has had a significant impact on the global adoption of Bitcoin.
The Gemini crypto exchange has been selected as the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF.