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A cryptocurrency asset manager, 7RCC, has applied to offer a spot bitcoin exchange-traded fund and has joined a group of major asset managers who have applied. It announced that it has agreed with the US Securities and Exchange Commission to offer such ETFs.
7RCC’s ETF Application
In the Monday S-1 filing, the proposed preliminary prospectus showed that 7RCC explained that the fund’s investment strategy is to hold a combination of Bitcoin and to expose to Carbon Credit Futures financial instruments.
The fund’s investment objective is to reflect the daily changes in the price of Bitcoin and the value of Carbon Credit Futures represented by Vinter Bitcoin. It is designed to track the performance of investing in a portfolio consisting of 80% Bitcoin and 20% Carbon Credit Futures.
Carbon Credit Futures ETF
Specializing in environmental, social, and governance investments, 7RCC plans to appoint Gemini as the custodian of the fund’s Bitcoin, according to the filing. Gemini stated on Monday that the proposed ETF would offer investors the opportunity to diversify their portfolios. The company made the following statements regarding the matter:
The ETF balances Bitcoin’s innovative nature with the progressive field of carbon credit futures.
7RCC’s application follows those of BlackRock, WisdomTree. On Monday, BlackRock updated its S-1 registration with a stock name. As of the time of writing, the price of Bitcoin has increased by 4.4% in the last 24 hours, trading at the level of $42,911.
