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NYSE Proposal to SEC for 7RCC’s ESG-Focused Spot Bitcoin ETF
The New York Stock Exchange (NYSE) has put forward a proposal to the US Securities and Exchange Commission (SEC) regarding the potential listing of 7RCC’s environmentally-conscious spot Bitcoin ETF.
Overview of 7RCC’s ETF
- 7RCC, a crypto asset manager, is developing a carbon-neutral ESG-focused spot Bitcoin exchange traded fund (ETF).
- The ETF consists of 80% Bitcoin holdings and the remaining portion in carbon credits futures.
- The application for this unique ETF was filed with the US SEC in December 2023.
NYSE Filing for Listing
NYSE submitted a filing recently, suggesting the listing and trading of shares for the 7RCC spot Bitcoin and Carbon Credit Futures ETF.
Significance of the Filing
This filing marks a significant milestone for 7RCC as it enters the competitive spot Bitcoin ETF market in the US. The SEC’s approval of eleven spot Bitcoin ETFs in January after years of waiting further underscores the importance of this development.
Unique Offering
The 7RCC ETF aims to offer investors a unique combination of Bitcoin exposure and carbon credits. The carbon credit futures are tied to emissions allowances governed by various regulatory frameworks.
Rali Perduhova’s Optimism
Rali Perduhova, co-founder and CEO of 7RCC, expressed optimism about the future of this asset class. In an interview with Bloomberg, she predicted that the price of Bitcoin could potentially reach $200,000 by the year’s end.
She also highlighted the upcoming Bitcoin halving event, which is expected to reduce daily mining supply from 900 BTC to 450 BTC, leading to a supply shortage.
Partnership with Gemini
In December, Gemini, a prominent crypto exchange, announced its plans to custody the 7RCC Bitcoin and carbon credits futures ETF. According to Gemini, this ETF will allow investors to balance the innovative aspects of Bitcoin with the progressive realm of Carbon Credit Futures, offering a comprehensive approach to digital assets and environmental sustainability.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
