7RCC Files SEC Application for Carbon-Neutral Bitcoin ETF, Gemini to be Custodian
Summary:
7RCC, an ESG-focused company, has applied for a carbon-neutral Bitcoin ETF with the U.S. Securities and Exchange Commission. The ETF, primarily aimed at investors who follow environmental, social, and governance principles, will be composed of 80% Bitcoin and 20% carbon credit futures. The ETF Store president Nate Geraci welcomed this development, anticipating a variety of spot Bitcoin ETFs in the future. Crypto exchange Gemini also announced it would be the custodian of this novel 7RCC Bitcoin and Carbon Credit Futures ETF.
7RCC, an ESG-focused solutions provider, has lodged an application for a Bitcoin ETF featuring a carbon-neutral concept, catered specifically for the cryptocurrency market. The proposal was submitted to the United States Securities and Exchange Commission (SEC) and delves into providing for environmentally-aware investors who follow strict ESG protocols. Consequently, the ETF will be composed of 80% Bitcoin (BTC) and 20% carbon credit futures. The company further stated that the ETF aims to mirror shifts in Bitcoin prices and the worth of Carbon Credit Futures as depicted by the Vinter Bitcoin Carbon Credits Index. These Carbon Credit Futures tie into the valuation of emission allowances as part of the European Union Emissions Trading System in addition to the California Carbon Allowance and the Regional Greenhouse Gas Initiative. The new 7RCC Spot Bitcoin & Carbon Credit Futures ETF has a structure where Bitcoin constitutes 80% and carbon credit futures encompass the remaining 20%. The advent of an 'ESG' Bitcoin ETF was inevitable according to Nate Geraci, the president of the ETF Store, and anticipates a myriad of possible versions in the spot Bitcoin ETF domain.
Crypto exchange Gemini publicized on 18th December that it would oversee the custody of the 7RCC Bitcoin and Carbon Credit Futures ETF. Gemini asserted that this fund presents a chance for investors to broaden their investment scope. Gemini's collaboration with 7RCC as the custodian of the fund marks a significant step for its platform.
Published At
12/19/2023 2:06:23 PM
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