7RCC Moves Closer to Launching Eco-conscious Bitcoin and Carbon Credit Futures ETF in the US
Summary:
Cryptocurrency firm 7RCC is advancing towards the launch of its spot Bitcoin ETF and Carbon Credit Futures ETF in the US. The New York Stock Exchange has filed a crucial 19b-4 form, a step towards listing and trading the ETF. This fund aims to reflect daily fluctuations in Bitcoin's price and carbon credit futures contracts value. During an interview, Rali Perduhova, the CEO of 7RCC Global, projected that Bitcoin prices would escalate to $200k or more by year-end. She alluded to the approvals of spot Bitcoin ETFs as a global event, paving the way for broader acceptance of the asset. The Gemini crypto exchange will be the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF.
Cryptocurrency firm 7RCC has moved closer to releasing its eco-friendly spot Bitcoin ETF in the US, potentially increasing diversity for Bitcoin ETF investors. On March 13, the New York Stock Exchange (NYSE) made a 19b-4 form submission, a crucial step for the listing and trading of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF. Back in December, 7RCC had submitted an S-1 application to the SEC for the Bitcoin ETF, BTCK ticker, with the aim of offering investors an entry point into the digital asset market along with carbon credits. The goal of this fund is to mirror the daily fluctuations in Bitcoin's price and the worth of carbon credit futures contracts, as indicated by the Vinter Bitcoin Carbon Credits Index. The filing initially stated that "The Index strives to offer Bitcoin exposure with an eco-conscious method by counterbalancing carbon emissions", even though later progress reports from the firm were scarce. The recent 19b-4 filing is recognized as a "proposed rule change" filing, which is essential when a stock exchange plans to list a new commodity. This filing is generally considered more critical during the SEC approval process although the SEC's approval is required for all files before a new commodity can be traded. 7RCC Global's co-founder and CEO, Rali Perduhova stated at the time of the S-1 filing, “We aim to attract those institutional investors who require that ESG tick mark.” The ETF is slated to allocate 80% of its assets to Bitcoin and the remaining 20% to financial instruments such as swaps that offer exposure to carbon credit futures contracts connected to emissions allowances. These carbon credit futures correlate with the value of emissions allowances dispensed under the European Union Emissions Trading System, as well as the California Carbon Allowance and the Regional Greenhouse Gas Initiative. On March 13, during a chat with Bloomberg TV, Perduhova projected that Bitcoin prices would escalate to $200,000 or more by year-end. “The endorsements of the [spot Bitcoin] ETFs acted as a trigger, a worldwide event. Not only did this pave the way for a broader acceptance of the asset in the US, it also shifted the narrative on a global level,” she elucidated. Related to the halving, she projected that supply would decrease from 900 BTC to approximately 450 BTC daily, while “we’re experiencing a demand of around 9,000 to 10,000 BTC per day.” The custodianship of the 7RCC Bitcoin and Carbon Credit Futures ETF has been handed over to the Gemini crypto exchange.
Published At
3/14/2024 8:09:04 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.