Crypto firm 7RCC applies for spot Bitcoin ETF with an eco-friendly twist
In a groundbreaking move within the cryptocurrency space, 7RCC, a company specializing in solutions for ESG-conscious investors, has recently applied for approval from the United States Securities and Exchange Commission (SEC) for a unique Bitcoin Exchange-Traded Fund (ETF).
This innovative investment vehicle aims to provide a carbon-neutral option for investors committed to environmental, social, and governance (ESG) principles.
7RCC Seeks Approval for ESG-Centric Bitcoin ETF
In a significant move toward aligning cryptocurrency investments with environmental, social, and governance (ESG) principles, 7RCC has submitted an application to the United States Securities and Exchange Commission (SEC) for a unique Bitcoin Exchange-Traded Fund (ETF). This pioneering ETF aims to cater to ESG-conscious investors by combining 80% Bitcoin (currently valued at $42,260) with 20% carbon credit futures. The investment objective of the ETF is to mirror changes in Bitcoin prices and the value of carbon credit futures, as represented by the Vinter Bitcoin Carbon Credits Index.
The carbon credit futures within the ETF are linked to emissions allowances from the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative. This forward-thinking approach seeks to integrate sustainable practices into the traditionally volatile cryptocurrency market.
Nate Geraci, president of ETF Store, commented on the development, expressing that the emergence of an ESG Bitcoin ETF was inevitable. He anticipates various permutations in the realm of spot Bitcoin ETFs.
Notably, on December 18, cryptocurrency exchange Gemini announced its role as custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF. Gemini sees this collaboration as a pivotal step in supporting investors looking to diversify their portfolios with a focus on sustainability.
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The proposed 7RCC Bitcoin and Carbon Credit Futures ETF represents a pioneering stride towards aligning cryptocurrency investments with environmental, social, and governance (ESG) principles. With an 80% allocation to Bitcoin and 20% to carbon credit futures, the ETF seeks to provide a carbon-neutral investment option, reflecting changes in both Bitcoin prices and the value of carbon credit futures. As the cryptocurrency market evolves, this initiative not only underscores a growing awareness of sustainable practices but also sets a precedent for integrating ESG values into traditionally volatile investment landscapes. The collaboration with Gemini as custodian further highlights the industry’s recognition of the importance of diversification and sustainability in shaping the future of digital asset investments.