Gemini

Bitcoin ETF

Bitcoin

A new player in the ETF market, 7RCC, is aiming to introduce an innovative, environmentally friendly Bitcoin fund.&nbsp;
7RCC Global will primarily invest in Bitcoin while allocating a significant portion of its portfolio to carbon-credit futures. The intent is to offer an investment solution that taps into the burgeoning Bitcoin market and addresses environmental concerns.
Bitcoin has always been a hot topic for the environmental implications of its mining process. The mining procedure, essential for transaction verification and the generation of new Bitcoin, relies heavily on energy-intensive computer networks. The energy demand has sparked debates about the cryptocurrency’s ecological footprint, particularly in energy consumption and water use, drawing parallels to the resource usage of entire countries.
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 Interesting piece this morning from <a href="https://twitter.com/VildanaHajric?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@VildanaHajric</a> on Miami-based 7RCC's filing yesterday for a spot Bitcoin ETF that will will be ~80% spot <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a> and ~20% Carbon credits. <a href="https://t.co/EkiHLP1Fe6" target="_blank" rel="noopener noreferrer nofollow">https://t.co/EkiHLP1Fe6</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1737187661842915687?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 19, 2023</a>
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The <a href="https://www.sec.gov/Archives/edgar/data/1985840/000183988223034059/tidal-s1_121823.htm" target="_blank" rel="noopener noreferrer nofollow">proposed</a> fund by 7RCC, slated to trade under the ticker BTCK, presents a novel approach. The fund wants to mitigate the environmental impact traditionally associated with Bitcoin mining by including carbon-credit futures in its asset allocation.&nbsp;
Crypto exchange Gemini, led by the Winklevoss twins, is set to play a crucial role as the fund’s custodian. In a recent <a href="https://www.gemini.com/blog/gemini-to-custody-7rcc-bitcoin-and-carbon-credit-futures-etf" target="_blank" rel="noopener noreferrer nofollow">statement</a>, Gemini highlighted 7RCC’s goal to bridge the gap between digital asset enthusiasts and investors conscious of environmental, social, and governance (ESG) criteria.
7RCC’s initiative places it among a growing list of more than 10 contenders in the U.S. seeking regulatory approval for a spot Bitcoin ETF. While most of these applications focus on direct Bitcoin holdings, the unique proposition of 7RCC’s fund may offer a distinctive appeal to investors looking for a more environmentally responsible way to invest in the dynamic world of cryptocurrencies.
Industry experts <a href="https://crypto.news/k33-research-spot-bitcoin-etf-approvals-expected-in-january/" rel="noopener noreferrer nofollow">expect</a> the SEC to approve multiple ETF applications together in January.&nbsp;
Read more: <a href="https://crypto.news/us-court-approves-settlement-between-binance-and-cftc/" rel="noopener noreferrer nofollow"> US court approves settlement between Binance and CFTC </a>

7RCC, Gemini to launch environment-friendly Bitcoin ETF

crypto.news

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