Carbon

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Bitcoin ETF

Bitcoin

Crypto firm 7RCC is one step closer to launching its environmentally-conscious spot Bitcoin ETF in the United States, potentially adding another option for Bitcoin ETF investors.&nbsp;
On March&nbsp; 13, the New York Stock Exchange <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2024/SR-NYSEARCA-2024-27.pdf" target="_blank" rel="noopener noreferrer nofollow">submitted </a>what is known as a 19b-4 form, the filing needed for it to list and trade shares of&nbsp; 7RCC’s spot Bitcoin and Carbon Credit Futures ETF.
7RCC&nbsp;<a href="https://cointelegraph.com/news/7rcc-bitcoin-etf-application-carbon-credits-futures" rel="noopener noreferrer nofollow">filed an S-1 application</a> with the SEC for the Bitcoin ETF under the ticker BTCK in December — which aimed to provide investors exposure to the digital asset alongside carbon credits.
The objective of the fund is to reflect the daily changes in the price of <a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a> and the value of carbon credit futures contracts, as represented by the Vinter Bitcoin Carbon Credits Index.
“The Index seeks to provide exposure to Bitcoin with an environmentally responsible approach by offsetting carbon emissions,” read the filing at the time, though updates from the firm on its progress since then were minimal.
The latest 19b-4 filing is known as a “proposed rule change” filing, which is necessary when a stock exchange wants to list a new product.
It’s seen as the more crucial filing within an SEC approval process, though both are required to be approved by the SEC for a new product to begin trading.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/0d950089-f21b-473b-938a-d0daf3d46da8.jpg">
 <figcaption style="text-align: center;">Screenshot from the 19b-4 proposed rule change. Source: NYSE
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At the time of the S-1 filing, co-founder and CEO of 7RCC Global, Rali Perduhova, said “We want to target that group of institutional investors that need that ESG tick mark.”
The ETF will invest 80% of its assets in Bitcoin and 20% in financial instruments like swaps that provide exposure to carbon credit futures contracts linked to emissions allowances.
The carbon credit futures are linked to the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Speaking to Bloomberg TV on March 13, Perduhova <a href="https://twitter.com/crypto/status/1767639635377676769" target="_blank" rel="noopener noreferrer nofollow">predicted</a> that BTC prices would reach $200,000 or higher by the end of the year.<iframe width="100%" height="315" src="https://www.youtube.com/embed/7bbP93jwVzk" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
“The approvals of the [spot Bitcoin] ETFs were a catalyst, a global event, not only did this open the door for a wider adoption of the asset in the US, but the narrative has shifted globally,” she added.
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-hits-all-time-high-with-54-5-sustainable-energy-usage" rel="noopener noreferrer nofollow">Bitcoin mining sustainable energy usage hits all-time high of 54.5%</a>
Commenting on the halving, she said that the supply will be cut from 900 BTC per day to around 450 BTC per day being mined but “we’re seeing around 9,000 to 10,000 BTC per day demand.”
The Gemini crypto exchange has been named as the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-hits-new-highs-sec-delays-options-decision-stablecoin-bill-looms-hodlers-digest-march-3-9/" rel="noopener noreferrer nofollow">Bitcoin hits new highs, SEC delays options decision, and stablecoin bill looms: Hodler’s Digest, March 3-9</a>

Crypto firm 7RCC is quietly advancing its eco-conscious spot Bitcoin ETF

Cointelegraph

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