By The New York Stock Exchange (NYSE) has proposed the US Securities and Exchange Commission (SEC) to consider listing 7RCC’s environmentally-conscious spot Bitcoin ETF.
Crypto asset manager 7RCC is creating a carbon-neutral ESG-focused spot Bitcoin exchange traded fund (ETF). It comprises of 80% of Bitcoin and remaining holding carbon credits futures. 7RCC filed an application with the US SEC in December 2023.
NYSE submitted a filing on Wednesday, proposing to “list and trade shares of the 7RCC spot Bitcoin and Carbon Credit Futures ETF.”
The crucial filing is a significant step for 7RCC, joining the spot Bitcoin ETF race in the US. The SEC finally approved eleven spot Bitcoin ETFs in January, more than a decade after the initial filing.
The initiative aims to provide customers with a blend of Bitcoin exposure as well as carbon credits, making it unique. The carbon credit futures are linked to emissions allowances issued under several regulatory frameworks.
7RCC’s co-founder and CEO, Rali Perduhova expressed positivity around the asset class in the near future. In a Bloomberg interview, she expressed optimism predicting that Bitcoin price could reach $200,000 by the end of the year.
7RCC Global Co-Founder and CEO Rali Perduhova discusses Bitcoin and why she believes the price could reach $200,000 by the end of the year https://t.co/CLCukJoCqb pic.twitter.com/1Ff3X430BZ
— Bloomberg Crypto (@crypto) March 12, 2024
She added the upcoming Bitcoin halving will see a supply shortage from 900 BTC per day to 450 BTC per day being mined.
Furthermore, in December, crypto exchange Gemini announced that it would custody 7RCC Bitcoin and carbon credits futures ETF.
In a press release at the time, Gemini said the ETF would let investors balance “the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures.
“In doing so, the Fund provides investors with an integrated single-trade approach to digital assets and environmental sustainability.”
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