7RCC Submits Spot Bitcoin ETF S-1 Filing to SEC

7RCC, an environmental, social, and governance (ESG)-based asset investment management firm is the latest to file for a spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC).

The ETF product that this company plans to offer is quite unique to other applicants’ proposals in that it provides a carbon-neutral investment option in the crypto ecosystem. 

“The Fund’s investment objective is to reflect the daily changes of the price of bitcoin and the value of Carbon Credit Futures, as represented by the Vinter Bitcoin Carbon Credits Index,” the company stated.

7RCC’s BTC ETF to Include Carbon Credits Futures 

According to the 7RCC S-1 filing, the proposed Bitcoin ETF will include Bitcoin and Carbon Credits Futures in the proportion of 80% and 20% respectively. Moreso, the ETF will be designed to cater to investors who adhere to ESG principles. This move adds 7RCC to the list of heavyweight asset managers like BlackRock, Fidelity and Grayscale waiting on the SEC for its decision on spot BTC ETF. 

In the S-1 filing, the company highlighted its plan to hire Winklevoss brothers exchange Gemini as the custodian for the fund’s Bitcoin when its application is eventually approved. The exchange also confirmed the news, adding that the proposed ETF is billed to allow investors diversify their portfolios, “balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures.”

New Variants of Spot ETF Surface

Noteworthy, these Carbon Credits Futures are connected to the emissions allowance value issued under the European Union Emissions Trading System, the California Carbon Allowance and the Regional Greenhouse Gas Initiative. ETF Store president and popular crypto analyst Nate Geraci commented on the new development, noting that it was “only a matter of time” before an ESG Bitcoin ETF showed up.

Geraci has earlier pointed out that several variants of spot Bitcoin ETF will begin to surface.

Crypto Community Await SEC Decision on Spot Bitcoin ETF 

Meanwhile, the broad crypto industry is still positive that the SEC will greenlight the numerous spot Bitcoin ETF applications on its table. Geraci believes that a denial from the agency will impact negatively on the crypto landscape. Precisely, he opines that it would trigger one of the biggest rugpull the crypto market has ever experienced.

“If spot bitcoin ETF is not approved in January, might be one of the bigger rug pulls in crypto history,” Geraci stated.