7RCC, a cryptocurrency firm, is making progress towards launching its environmentally-friendly spot Bitcoin ETF in the United States, which could provide another investment option for Bitcoin ETF investors.
On March 13, the New York Stock Exchange submitted a 19b-4 form, which is required for the listing and trading of shares of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF.
In December, 7RCC filed an S-1 application with the SEC for the Bitcoin ETF under the ticker BTCK. The objective of the fund is to track the daily changes in the price of BTC and the value of carbon credit futures contracts. This is represented by the Vinter Bitcoin Carbon Credits Index.
The filing stated that the index aims to provide exposure to Bitcoin in an environmentally responsible manner by offsetting carbon emissions. However, there have been minimal updates from the company regarding its progress since then.
The recent 19b-4 filing is known as a “proposed rule change” filing, which is essential when a stock exchange wants to list a new product. It is considered a crucial filing in the SEC approval process, although both filings need to be approved for the new product to begin trading.
During the S-1 filing, Rali Perduhova, the co-founder and CEO of 7RCC Global, mentioned their intention to target institutional investors who prioritize ESG (Environmental, Social, and Corporate Governance) factors.
The ETF will allocate 80% of its assets to Bitcoin and 20% to financial instruments like swaps that offer exposure to carbon credit futures contracts related to emissions allowances. These carbon credit futures are tied to the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
During an interview with Bloomberg TV on March 13, Perduhova predicted that BTC prices would reach $200,000 or more by the end of the year. She also emphasized that the approval of spot Bitcoin ETFs has had a global impact, leading to wider adoption of the asset in the US and a shift in the narrative globally.
Perduhova further commented on the upcoming halving, stating that the supply of newly mined BTC will be reduced from 900 BTC per day to approximately 450 BTC per day. However, the demand remains high, with around 9,000 to 10,000 BTC being sought after daily.
The custody of the 7RCC Bitcoin and Carbon Credit Futures ETF will be handled by the Gemini crypto exchange.
In other news, Bitcoin has reached new highs, the SEC has postponed its decision on options, and a stablecoin bill is looming.