7RCC was among those trying to establish a spot Bitcoin exchange traded fund (ETF) with permission from the US Securities and Exchange Commission (SEC).
Crypto asset manager 7RCC’s exchange-traded fund differs from names like Grayscale, BlackRock, Ark & 21 Shares.
80 percent of the fund the company plans to establish Bitcoin; The remainder will consist of carbon credit futures.
It will work with the cryptocurrency exchange Gemini as the custodian to protect the Bitcoins in the fund. It was not shared which organization will keep the cash assets.
According to the statement made by Gemini, the fund is available to investors “Balancing the innovative nature of Bitcoin with the progressive world of the carbon credit futures space.” diversify their portfolios will provide.
BlackRock, the world’s largest asset manager, announced the code of the fund by making an update on its spot Bitcoin ETF application to the SEC yesterday.