Companies Continue to Apply for ETFs! Another Company Applies to SEC for Bitcoin ETF!

crypto asset company 7RCCspot Bitcoin exchange traded fund (ETF) officially applied to present it.

Crypto Asset Company 7RCC Files to Offer Bitcoin ETF

It was announced that the company has joined the growing list of large asset managers seeking approval from the US Securities and Exchange Commission (SEC) for such investment products.

In a proposed preliminary prospectus in an S-1 filing filed on Monday, 7RCC detailed the fund’s investment strategy.

The ETF’s approach involves holding a combination of Bitcoin and financial instruments to provide exposure to Carbon Credit Futures, the company said.

The fund aims to reflect daily changes in the price of Bitcoin and the value of Carbon Credit Futures. This index is designed to reflect the performance of a portfolio consisting of 80% Bitcoin and 20% Carbon Credit Futures.

7RCC, which specializes in environmental, social and governance (ESG) investments, stated in its application that it intends to appoint Gemini as the custodian of the fund’s Bitcoin assets.

Gemini emphasized in a statement on Monday that the proposed ETF offers investors a tool to diversify their portfolios by combining the innovative nature of Bitcoin with the progressive space of Carbon Credit Futures.

The application by 7RCC adds to a recent wave of applications from major asset managers seeking approval for Bitcoin ETFs. Important names in this space include BlackRock, WisdomTree, Ark Invest and 21Shares.

*This is not investment advice.