The proposal put forth by the New York Stock Exchange (NYSE) to the United States Securities and Exchange Commission (SEC) is a substantial bid to potentially include 7RCC’s environmentally-conscious spot Bitcoin ETF in the market.
7RCC, a notable crypto asset manager, is embarking on the creation of an innovative carbon-neutral ETF focused on environmental, social, and governance (ESG) principles, specifically targeting spot Bitcoin investments. This ETF is designed to comprise 80% Bitcoin holdings, with the remaining portion allocated to carbon credits futures. This strategic blend underscores 7RCC’s commitment to sustainability and its proactive approach toward addressing carbon emissions in the cryptocurrency sector. The application for this groundbreaking ETF was formally submitted to the SEC by 7RCC in December of the preceding year, reflecting a meticulous and comprehensive process of regulatory engagement and compliance.
The recent filing made by the NYSE on a Wednesday underscores the platform’s eagerness to facilitate the trading and listing of shares pertaining to the 7RCC spot Bitcoin and Carbon Credit Futures ETF. This filing marks a pivotal moment for both 7RCC and the broader crypto investment landscape, signaling a collective move towards integrating environmentally-conscious investment vehicles into mainstream financial markets.
For 7RCC, this filing represents a significant stride in its endeavor to participate in the highly competitive spot Bitcoin ETF arena within the United States. The SEC’s approval of eleven spot Bitcoin ETFs in January served as a watershed moment, marking the culmination of over a decade of regulatory deliberation and signaling a newfound openness towards embracing cryptocurrency-based financial products.
Central to the initiative is the desire to offer investors a diversified exposure to Bitcoin alongside carbon credits, thereby distinguishing the ETF from traditional offerings in the market. The inclusion of carbon credit futures, tied to emissions allowances issued under various regulatory frameworks, underscores 7RCC’s commitment to not only providing financial returns but also contributing positively to environmental sustainability efforts. This innovative approach aligns with growing investor demand for ESG-focused investment opportunities and underscores the potential of cryptocurrency-based financial instruments to drive positive societal and environmental impact.
7RCC CEO Foresees Bitcoin Price Hitting $200,000 in Bloomberg Interview
During a Bloomberg interview, Rali Perduhova, the co-founder and CEO of 7RCC, conveyed optimism regarding the future prospects of the asset class. She expressed confidence in predicting that the price of Bitcoin might surge to $200,000 by the conclusion 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
In addition to her prediction, Rali Perduhova highlighted the forthcoming Bitcoin halving event, emphasizing its potential impact on the cryptocurrency market. With this event, the rate at which new Bitcoins are mined will decrease from 900 BTC per day to 450 BTC per day, leading to a notable reduction in the available supply. This scarcity could further contribute to the upward pressure on Bitcoin prices, as historically observed during previous halving cycles.
Moreover, the endorsement of 7RCC’s Bitcoin and carbon credits futures ETF by the renowned cryptocurrency exchange Gemini adds another layer of significance to the initiative. Gemini’s decision to offer custody services for this innovative ETF underscores its confidence in the product’s potential and its commitment to facilitating access to novel investment opportunities in the digital asset space.
Gemini’s press release accompanying the announcement emphasized the ETF’s unique proposition, emphasizing its ability to offer investors a seamless integration of Bitcoin exposure with exposure to the progressive realm of Carbon Credit Futures. By providing a single-trade approach to digital assets and environmental sustainability, the ETF aims to cater to investors seeking to align their investment strategies with both financial objectives and environmental considerations. This integration of innovative financial instruments with sustainability principles reflects a growing trend in the investment landscape, where investors increasingly prioritize investments that generate positive social and environmental impact alongside financial returns.
