7RCC, an environmental investment company, applied to open a spot Bitcoin (BTC) ETF.
7RCC has filed an application with the Securities and Exchange Commission (SEC) to create an ETF centered on environmental, social, and governance (ESG) principles. 7RCC’s ETF aims to build a carbon-neutral investment option in the cryptocurrency market comprised of 80% BTC and 20% carbon credit futures.
ETF creation began 18 months ago and is awaiting suitable market and regulatory conditions to submit the application. Cryptocurrency exchange Gemini offers custody of the fund’s BTC, providing investors with an integrated approach to digital assets and environmental sustainability.
Industry analysts such as Nate Geraci have expressed enthusiasm for the filing. Geraci acknowledged the inevitability of a Bitcoin “ESG” ETF and expected further changes to uncover Bitcoin ETFs.
However, despite this optimism, debate continues over the practicality and regulatory acceptance of hybrid cryptocurrency investment vehicles.
Meanwhile, the SEC is reviewing its approach to discovering Bitcoin ETFs following a “court ruling.” Gary Gensler, head of the regulator, said the commission is currently studying eight to 12 applications.
Bloomberg analyst James Seyffart believes the SEC will approve the first spot Bitcoin ETF in January 2024. In his opinion, the SEC strategically delayed applications for those products in order to approve most ETFs simultaneously, giving no advantage to one of the issuers.