Latecomer ESG-Focused Crypto Firm Joins Bitcoin ETF Race

• 7RCC Joins the Bitcoin ETF Race with a Unique ESG Angle
• The Road to ETF Application
• How 7RCC's Crypto ETF Stands Out
• Gemini's Statement
• Increasing Hope for ETF Approval

7RCC Joins the Bitcoin ETF Race with a Unique ESG Angle

An emerging crypto asset manager, 7RCC, has recently applied for a spot-bitcoin exchange traded fund (ETF), according to documentation submitted to the Securities and Exchange Commission (SEC). Establishing its operations in 2021, 7RCC has been providing access to crypto and blockchain-related assets for environmental, social, and governance (ESG) focused investors.

The Road to ETF Application

Despite initiating the process for an ETF 18 months ago, the firm had to delay their application in order to ensure the necessary infrastructure was established. This led to their entry into the race later than other applicants such as Ark 21Shares, Grayscale, and BlackRock. In an interview, CEO Rali Perduhova commented, "We were trying to position ourselves to be part of that first batch, but clearly that didn't work out."

How 7RCC's Crypto ETF Stands Out

What sets 7RCC's crypto ETF apart from others is the fact that it will be composed of 80% bitcoin, while the rest will be dedicated to carbon credits futures. The cryptocurrency exchange, Gemini, has been chosen to provide custody for the fund's bitcoin, as stated by Perduhova. The filing, however, didn't disclose who will serve as the custodian for cash and equivalent assets.

Gemini's Statement

Gemini, in a press release, said the ETF will offer investors a balance between the innovative nature of Bitcoin$42,260 -0.64% with the progressive realm of Carbon Credit Futures. This fund serves investors by offering a single-trade approach to digital assets and environmental sustainability.

Increasing Hope for ETF Approval

In the recent past, there's been a growing anticipation that the SEC might approve a spot bitcoin ETF soon. This optimism stems from the regulator's increased interactions with potential issuers and a recent court ruling compelling the agency to revisit one of its ETF rejection orders.

Edited by Jonathan Stoker