Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
7RCC, a firm that “focuses on creating solutions for ESG-aware investors,” has submitted an application for a spot Bitcoin ETF that offers a carbon-neutral investment alternative in the cryptocurrency sector.
As per the application lodged with the United States Securities and Exchange Commission (SEC), the ETF aims to serve investors who follow environmental, social, and governance (ESG) standards. Consequently, the ETF will consist of 80% Bitcoin (BTC) and 20% carbon credit futures.
The company further stated that the ETF’s investment goal is to mirror the fluctuations in BTC prices along with the value of Carbon Credit Futures as indicated by the Vinter Bitcoin Carbon Credits Index. The Carbon Credit Futures are associated with the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Related Posts
In response to this development, ETF Store president Nate Geraci remarked that it was “only a matter of time” before an ESG Bitcoin ETF emerged. Geraci also anticipated that there would be “all types of permutations” regarding spot Bitcoin ETFs.
Related: Dfinity founder states blockchain can enhance initiatives to combat climate change
On Dec. 18, the cryptocurrency exchange Gemini announced that it would act as the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF. Gemini noted that the fund presents an opportunity for investors to diversify their portfolios and emphasized that supporting 7RCC as the fund’s custodian is a significant advancement for its platform.
Magazine: BlackRock updates BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest
