7RCC, a cryptocurrency asset manager, has applied to offer a spot bitcoin exchange-traded fund (ETF), joining a group of major asset managers in this endeavor. The firm has announced its agreement with the U.S. Securities and Exchange Commission to propose such ETFs.
In its Monday S-1 filing, 7RCC detailed the investment strategy of the fund, which involves holding a combination of Bitcoin and financial instruments to gain exposure to Carbon Credit Futures.
The investment goal of the fund is to reflect the daily changes in the price of Bitcoin and the value of Carbon Credit Futures represented by Vinter Bitcoin. The fund is designed to track the performance of a portfolio comprising 80% Bitcoin and 20% Carbon Credit Futures.
7RCC, specializing in environmental, social, and governance investments, plans to appoint Gemini as the custodian for the fund’s Bitcoin. Gemini stated that the proposed ETF would offer investors an opportunity to diversify their portfolios, balancing Bitcoin’s innovative nature with the progressive field of carbon credit futures ETFs.
The application by 7RCC follows similar moves by BlackRock and WisdomTree. On Monday, BlackRock updated its S-1 filing under a stock name. As of the time of writing, Bitcoin’s price has increased by 4.4% in the last 24 hours, trading at $42,911.