Crypto asset manager 7RCC applies to offer bitcoin ETF
Quick Take
- 7RCC intends to offer a spot bitcoin and carbon credits futures ETF, according to its S-1 filing.
7RCC, a crypto asset manager, has applied to offer a spot bitcoin exchange-traded fund, joining a bevy of major asset managers applying with the U.S. Securities and Exchange Commission to offer such ETFs.
In a proposed preliminary prospectus shown in a Monday S-1 filing, 7RCC said the fund’s investment strategy is to hold a combination of bitcoin and financial instruments to gain exposure to Carbon Credit Futures. “The Fund’s investment objective is to reflect the daily changes of the price of bitcoin and the value of Carbon Credit Futures, as represented by the Vinter Bitcoin Carbon Credits Index,” the company said. “The Index is designed to track the performance of investing in a portfolio comprised of 80% bitcoin and 20% Carbon Credit Futures.”
7RCC — which specializes in environmental, social and governance investing — added in the filing that it intends to appoint Gemini as the custodian of the fund’s bitcoin. Gemini said in a statement on Monday that the proposed ETF allows investors to diversify their portfolios, “balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures.”
7RCC’s application follows recent ones submitted by major asset managers, including BlackRock, WisdomTree, Ark Invest and 21Shares. On Monday, BlackRock updated its S-1 filing with a ticker name.
The bitcoin price rose 4.4% in the past 24 hours to trade at $42,911 at 1:15 p.m. Hong Kong time, according to The Block data.
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