Asset management company 7RCC Global is gearing up for the launch of its environmentally conscious spot Bitcoin ETF in the United States amidst fierce competition for investment products that facilitate access to БТЦ’с price movements.
Despite not being included in the initial wave of launches, the entities backing the proposal are proceeding with their plans.
7RCC Pushes Forward with Spot Bitcoin ETF Plans
The New York Stock Exchange submitted a 19b-4 form on March 12th for the listing and trading of shares of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF. This development comes three months after 7RCC submitted an S-1 application to the SEC for the Bitcoin ETF, designated under the ticker BTCK, to provide investors exposure to both the crypto asset and carbon credits.
7RCC’s ETF stands out for its unique composition, with 80% of its holdings in BTC and the remaining 20% gaining exposure to Carbon Credit Futures, setting it apart from other spot Bitcoin ETFs that were recently approved by the SEC.
The ETF in question is structured to mirror the daily fluctuations in Bitcoin’s price and the valuation of Carbon Credit Futures, as per the crypto index provider – Vinter Bitcoin Carbon Credits Index.
7RCC will serve as the Bitcoin advisor for the fund, with Tidal Investments acting as its sponsor. Meanwhile, the Winklevoss-owned crypto exchange Gemini has been roped in to function as the custodian for the ETF, while Wilmington Trust, a private banking and financial services provider, will fulfill the role of the fund’s trustee.
The companies have not yet revealed the fee structure for the fund.
7RCC CEO Forecasts Bitcoin at $200,000
7RCC Global Co-Founder and CEO Rali Perduhova is highly bullish on Bitcoin’s price trajectory. In a recent interview with Bloomberg, the exec said that the leading crypto could hit $200,000 by the end of the year.
“Last time we were here, our target was $100,000. We are currently revising that to $200,000 by the end of the year if not higher indeed. The approvals of the ETFs were a big catalyst, a global event. Not only did this open the door for a wider adoption of the asset in the US, but the narrative has shifted globally. The conversations with investors have changed significantly.”
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