crypto asset manager 7RCC submits its application.

A new request for the issuance of Bitcoin Spot ETFs comes from crypto-asset manager 7RCC.

The S-1 filing is now in the hands of the United States Securities and Exchange Commission (or SEC), along with those of the largest asset managers. 

Bitcoin ETF: crypto asset manager 7RCC joins the club and files its application with the US SEC

7RCC, a crypto-asset manager, has filed with the United States Securities and Exchange Commission (SEC) its application for the issuance of a Bitcoin Spot ETF, joining the club of the most important asset managers. 

This is the “7RCC Global Bitcoin and Carbon Credit Futures ETF” fund, which aims to combine Bitcoin with ecological investments.

In fact, the S-1 model signed by 7RCC intends to propose an investment strategy for the fund that holds a combination of bitcoin and financial instruments to obtain exposure to carbon credit futures.

Here is how the text is quoted: 

“The investment objective of the Fund is to reflect the daily variations in the price of bitcoin and the value of carbon credit futures contracts (“Carbon Credit Futures”), as represented by the Vinter Bitcoin Carbon Credits Index (the “Index”), net of expenses resulting from the Fund’s operations.”

There is no guarantee that the Fund will achieve its investment objective or investment strategy.”

The description on the index and the exhibition, instead, highlights the following:

“The Index provides exposure to the daily performance of bitcoin prices and carbon credit futures, aiming to track the financial performance of a portfolio composed of 80% bitcoin and 20% carbon credit futures.”

In providing this exposure, the Index seeks to provide exposure to bitcoin with an environmentally responsible approach through carbon offsetting.

ETF Bitcoin: 7RCC appoints Gemini crypto-exchange as custodian of the fund’s BTC

Apparently, the crypto asset manager 7RCC wanted to appoint the crypto-exchange Gemini as the custodian of the fund’s bitcoins. 

And indeed, Gemini commented on this news with enthusiasm, emphasizing how the “7RCC Global Bitcoin and Carbon Credit Futures ETF” differs from other applications.

On this subject, here’s what Gemini said:

“The Fund offers investors a unique opportunity to diversify their portfolio, balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures.

In this way, the Fund offers investors a single-trade integrated approach to digital assets and environmental sustainability.”

The latest news from BlackRock and the words of the SEC President

Just today, the latest news regarding the application for the issuance of BlackRock’s Bitcoin spot ETF has arrived. In a new document filed by iShares, the asset manager, with the SEC, it seems that their Bitcoin spot ETF already has its ticker as IBIT.

This means that for BlackRock everything seems to be ready for the landing on Nasdaq. The only thing that is still missing and that does not depend on the company, is the approval of the SEC.

And in fact, this race for SEC approval does not only concern BlackRock, but also the over 10 questions submitted and updated by other asset managers. 

After the last 7RCC, in fact, there are still those of WisdomTree, Ark Invest, Grayscale, and many others. 

Not only that, recently, the President of the SEC, Gary Gensler, has publicly intervened on the subject, stating that the government agency is reviewing its hostile position regarding Bitcoin ETFs, based on court rulings that seem to be in favor.