7RCC, a company specializing in developing solutions for ESG-conscious investors, has applied to a Bitcoin exchange-traded fund (ETF) designed to be environmentally sustainable in the crypto space. As outlined in the application filed with the United States Securities and Exchange Commission (SEC), the ETF aims to cater to investors committed to environmental, social, and governance (ESG) principles. The ETF’s composition will consist of 80% Bitcoin and 20% carbon credit futures.
The company emphasized that the ETF’s primary investment objective is to mirror changes in BTC prices and the value of carbon credit futures, which are represented by the Vinter Bitcoin Carbon Credits Index. These carbon credit futures are tied to the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Nate Geraci, the president of ETF Store, commented on the development, stating that it was only a matter of time before an ESG Bitcoin ETF emerged. He further anticipated various permutations in the landscape of spot Bitcoin ETFs.
On December 18, the cryptocurrency exchange Gemini revealed that it would act as the custodian for the 7RCC Bitcoin and Carbon Credit Futures ETF. Gemini expressed the view that the fund provides investors with an opportunity to diversify their portfolios, emphasizing the significance of supporting 7RCC as the custodian for its platform.
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