The ESG-oriented small cryptocurrency asset management company 7RCC has submitted a spot Bitcoin ETF application to the SEC

2023-12-19 08:46:23

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According to ChainCatcher news, as reported by CoinDesk, a small crypto asset management company focused on environmental, social, and governance (ESG) investments, 7RCC, has recently submitted an application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin and carbon credit futures exchange-traded fund (ETF).

Founded in 2021, 7RCC aims to provide ESG-focused investors with access to crypto and blockchain-related assets. The company began preparing its ETF application 18 months ago but waited to submit it until the appropriate infrastructure was established, which has delayed its entry into the competition compared to other applicants like Ark 21Shares, Grayscale, and BlackRock.

7RCC's crypto ETF differs from other applicants in that 80% of its assets will be composed of Bitcoin, while the remaining portion will hold carbon credit futures. Gemini will provide custody services for the Bitcoin in the fund. The application document did not mention a custodian for cash and cash-equivalent assets.

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ESG spot Bitcoin ETF SEC

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