Crypto firm 7RCC is one step closer to launching its environmentally-conscious spot Bitcoin ETF in the United States, potentially adding another option for Bitcoin ETF investors.
On March 13, the New York Stock Exchange submitted what is known as a 19b-4 form, the filing needed for it to list and trade shares of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF.
7RCC filed an S-1 application with the SEC for the Bitcoin ETF under the ticker BTCK in December — which aimed to provide investors exposure to the digital asset alongside carbon credits.
The objective of the fund is to reflect the daily changes in the price of BTC and the value of carbon credit futures contracts, as represented by the Vinter Bitcoin Carbon Credits Index.
“The Index seeks to provide exposure to Bitcoin with an environmentally responsible approach by offsetting carbon emissions,” read the filing at the time, though updates from the firm on its progress since then were minimal.
The latest 19b-4 filing is known as a “proposed rule change” filing, which is necessary when a stock exchange wants to list a new product.
It’s seen as the more crucial filing within an SEC approval process, though both are required to be approved by the SEC for a new product to begin trading.
At the time of the S-1 filing, co-founder and CEO of 7RCC Global, Rali Perduhova, said “We want to target that group of institutional investors that need that ESG tick mark.”
The ETF will invest 80% of its assets in Bitcoin and 20% in financial instruments like swaps that provide exposure to carbon credit futures contracts linked to emissions allowances.
The carbon credit futures are linked to the value of emissions allowances issued under the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Speaking to Bloomberg TV on March 13, Perduhova predicted that BTC prices would reach $200,000 or higher by the end of the year.
“The approvals of the [spot Bitcoin] ETFs were a 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,” she added.
Related: Bitcoin mining sustainable energy usage hits all-time high of 54.5%
Commenting on the halving, she said that the supply will be cut from 900 BTC per day to around 450 BTC per day being mined but “we’re seeing around 9,000 to 10,000 BTC per day demand.”
The Gemini crypto exchange has been named as the custodian of the 7RCC Bitcoin and Carbon Credit Futures ETF.