Unique spot Bitcoin and Carbon Credits Futures ETF S-1 proposal was submitted to U.S. SEC by fintech heavyweight Nexo. Nate Geraci, a top crypto ETFs expert, is optimistic about its prospects.
Spot Bitcoin ETF, ESG edition, is close to approval, Nate Geraci says
Nexo 7RCC, the first-ever exchange-traded fund based on spot Bitcoin and Carbon Credit Futures, might be soon approved by the SEC. Its potential issuer just submitted an S-1 form to the U.S. watchdog, The ETF Store's Nate Geraci shared with his 53,000 followers on X.
S-1 amendment filed for Nexo 7RCC Spot Bitcoin and Carbon Credit Futures ETF…Holds exactly what name suggests. 80% btc, 20% carbon credit futures.SEC has already approved 19b-4.Expect this to launch soon.Basically an “ESG” version of spot btc ETF. pic.twitter.com/2hcksclNjs
— Nate Geraci (@NateGeraci) December 21, 2024
The ETF is exactly "what its name suggests" as it tracks the combined portfolio of 80% Bitcoin (BTC) and 20% Carbon Credits Futures. In this case, Carbon Credits are linked to emission allowances approved by the relevant commissions of EU and California, U.S.
Geraci noted that the preliminary approval form 19b-4 is already approved for this ETF. As such, he will not be surprised when the "ESG version" of the spot Bitcoin ETF goes live.
As covered by U.Today previously, major cryptocurrency lender Nexo rebranded into wealth management service for ultra-high-net worth individuals in Q4, 2024.
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Announced on 2024 Bitcoin Whitepaper Day, Nexo's rebrand is set to introduce crypto-centric wealth management solutions to the TradFi segment.
Bitcoin ETFs logged largest outflow in six weeks as BTC dips below $92,500
In November 2024, the platform announced the first-ever blockchain-based USD accounts to streamline liquidity migration from Web2.
Meanwhile, after a multi-week rally, spot Bitcoin ETFs in the U.S. are taking a breath. The total AUM of all products in this category is bleeding for the third day in a row. As demonstrated by Bitbo, the recent $400 million daily outflow is the most painful one since Nov. 5.
On Dec. 17, 2024, spot Bitcoin ETFs registered an AUM record at about $120 billion. As of press time, this metric sits at $111 billion.
