feeling happy to know about that .
LIVE
CryptoNews
--
7RCC, Gemini to Launch Environment-friendly Bitcoin ETF
A new player in the ETF market, 7RCC, is aiming to introduce an innovative, environmentally friendly Bitcoin fund.Â
7RCC Global will primarily invest in Bitcoin while allocating a significant portion of its portfolio to carbon-credit futures. The intent is to offer an investment solution that taps into the burgeoning Bitcoin market and addresses environmental concerns.
Bitcoin has always been a hot topic for the environmental implications of its mining process. The mining procedure, essential for transaction verification and the generation of new Bitcoin, relies heavily on energy-intensive computer networks. The energy demand has sparked debates about the cryptocurrencyâs ecological footprint, particularly in energy consumption and water use, drawing parallels to the resource usage of entire countries.
Interesting piece this morning from @VildanaHajric on Miami-based 7RCC's filing yesterday for a spot Bitcoin ETF that will will be ~80% spot #bitcoin and ~20% Carbon credits. https://t.co/EkiHLP1Fe6
â James Seyffart (@JSeyff) December 19, 2023
You might also like: FTX and Bahamian liquidators agree on creditor payout plan
The proposed fund by 7RCC, slated to trade under the ticker BTCK, presents a novel approach. The fund wants to mitigate the environmental impact traditionally associated with Bitcoin mining by including carbon-credit futures in its asset allocation.Â
Crypto exchange Gemini, led by the Winklevoss twins, is set to play a crucial role as the fundâs custodian. In a recent statement, Gemini highlighted 7RCCâs goal to bridge the gap between digital asset enthusiasts and investors conscious of environmental, social, and governance (ESG) criteria.
7RCCâs initiative places it among a growing list of more than 10 contenders in the U.S. seeking regulatory approval for a spot Bitcoin ETF. While most of these applications focus on direct Bitcoin holdings, the unique proposition of 7RCCâs fund may offer a distinctive appeal to investors looking for a more environmentally responsible way to invest in the dynamic world of cryptocurrencies.
Industry experts expect the SEC to approve multiple ETF applications together in January.Â
Read more: US court approves settlement between Binance and CFTC
7RCC Global will primarily invest in Bitcoin while allocating a significant portion of its portfolio to carbon-credit futures. The intent is to offer an investment solution that taps into the burgeoning Bitcoin market and addresses environmental concerns.
Bitcoin has always been a hot topic for the environmental implications of its mining process. The mining procedure, essential for transaction verification and the generation of new Bitcoin, relies heavily on energy-intensive computer networks. The energy demand has sparked debates about the cryptocurrencyâs ecological footprint, particularly in energy consumption and water use, drawing parallels to the resource usage of entire countries.
Interesting piece this morning from @VildanaHajric on Miami-based 7RCC's filing yesterday for a spot Bitcoin ETF that will will be ~80% spot #bitcoin and ~20% Carbon credits. https://t.co/EkiHLP1Fe6
â James Seyffart (@JSeyff) December 19, 2023
You might also like: FTX and Bahamian liquidators agree on creditor payout plan
The proposed fund by 7RCC, slated to trade under the ticker BTCK, presents a novel approach. The fund wants to mitigate the environmental impact traditionally associated with Bitcoin mining by including carbon-credit futures in its asset allocation.Â
Crypto exchange Gemini, led by the Winklevoss twins, is set to play a crucial role as the fundâs custodian. In a recent statement, Gemini highlighted 7RCCâs goal to bridge the gap between digital asset enthusiasts and investors conscious of environmental, social, and governance (ESG) criteria.
7RCCâs initiative places it among a growing list of more than 10 contenders in the U.S. seeking regulatory approval for a spot Bitcoin ETF. While most of these applications focus on direct Bitcoin holdings, the unique proposition of 7RCCâs fund may offer a distinctive appeal to investors looking for a more environmentally responsible way to invest in the dynamic world of cryptocurrencies.
Industry experts expect the SEC to approve multiple ETF applications together in January.Â
Read more: US court approves settlement between Binance and CFTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
Replies 0
