The U.S. Securities and Exchange Commission (SEC) has approved the listing of the 7RCC Spot Bitcoin and Carbon Credit Futures ETF on the NYSE Arca exchange.
SEC Approval of the 7RCC ETF
After serious review and public comment, the decision was finalized on November 15, 2024. The SEC approved a fourth amendment to the 7RCC Bitcoin ETF proposal to address potential market and investor risks.
Combining Cryptocurrency and Sustainability
First filed on March 13, 2024, the filing went through several amendments, which testified to how cumbersome the effort to combine spot Bitcoin assets and carbon credit futures was. 7RCC listed Gemini as the custodian of the Bitcoin held by the ETF.
Prospects for Hybrid Financial Instruments
The approval marks a growing acceptance of hybrid financial instruments marrying traditional and digital asset classes and could pave the way for similar ETFs.
The listing of the 7RCC Bitcoin ETF reflects investors' inclination towards green investments and sustainable development in financial instruments.
