SEC Delays Decision on Eco-Friendly Bitcoin ETF Until November

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by Giorgi Kostiuk

2 years ago

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  1. Background
  2. Fund Portfolio Composition
  3. Future of Eco-Friendly ETFs


    4. The United States Securities and Exchange Commission (SEC) once again delayed a final decision on New York Stock Exchange (NYSE) Arca’s request to list an exchange-traded fund (ETF) combining spot Bitcoin and carbon-credit futures.

    Background

    The SEC previously delayed a decision on the proposed ETF in May. The deadline for a final decision has now been pushed to November 21. Tidal Investments, the ETF’s issuer, filed the fund’s S-1 registration in December 2023, and NYSE Arca filed its initial 19b-4 request in March.

    Fund Portfolio Composition

    The 7RCC Spot Bitcoin and Carbon Credit Futures ETF aims to provide exposure to Bitcoin with an environmentally responsible approach by offsetting carbon emissions. The fund is designed to track the performance of a portfolio comprised of 80% Bitcoin and 20% Carbon Credit Futures, according to the March filing.

    Future of Eco-Friendly ETFs

    According to the International Monetary Fund, cryptocurrency mining combined with data centers accounts for approximately 1% of global greenhouse gas emissions. These figures might be partly mitigated as a result of April’s Bitcoin halving. Additionally, carbon credit futures are contracts on emissions allowances issued by various cap-and-trade regulatory regimes that seek to reduce greenhouse gases over time. The ETF’s futures will track the value of emissions allowances under cap-and-trade regimes in the European Union and California, among other jurisdictions.

    In August, the SEC delayed a decision on whether an exchange-traded fund designed as a one-stop-shop crypto portfolio can be listed on Nasdaq’s electronic securities exchange. The delay was in response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.

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