An extension of the review time for 7RCC’s Bitcoin exchange-traded fund (ETF) listing has been announced by the United States Securities and Exchange Commission (SEC). At this point, the commission will make its final judgement about the application submitted by the NYSE Arca by the 24th of June, 2024, with the original deadline being set for the 10th of May.
An Overview of 7RCC’s Bitcoin Exchange-Traded Fund
A carbon-neutral spot Bitcoin exchange-traded fund (ETF) has been developed by 7RCC Global. The objective of this idea is to give investors with exposure to Bitcoin while also addressing environmental issues via the incorporation of carbon credits.
With the intention of holding 80% Bitcoin and 20% carbon credit futures, the exchange-traded fund (ETF) will be the first ETF to provide an offering that is focused on the environment.
In order to expedite the formation, operation, and growth of the proposed exchange-traded fund (ETF), Tidal Financial Group has formed a partnership with 7RCC.
It has been announced that Gemini, a prominent cryptocurrency exchange, would serve as the custodian for the 7RCC Spot Bitcoin and Carbon Credit Futures Exchange Traded Fund.
Justifications for the prolongation of the SEC’s review
The Securities and Exchange Commission (SEC) needs more time to deliberate on the proposed rule modification before it can make a judgement regarding the listing of the 7RCC Bitcoin ETF.
With the extension, the commission will be able to conduct a comprehensive analysis of the possible advantages and hazards connected with the exchange-traded fund (ETF), therefore protecting investors and maintaining the integrity of the market.
The listing of the Bitcoin exchange-traded fund has the following implications:
In the event that it is authorised, the 7RCC Bitcoin Exchange-Traded Fund (ETF) would provide investors a regulated and easily accessible method of gaining exposure to Bitcoin, which is a growing digital asset.
Including carbon credits as part of the investing strategy of the exchange-traded fund (ETF) is an attempt to address environmental problems that are linked with Bitcoin mining, with the goal of possibly attracting investors who are environmentally concerned.
The proposed exchange-traded fund (ETF) and the cryptocurrency market as a whole get a boost in legitimacy as a result of the participation of well-known organisations such as NYSE Arca, Tidal Financial Group, and Gemini .
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