7RCC, a small crypto asset manager focused on environmental, social and governance (ESG) investments, recently submitted an ETF application to the U.S. SEC covering spot Bitcoin and carbon credit futures.
7RCC’s crypto ETF differs from other applicants in that 80% of its assets will be comprised of Bitcoin, with the remainder held in carbon credit futures. Gemini will provide custody services for the fund’s Bitcoins. The application documents did not mention a custodian for the cash and equivalent assets.
7RCC was founded in 2021 to provide ESG-focused investors with exposure to crypto and blockchain-related assets. The company began preparations for the ETF application 18 months ago, but waited for the appropriate infrastructure to be established before submitting the application. (CoinDesk)