The United States Securities and Exchange Commission (SEC) has extended its examination period for the potential approval of a carbon-neutral spot Bitcoin exchange-traded fund (ETF) by 7RCC. The SEC will now make a decision on the NYSE Arca’s application by June 24, 2024, delaying the initial deadline of May 10, 2024. This ETF aims to provide investors with exposure to Bitcoin while also mitigating its carbon footprint through the inclusion of carbon credits. The proposed ETF will track the daily price fluctuations of Bitcoin and carbon credit futures based on the Vinter Bitcoin Carbon Credits Index. The cryptocurrency exchange Gemini will act as the custodian for the Bitcoin fund.
7RCC Global co-founder and CEO Rali Perduhova explained that the ETF’s target audience includes institutional investors who prioritize environmental, social, and governance (ESG) criteria. The ETF plans to allocate 80% of its assets to Bitcoin and the remaining 20% to financial instruments tied to carbon credit futures contracts, specifically focused on emissions allowances related to the European Union Emissions Trading System, California Carbon Allowance, and the Regional Greenhouse Gas Initiative. Carbon credit futures are financial derivatives that allow for trading based on the anticipated future value of carbon credits. These instruments support strategies to manage carbon regulatory risks and promote environmentally conscious investment strategies.
Since January, the SEC has already approved 11 spot Bitcoin ETFs, which enable direct investment in Bitcoin through regulated investment products instead of derivatives like futures. The next goal for investment managers is to introduce options trading on spot Bitcoin ETFs. The SEC has been postponing decisions on applications submitted by the New York Stock Exchange, Nasdaq, and Cboe Global Markets regarding this matter since January.
Why does it take so long to make a decision? It’s ridiculous! 😠
It’s refreshing to see more institutions prioritize environmental factors in their investment strategies. This carbon-neutral Bitcoin ETF is a win-win for both investors and the planet!
The extended examination period shows how seriously the SEC is taking ESG criteria. It’s encouraging to see them promote sustainable investment options. 🌟💚
It’s clear that the SEC doesn’t prioritize innovation in the cryptocurrency industry.
I’m beginning to think the SEC doesn’t want Bitcoin ETFs at all.
The longer the SEC delays, the more opportunities we’re missing out on.
The SEC is clearly not taking the potential of carbon-neutral Bitcoin seriously.
This ETF strikes the perfect balance between financial gain and environmental responsibility. I’m excited to see more sustainable investment opportunities in the crypto market.
This carbon-neutral spot Bitcoin ETF is a game-changer! Glad to see the SEC taking its time to make a well-informed decision. 🔄💪
Seriously, can the SEC make up its mind already?
What an innovative approach! This carbon-neutral Bitcoin ETF is a step towards a more sustainable future for both investing and the environment. Kudos to 7RCC! 💪🌿
I’m glad the SEC is giving this carbon-neutral Bitcoin ETF thorough consideration. It’s important to take into account the environmental impact of cryptocurrency.