Summary
Alternative investment firm 7RCC and Tidal Investments are still working on bringing their climate-conscious spot bitcoin ETF to the US market. The proposed fund would consist of 80% bitcoin and 20% carbon credit futures contracts, aiming to provide exposure to bitcoin in an environmentally responsible manner. While 10 spot bitcoin ETFs have already launched in the US, the 7RCC Spot Bitcoin and Carbon Credit Futures ETF was left out of the initial wave. However, the firms behind the proposal are continuing with their plans. Critics of BTC mining have raised concerns about its environmental impact, but proponents argue that miners are increasingly using renewable energy and helping balance power grids. The proposed ETF would address these concerns and provide investors with another bitcoin ETF option. The launch timeline for the fund is currently unclear.
Key Points
1. Firms 7RCC and Tidal Investments are working on bringing a climate-conscious spot bitcoin ETF to the US market, with a proposed portfolio of 80% bitcoin and 20% carbon credit futures contracts. The aim is to provide exposure to bitcoin with an environmentally responsible approach.
2. The proposed 7RCC Spot Bitcoin and Carbon Credit Futures ETF was not included in the first wave of spot bitcoin ETF launches in the US, but the firms behind the proposal are still moving forward with their plans. A 19b-4 document, necessary for SEC approval and trading, has not yet been filed.
3. The offering by 7RCC and Tidal Investments addresses investor concerns about the environmental impact of BTC mining. The ETF aims to reflect the daily changes in the price of bitcoin and the value of carbon credit futures contracts, providing investors with an alternative bitcoin ETF option focused on sustainability.