Crypto asset management company 7RCC has filed a spot Bitcoin ETF with the SEC. So far, more than 10 companies are awaiting SEC approval.
The structure of the virtual currency ETF proposed by 7RCC is different from other applications. The fund plans to make up 80% of its portfolio in Bitcoin (BTC) and the rest in carbon credit futures. With this approach, the fund is expected to do more than just focus on BTC price trends.
7RCC Investment Strategy
7RCC said the fund’s investment strategy includes a combination of financial instruments such as Bitcoin and carbon credit futures. The main purpose of the fund is to reflect daily changes in BTC prices and the value of carbon credit futures based on the Vinter BTC Carbon Credit Index. The index aims to reflect the performance of a portfolio consisting of 80% BTC and 20% carbon credit futures.
The Wait Continues
More than 10 companies are currently awaiting SEC approval to apply for the BTC ETF, which is expected to be approved in early 2024. ETFs, especially those involving large companies such as BlackRock, have been long awaited in the cryptocurrency market. Various dates are discussed among experts. Some experts expect the ETF to be approved in the third quarter of 2024.
