SEC Puts Off Decision on 7RCC’s Spot Bitcoin ETF

The Securities and Exchange Commission in the United States has extended its review timeline for NYSE Arca’s application to list a carbon-neutral spot Bitcoin exchange-traded fund (ETF) offered by 7RCC.

Instead of the original deadline of May 10, the commission will now make its decision on approval by June 24. The ETF aims to provide investors with exposure to Bitcoin while also addressing its carbon footprint through the inclusion of carbon credits.

These would be tracked through the Vinter Bitcoin Carbon Credits Index, with crypto exchange Gemini acting as the custodian for the fund.

The ETF’s primary target audience is institutional investors who prioritize environmental, social, and governance (ESG) factors. The fund would allocate 80% of its assets to Bitcoin and 20% to financial instruments like swaps tied to carbon credit futures contracts.