A
small
crypto
asset
manager
focused
on
environmental,
social
and
governance
investing
(ESG),
7RCC,
is
the
latest
applicant
to
join
the
race
for
a
spot-bitcoin
exchange
traded
fund
(ETF),
a
filing
with
the
Securities
and
Exchange
Commission
(SEC)
shows.
7RCC
was
founded
in
2021
to
provide
access
to
crypto
and
blockchain-related
assets
for
EGS-conscious
investors.
The
company
started
the
process
for
an
ETF
18
months
ago
but
was
waiting
to
have
the
right
infrastructure
in
place
to
file
an
application,
which
is
why
it
is
entering
the
race
much
later
than
other
applicants
like
Ark
21Shares,
Grayscale
and
BlackRock,
its
CEO
told
CoinDesk.
“We
were
trying
to
position
ourselves
to
be
part
of
that
first
batch,
but
clearly
that
didn’t
work
out,”
CEO
Rali
Perduhova
said
in
an
interview.
7RCC’s
crypto
ETF
differs
from
other
entrants
in
that
80%
of
it
will
consist
of
bitcoin
and
the
remainder
will
hold
carbon
credits
futures.
Crypto
exchange
Gemini
will
provide
custody
for
the
fund’s
bitcoin,
Perduhova
said.
The
filing
did
not
name
its
custodian
for
cash
and
equivalent
assets.
In
a
press
release,
Gemini
said
the
ETF
would
let
investors
balance
“the
innovative
nature
of
Bitcoin
with
the
progressive
realm
of
Carbon
Credit
Futures.
In
doing
so,
the
Fund
provides
investors
with
an
integrated
single-trade
approach
to
digital
assets
and
environmental
sustainability.”
Expectations
that
the
SEC
will
approve
a
spot
bitcoin
ETF
in
the
near
future
have
grown
in
recent
months,
with
industry
observers
and
participants
pointing
to
the
regulator’s
increased
engagement
with
aspiring
issuers
and
a
recent
court
ruling
asking
the
agency
to
review
one
of
its
ETF
rejection
orders.
