The ESG-oriented small-scale crypto asset management company 7RCC has submitted a spot Bitcoin ETF application to the US SEC

According to CoinDesk, 7RCC, a small crypto asset management firm focused on environmental, social and governance (ESG) investing, recently submitted an application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin and carbon credit futures exchange-traded fund (ETF). Founded in 2021, 7RCC aims to provide ESG-focused investors with access to crypto and blockchain-related assets. The company began preparing its ETF application 18 months ago but waited until it had established the appropriate infrastructure before submitting it, putting it behind other applicants such as Ark 21Shares, Grayscale and BlackRock. Unlike other applicants' crypto ETFs, 80% of 7RCC's assets will be composed of Bitcoin while the remainder will hold carbon credit futures. crypto trading platform Gemini will provide custodial services for the fund's Bitcoin. The application did not mention who would be responsible for custodying cash equivalents.