NYSE Preps For Tidal As Trust Files Statement With SEC For New Spot Bitcoin ETF

Tidal Commodities Trust I, under its series 7RCC Spot Bitcoin and Carbon Credit Futures ETF, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin BTC/USD exchange-traded fund (ETF).

Several companies have applied to the SEC for approval to launch a spot Bitcoin ETF.

VanEck, Bitwise Asset Management, Fidelity Investments, and Valkyrie Investments are among the prominent firms proposing ETFs that would directly hold BTC and track its spot price.

Grayscale Investments, known for its Bitcoin Trust GBTC, has been actively lobbying for the conversion of its trust into an ETF.

7RCC Spot Bitcoin and Carbon Credit Futures ETF aim to issue common shares of beneficial interest, representing units of fractional undivided beneficial interest in and ownership of the Fund.

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Its investment objective is to reflect the daily changes in the price of Bitcoin and the value of Carbon Credit Futures, as represented by the Vinter Bitcoin Carbon Credits Index, less the Fund’s operational expenses.

Investment Strategy: The Fund’s strategy involves holding a combination of BTC and obtaining exposure to Carbon Credit Futures in an approximate 80:20 ratio.

The Index it tracks is designed to mirror the performance of a portfolio comprised of 80% Bitcoin and 20% Carbon Credit Futures, linked to emissions allowances under various cap-and-trade regimes.

Offering Details: Shares can be purchased from the Fund only in blocks of 10,000 shares, known as “Baskets.”

The Fund intends to list its shares on the New York Stock Exchange with the expected trading symbol “BTCK.”