The United States Securities and Exchange Commission (SEC) has approved listing the eco-conscious 7RCC Bitcoin ETF on the NYSE Arca exchange.

This milestone aligns with recent progress from the Commodity Futures Trading Commission (CFTC), which cleared the spot Bitcoin options trading path.

Bitcoin ETFs Gain Traction as Regulators Clear Significant Hurdles

On November 15, the SEC approved a rule change allowing 7RCC to list and trade its Spot Bitcoin and Carbon Credit Futures ETF. This decision comes nearly a year after 7RCC filed its initial prospectus in December 2023. The application underwent four amendments during its review process, which began in March.

The fund aims to allocate 80% of its assets to Bitcoin and 20% to financial instruments tied to Carbon Credit Futures. These futures will be based on indices linked to environmental initiatives, including the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.

“The Fund will gain exposure to these Carbon Credit Futures only by investing directly in only such futures contracts.
The Fund does not intend to invest in Carbon Credit Futures specifically linked to bitcoin mining or other related processes,” The SEC wrote.

Carbon credit futures are financial tools that allow trading based on the anticipated value of carbon credits. These instruments help manage regulatory risks while supporting environmentally responsible investing. 7RCC stated that Gemini would serve as the custodian of its Bitcoin holdings.

Meanwhile, the SEC’s approval coincides with an announcement from the CFTC’s Division of Clearing and Risk. The regulator stated that it no longer oversees clearing for spot Bitcoin ETFs options. The Options Clearing Corporation (OCC), which handles all equity options clearing and settlement, now takes the lead in this area.

This development signals significant progress for the launch of spot Bitcoin ETF options. Analysts, including Bloomberg Senior ETF Analyst Eric Balchunas, view the CFTC’s notice as a key step forward.

“The CFTC just dropped a notice clearing the way for spot bitcoin ETF options to be listed. This is the second hurdle they needed to clear after the SEC. Ball now in OCC’s court and they are into it, so they’ll probably list very soon,” Balchunas stated.

The approval of the 7RCC Bitcoin ETF and the CFTC’s move highlights growing regulatory support for innovative financial instruments. These developments pave the way for expanded investment opportunities in both cryptocurrency and sustainable markets.

Two prominent crypto personalities—Michael Saylor of MicroStrategy and Sen. Cynthia Lummis of Wyoming—support the call to create a Bitcoin reserve.

In a CNBC interview, Saylor reiterated his bullish take on Bitcoin and suggested that creating a reserve of 1 million Bitcoins could help cut US debt by $16 trillion, or by 45%.

Before Saylor’s comments on the CNBC interview, Rep. Lummis filed a bill increasing the country’s digital asset reserves. The US government will buy up to 1 million Bitcoins over five years as laid out in the Lummis Bill.

Michael Saylor and Lummis believe integrating the top digital asset as part of the reserve can help solve the country’s growing debt woes.

Michael Saylor Says BTC Can Cut Debt By 45%

In an interview, Michael Saylor supported the proposal to accumulate 1 million Bitcoin. He explained that a Bitcoin reserve can help reduce the country’s debt by $16 trillion, or by 45%. Saylor also shared MicroStrategy’s plans, including its target of raising $42 billion to invest in more Bitcoins.

Bitcoin is Manifest Destiny for the United States. My discussion of The Red Wave, MicroStrategy’s $42 Billion Plan, the compelling logic of the Strategic #Bitcoin Reserve, and getting ready for the 100K party, with @MorganLBrennan. pic.twitter.com/fvkwRnCzlU

— Michael Saylor⚡️ (@saylor) November 14, 2024

Saylor is looking forward to the country’s strategic Bitcoin reserve, which a comprehensive plan will soon back. The MicroStrategy CEO’s bullish take on a Bitcoin reserve is partly based on President Donald Trump’s support for the crypto industry.

In a 2024 Bitcoin conference held at Nashville, then-candidate Trump promised to establish a Treasury reserve with 200k Bitcoins. In a Twitter/X post, Saylor mentioned that Bitcoin is US’ “manifest destiny.” He also teased his followers about his company’s $42 billion plan and the road to 100k.

Lummis And The Bitcoin Bill

Lummis is one of the Senate’s vocal crypto supporters. Earlier this year, the Wyoming senator filed a bill authorizing the US government to increase its digital asset reserve. The Lummis bill authorizes the government to acquire up to 1 million Bitcoins in five years. Last Thursday, the lawmaker suggested selling the US central bank’s gold reserves to acquire additional Bitcoins for the government.

If the Lummis bill passes, Saylor estimates that the US government can generate $16 trillion in savings. For Saylor, the best approach to protecting the USD is to end debt. The next best option is to own another capital asset —Bitcoin.

Saylor Highlights The ‘Trump Max’ Scenario

Michael Saylor argues that the acquisition of strategic assets is familiar. He shared that the US government has acquired oil, gold, helium, and grain, which offered trillion-dollar returns.

Saylor also shared his thoughts on the “Trump Max” scenario, where the government will acquire up to 4 million BTC. He estimated that this could bring $81 trillion in returns. Saylor added that the Trump scenario is the most logical approach to addressing the US debt.

Featured image from CNBC, chart from TradingView

A small Asian country sitting in the Himalayas is now among the largest holders of Bitcoin in the world.

Bhutan might be occupying a small land area but it achieved a huge milestone in its cryptocurrency investments hitting $1 billion worth of Bitcoin.

Strategic Move

The landlocked Himalayan country has been increasing its presence in the crypto space by building its Bitcoin reserves. This move which analysts see as a strategic investment approach now bore positive results.

Arkham Intelligence reported that Bhutan became a major player in the cryptocurrency industry, owning $1 billion worth of BTC, an outstanding feat for such a small country.

The Royal Government of Bhutan now owns $1 Billion in Bitcoin. pic.twitter.com/y8MQdCqMDy

— Arkham (@ArkhamIntel) November 11, 2024

Analysts said that this key milestone highlighted the calculated steps taken by Bhutan’s government to diversify its economy to mitigate the impact of the COVID pandemic on its tourism sector.

According to Arkham Intelligence, Druk Holdings, the firm managing the BTC investments of Bhutan, holds 12,568 Bitcoins, firmly placing the Himalayan country as one of the premier BTC investors in the world.

Tapping Hydropower Resources For Bitcoin

Bhutan utilizes its abundant hydropower to fund its BTC investments as the country now ranked fourth among nations with crypto holdings, joining countries like El Salvador, a South American nation that declared BTC as its national currency.

BTCUSD trading at $91,005 on the daily chart: TradingView.com

Analysts said that the Royal Government of Bhutan leveraged its natural resources to steadily increase its cryptocurrency reserves, allowing it to reach this milestone. They said that the country implemented a consistent Bitcoin mining strategy by tapping its rich natural resources to keep its operational costs low.

Its rich hydropower resources help the Himalayan country sustain its crypto mining which is a major contributor to the country’s economy.

A scenic view of Bhutan. Image: Responsible Adventures

According to data, more than 25% of the country’s GDP comes from mining Bitcoin. It shows that Bhutan’s government is committed to turning cryptocurrency into an economic asset.

The country has already mined 13,011 BTC, making it a government with the biggest holding of BTC.

A Global Trend

Analysts said that the achievement of Bhutan shows a worldwide trend of many nations seeing the value of crypto as an asset. Bhutan and El Salvador are among the countries embracing cryptocurrency as a financial tool.

The firstborn cryptocurrency is gaining appeal as more countries are starting to explore the potential of BTC as part of their national reserve. One country, El Salvador, announced in 2021 that it will adopt Bitcoin as a legal tender.

Bhutan is another excellent example of a crypto adopter, but analysts said other countries can learn from Bhutan’s alternative model of hydropower-powered mining strategy.

Featured image from OneSafe, chart from TradingView