Middle East’s first bitcoin fund launches on Dubai bourse


3iQ Corp., Canada’s largest digital asset investment fund manager with more than C$2.5 billion in assets under management, on Wednesday officially listed The Bitcoin Fund on Nasdaq Dubai, the region’s international exchange.

The regulated Bitcoin-based exchange traded product is the Middle East and North Africa’s (MENA) first listed digital asset-based fund.

Developed in 2008 as an alternative to traditional currencies, bitcoin is the world’s most popular virtual currency, but it suffered a blow recently due to fresh curbs by the Chinese government.

The listing of the fund, which leverages Dubai’s world-class regulatory environment that supports new economy business and investment growth, reinforces the city’s position as a driving force for capital market transformation, said an official press release by Nasdaq Dubai.

Managed by 3iQ, the Fund offers investors an indirect exposure to Bitcoin by trading its units within a world-class regulated and transparent exchange environment as well as the opportunity for long-term capital appreciation through a convenient alternative to a direct investment in the crypto currency.

To celebrate the listing, Frederick Pye, Chairman and CEO of 3iQ Corp. rang the Nasdaq Dubai market opening bell in the presence of Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, as well as other senior representatives of 3iQ and its advisory firms.

“Our expansion into the Middle East is now official as The Bitcoin Fund has been listed on Nasdaq Dubai as of today. When we launched the Fund in Toronto last year, an expansion into the Middle East was always in the plans and we are extremely proud to have achieved that milestone here today in Dubai. We believe that The Bitcoin Fund is poised to offer tremendous value to regional investors looking to diversify their portfolio with this asset class through a regulated listing,”said Frederick Pye, Chairman and CEO, 3iQ Corp.

The dual-listing of the Fund enables investors to transfer their units from the Toronto Stock Exchange to Nasdaq Dubai (and vice versa) as well as to acquire units directly on Nasdaq Dubai. 3iQ has appointed Dalma Capital and Canaccord Genuity as the joint-lead arrangers for the regional offering of the Fund (subject to regulatory approval). BHM Capital has also been appointed as the Fund’s Liquidity Provider, said the press release.

Read more: https://pakobserver.net/cryptocrash-bitcion-slumps-below-30000-for-first-time-in-5-months/

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