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Dubai Financial regulator approves bitcoin fund on Nasdaq
Nov, 06 2021
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Canada-based
closed-end investment fund Bitcoin Fund has become the first registered product
of its sort in the Middle East after getting approval by The Dubai Financial
Services Authority (DFSA).
The Toronto
Stock Exchange-recorded entity started exchanging on the Nasdaq Dubai on June
23, 2021.
Launched by
Canadian firm 3iQ Digital Asset Management, the Bitcoin Fund’s (QBTCu.TO) investment
declaration of the asset includes purchasing bitcoin and putting resources into
USD-designated currency market instruments.
The fund is a
differentiated portfolio of digital assets that puts resources into long-term
possessions of Bitcoin, bought from bitcoin trades and Over-The-Counter (OTC)
counterparties. It gives openness to Bitcoin (BTC), following everyday value
developments in United States dollars, and is presented by 3iQ Corp.
The DFSA has
permitted an extra situation of QBTCu.TO shares for up to $ 200 million. The
drive will be upheld by Canaccord Genuity and Dalma Capital. BHM Capital was the
selected liquidity supplier for 3iQ.
Chairman and CEO of 3iQ Frederick Pye said, “Since we listed The Bitcoin Fund on the Nasdaq Dubai, we have seen an ever-increasing appetite from the large regional institutional investors. With the ability to now execute significantly larger sale offerings we anticipate that this will help to further grow the fund in the region.” Pye added, “At the time of the Middle East launch, the price of Bitcoin was around the $33,000 mark – which from an investor standpoint we felt was a great entry point into the market for our Middle Eastern investors.”
The publication
noticed the exorbitant interest in the proposition from nearby institutional
and retail financial backers.
As an update, in
September, the UAE Securities and Commodities Authority and the Dubai World
Trade Center Administration (DWTCA) went into an agreement to help cryptocurrency
exchanging and related administrations the DWTCA Free Zone.
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Joyashree Dey
CBW - External Analyst
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