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Dubai Financial regulator approves bitcoin fund on Nasdaq

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Joyashree Dey Follow

INDIA

Nov, 06 2021

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.”

Also Read | Investors in the AnubisDAO token lost around $60 million

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

INDIA

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