Dubai is now getting the first-ever Bitcoin fund in the UAE region. Canada’s 3iQ Corp announced that it shall be officially listing its Bitcoin Fund on Nasdaq Dubai.
The fund launch comes just at a time when Bitcoin (BTC) and the overall crypto market are facing major turbulence and volatility. On Tuesday, June 22, the BTC price crashed to a low of $29,092 levels before recovering back. However, 3iQ CEO Frederick Pye is confident of the Bitcoin future. But despite his bullish stand, Pye remains realistic in the short term. Speaking to Arab business, Pye said:
“We could be in for another correction, or most likely the markets consolidate over the summer and then the markets again will go to an all-time-high on Bitcoin, if you believe in the thesis. That means investors in Dubai are going to be in a perfect position to make some money, which is a win, win, win situation.”
For this regional fund offering in the UAE, 3iQ has appointed Dalma Capital and Canaccord Genuity as the joint-lead arrangers. Besides, it has also appointed BHM Capital as the fund’s liquidity provider.
The 3iQ Bitcoin Fund
3iQ is currently Canada’s largest digital asset investment manager with over C$2.5 billion in net assets under management. The 3iQ Bitcoin Fund gives investors indirect exposure to BTC under proper regulations. It also serves as the right alternative against direct investment in the digital asset.
With this dual list of the 3iQ Bitcoin Fund in Canada as well as UAE, investors can easily transfer funds between the Toronto Stock Exchange to Nasdaq Dubai. Also, investors from any region can directly acquire the Bitcoin fund units on other’s exchange. Pye added:
“It’s extraordinary access for investors in Dubai to be able to just go to the Dubai Nasdaq, in their time slot, and buy something that shows up in their investment account like any other security would.
The ease of transaction, the ease of moving in and out, is absolutely wonderful with this listed security, yet up until now they were only able to do these listed securities by waiting for North American hours.”
Launching its Bitcoin Fund on foreign soil gives it leverage to further expand its market to other overseas locations.
The post Canada’s 3iQ Lists Its Bitcoin fund on Nasdaq Dubai, the First In the Region appeared first on Coingape.
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