DUBAI (Reuters) – The Bitcoin Fund debuted on Nasdaq Dubai on Wednesday, changing into the Center East’s first listed cryptocurrency fund.
The fund, which was listed by Canadian digital asset administration agency 3iQ on the Toronto Inventory Alternate final 12 months, has roughly $1.5 billion in property beneath administration and plans to handle double that subsequent 12 months.
“With the itemizing of the Bitcoin Fund, it’s going to offer individuals entry within the area to this fund on the Dubai alternate within the hours that the Dubai alternate trades at,” Frederick Pye, founder and CEO of 3iQ, informed Reuters.
“If the volumes are important, we’ll be seeking to elevate capital to extend the dimensions of the Bitcoin Fund right here in Dubai and we are going to proceed to concern shares primarily based on the demand that comes from the area,” Pye stated in an interview.
The itemizing will assist fulfill demand for funding diversification within the area, in addition to environmental, social and governance (ESG) wants, akin to for pension funds and household places of work, Pye stated.
China’s crackdown on mining cryptocurrencies had hit digital foreign money costs, Pye stated, however the timing of this had really helped those that purchased into the Dubai itemizing.
“We’re very excited as a result of after we hit an all-time excessive, our buyers and our purchasers and our mates may have doubled their cash,” Pye added.
Reporting by Jacob Greaves and Abdel Hadi Ramahi; Writing by Yousef Saba; Modifying by Alexander Smith