in

Bitcoin fund listed on the Nasdaq in Dubai

Bitcoin fund listed on the Nasdaq in Dubai


A fund on bitcoin from 3iQ has been listed on the Nasdaq in Dubai. 

3iQ Corp is Canada’s largest Digital Asset Manager, founded in 2012 by Jean-Luc Landry and Fred Pye, and was the first Canadian investment fund manager to accept terms and conditions of Canadian securities regulation to operate a public bitcoin investment fund for the country’s accredited investors. 

Its funds on bitcoin are the 3iQ CoinShares Bitcoin ETF (BTCQ), and the Bitcoin Fund (QBTC). 

On the official website of the Nasdaq in Dubai, 3iQ’s Bitcoin Fund has already appeared, and today it is reported to have had a trading volume of about $833,000, with a closing price of $38.30, up 10% from yesterday. Dubai-based Dalma Capital Management Ltd. is the primary facilitator of this listing.

It is the first fund of its kind to be traded in the Middle East, as it was also in Canada last year on the Toronto Stock Exchange. 

The goal would be to raise more than $200 million specifically from Middle Eastern investors.

Bitcoin fund listed on Dubai’s Nasdaq 

3iQ’s Bitcoin Fund invests in long-term holdings of bitcoin as an alternative to direct investments in BTC, thus offering investors a means to gain exposure to its prices but without having to deal with the custody of the tokens. The fund also does not speculate on short-term changes in the price of bitcoin.

This type of financial product is proving very popular around the world, despite the fact that the US SEC still won’t approve a bitcoin ETF for the US market. 

Canada is ahead of the curve, with several bitcoin ETFs already approved and traded on the Toronto exchange, and companies like 3iQ exporting these financial products to other markets. 

Even though the SEC’s concerns about possible price manipulation of BTC are by no means unjustified, the US risks being left behind in this area, even with respect to countries like Canada that have never been their real competitors in the financial sphere. 

It is worth noting that the financial markets in the Middle East are growing, not least because of the large amount of capital available from Middle Eastern investors, so it is rather curious that it is the Canadians, and not the Americans, who are seizing these opportunities.






Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Ethereum 2.0 Merger Spec Finalized – Trustnodes

Ethereum 2.0 Merger Spec Finalized – Trustnodes

garlicoin

Garlicoin Makes Crypto 420x More Fun Again