The Middle East’s first listed digital asset-based fund, the Bitcoin Fund has received approval from the Dubai Financial Services Authority (DFSA) for its At-the-Market (ATM) program on Nasdaq Dubai.
Following the approval of the offering, the Bitcoin Fund is now in a position to list up to $200 million worth of units on Nasdaq Dubai, which will enable the Middle East’s first listed digital asset product to be able to deliver on the growing demand from regional institutional investors.
Since June, Bitcoin has been on a price rally crossing a new all-time high of the $66,000 mark earlier this week. Driven primarily by a fresh round of adoption by institutions and renewed interest by retail investors, the world’s number one digital asset continues to exceed expectations.
As a digital asset, Bitcoin has seen unparalleled levels of growth and through the fund on Nasdaq Dubai, it offers regional investors once-in-a-lifetime access to the world’s largest digital asset via a regulated medium that they are familiar with.
Frederick Pye Chairman & CEO 3iQ
“We are extremely proud to have received the approval of the ATM program from the DFSA. 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.”
Trading of The Bitcoin Fund is completely interchangeable between the Toronto Stock Exchange and Nasdaq Dubai, thereby implying equal value between the assets and as an exchange-listed fund, it enables investors to purchase and sell with ease and convenience allowing for true ease of access.
The Bitcoin Fund will also be accessible to all investor profiles, from institutional grade or retail. 3iQ has appointed Canaccord Genuity and Dalma Capital as the joint-lead arrangers for the regional offering of the Fund. BHM Capital has also been appointed as the Fund’s Liquidity Provider.
“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,” added Mr. Pye.
The Bitcoin Fund brings titled, auditable ownership of Bitcoin through a traditional investment vehicle to the region for the first time, allowing for a publicly quoted mechanism for exposure to an asset class.
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