Canada’s largest digital asset investment fund manager, 3iQ is expanding its reach to global investors by officially listing “The Bitcoin Fund” on Nasdaq Dubai, the region’s international exchange.
Through the listing, the fund becomes the first exchange-traded fund offering an investment in Bitcoin in the Middle East and North Africa (MENA) region.
The listing will strengthen Dubai’s world-class regulatory environment that supports the new economy business and investment growth, reinforces the city’s position as a driving force for capital market transformation.
Cryptocurrencies are not licensed by the Central Bank of the UAE (CBUAE), although a number of cryptocurrency exchanges are approved to operate within Abu Dhabi Global Market (ADGM), the emirate’s financial free zone. The UAE dirham is the only legal tender in the country that is recognized by the central bank.
The Bitcoin Fund offers investors indirect exposure to the world’s most priced cryptocurrency by trading its units within a regulated and transparent exchange environment as well as the opportunity for long-term capital appreciation through a convenient alternative to a direct investment in the digital assets.
To celebrate the listing, Frederick Pye, Chairman and CEO of 3iQ rang the Nasdaq Dubai market opening bell in the presence of Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, as well as other senior representatives of 3iQ and its advisory firms.
“Our expansion into the Middle East is now official as ‘The Bitcoin Fund’ has been listed on Nasdaq Dubai as of today. When we launched the fund in Toronto last year, an expansion into the Middle East was always on the cards and we are extremely proud to have achieved that milestone here today in Dubai. We believe that The Bitcoin Fund is poised to offer tremendous value to regional investors looking to diversify their portfolio with this asset class through a regulated listing.”
The dual-listing enables investors to transfer their units from the Toronto Stock Exchange to Nasdaq Dubai (and vice versa) as well as to acquire units directly on Nasdaq Dubai. 3iQ has appointed Dalma Capital and Canaccord Genuity as the joint-lead arrangers for the regional offering of the Fund (subject to regulatory approval). BHM Capital has also been appointed as the Fund’s Liquidity Provider.
Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, stated, “This significant step is a push forward for Dubai’s relentless efforts to meet and exceed the evolving needs and requirements of investors, who are looking for seamless accessibility to this new asset class as well as to diversify investment opportunities for investors in the UAE and beyond.”
3iQ has also appointed several other advisors in various capacities to support the listing such as 01 Capital, a London-based corporate finance advisor for the origination and execution of the listing, Razlin Capital UK-based investment firm for advice on the listing, and Pinsent Masons LLP as its legal counsel for the listing process.