Dubai is now receiving the first bitcoin fund in the UAE region. Canada’s 3iQ Corp announced that it will officially list its Bitcoin Fund on Nasdaq Dubai.
The fund’s launch comes at a time when Bitcoin (BTC) and the entire crypto market are exposed to great turbulence and volatility. On Tuesday June 22nd, BTC price plunged to a low of $ 29,092 before recovering. However, 3iQ CEO Frederick Pye is confident about the Bitcoin future. But despite his bullish stance, Pye remains realistic in the short term. Speaking to Arab companies, Pye said:
“We could see another correction, or most likely the markets will consolidate over the course of the summer and then the Bitcoin markets will hit an all-time high again, if you believe in the thesis. This means that investors in Dubai are in a perfect position to make some money, which is a win-win-win situation. “
3iQ has appointed Dalma Capital and Canaccord Genuity as joint lead arrangers for this regional fund offering in the UAE. 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 net assets under management of over $ 2.5 billion. The 3iQ Bitcoin Fund offers investors indirect exposure to BTC in accordance with applicable regulations. It is also the right alternative to direct investments in the digital asset.
With this dual list of the 3iQ Bitcoin Fund in Canada as well as in the United Arab Emirates, investors can easily transfer funds between the Toronto Stock Exchange to the Nasdaq Dubai. In addition, investors from each region can purchase the Bitcoin fund shares directly on other exchanges. Pye added:
“It’s an exceptional approach for investors in Dubai to just go to the Dubai Nasdaq at their time slot and buy something that shows up in their investment account like any other security.
The simplicity of the transaction, ease of entry and exit is absolutely wonderful with this listed security, but so far you have only been able to close these listed securities by waiting North American hours. “
The launch of his Bitcoin fund on overseas soil gives him the opportunity to expand his market to other overseas locations.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
Bhushan is a FinTech enthusiast and has a keen understanding of the financial markets. His interest in business and finance draws his attention to the emerging blockchain technology and cryptocurrency markets. He is constantly in a learning process and motivates himself by sharing the knowledge he has acquired. In his spare time he reads crime novels and sometimes explores his cooking skills.