Bitcoin Fund, listed on Nasdaq Dubai on Wednesday, is the first of its kind to trade in the Middle East as cryptocurrencies gain global attention.
The stock closed at $ 38.30, up 10 percent for the day, according to prices on the Nasdaq Dubai website.
The Canadian fund was the first of its kind to be listed on a major Toronto stock exchange last year. The intent of listing in Dubai is to be traded around the world around the clock. Dubai-based Dalma Capital Management Ltd is the joint lead arranger for the offer.
According to the prospectus, the Bitcoin Fund invests in long-term holdings of Bitcoin as a safer alternative to direct investments in the cryptocurrency. The fund does not speculate on short-term changes in Bitcoin prices.
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