Mideast joins the bitcoin craze with the first cryptocurrency listing in Dubai

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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