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.
Business Standard has always endeavored to provide updated information and commentary on developments that are of interest to you and have far-reaching political and economic implications for the country and the world. Your encouragement and constant feedback to improve our offering has only strengthened our determination and commitment to these ideals. Even in these troubled times resulting from Covid-19, we continue to strive to keep you updated with credible news, authoritative views, and concise comments on current affairs.
However, we have a request.
In the fight against the economic effects of the pandemic, we need your support even more so that we can continue to offer you high-quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve our goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are dedicated.
Support quality journalism and Subscribe to Business Standard.