The Bitcoin Fund, the Middle East’s first publicly traded digital asset-based fund, has obtained authorization from the Dubai Financial Services Authority (DFSA) for its At-the-Market program on Nasdaq Dubai, which will begin trading on the exchange in the coming weeks.
After been granted permission to list up to $200 million worth of units on Nasdaq Dubai, the Bitcoin Fund will be able to meet the rising demand from regional institutional investors for digital assets. This will be the Middle East’s first publicly traded digital asset product.
“We are quite pleased to have gotten permission from the DFSA for the ATM program,” said the company. Since the launch of The Bitcoin Fund on the Nasdaq Dubai, we have seen a steady increase in interest from significant regional institutional investors in cryptocurrency. In addition, we think that being able to execute considerably bigger sale offers would assist to further enhance the fund’s presence and reputation across Asia,” said Frederick Pye, Chairman and CEO of 3iQ Digital Asset Management (3iQ).
During the month of June, Bitcoin’s price has been on an upward trend, reaching a new all-time high of $66,000 earlier this week. The world’s most valuable digital asset, driven mostly by a new wave of institutional adoption and increasing interest from ordinary investors, continues to outperform forecasts.
In its capacity as a digital asset, Bitcoin has seen unprecedented levels of growth, and the fund, which is listed on Nasdaq Dubai, provides regional investors with once-in-a-lifetime access to the world’s biggest digital asset via a regulated medium that they are already acquainted with. In addition, Pye said that the price of Bitcoin was approximately $33,000 at the time of the Middle East launch, “which, from an investor viewpoint, we believed was a wonderful entry point into the market for our Middle Eastern investors.”
As an exchange-listed fund, trading in The Bitcoin Fund is completely interchangeable between the Toronto Stock Exchange and the Nasdaq Dubai, implying that the assets have equal value.
Additionally, as an exchange-listed fund, it enables investors to buy and sell with ease and convenience, resulting in true ease of access. The Bitcoin Fund will also be open to investors of all backgrounds, whether they are institutional or retail investors.
3iQ has selected Canaccord Genuity and Dalma Capital as joint lead arrangers for the Fund’s regional offering, which will take place in the United Kingdom.
Aside from that, BHM Capital has been chosen as the Fund’s Liquidity Provider. Bitcoin has seen enormous growth in recent years, becoming the world’s most valuable digital commodity, with its price reaching a record high of $66,000 per unit in October.
For the first time in the area, named, auditable ownership of Bitcoin is made available via a regular investment vehicle, enabling for exposure to an asset class that has shown remarkable gain over the prior decade to be made available through a publicly listed method.
