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Nasdaq Dubai welcomes dual-listing of 3iQ’s ‘The Bitcoin Fund’

Muhnis Beeran by Muhnis Beeran
June 24, 2021
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Nasdaq Dubai welcomes dual-listing of 3iQ’s ‘The Bitcoin Fund’
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DUBAI, 23rd June 2021 (WAM) — 3iQ, Canada’s largest digital asset manager with over C$2.5 billion in AUMs under management, today announced the official listing of its Bitcoin Fund (Trading Code: QBTC) on Nasdaq Dubai, the international exchange for the region.

This fund is the world’s first major regulated Bitcoin fund to be listed in the capital markets in the Middle East and North Africa region, taking advantage of Dubai’s world-class regulatory environment that supports the growth of business and investments in the new economy.

“With the listing of the Bitcoin Fund, it’s going to give people access in the region to this fund on the Dubai exchange in the hours that the Dubai exchange trades at,” Frederick Pye, the chief executive officer of 3iQ, told Reuters.

“If the volumes are significant, we’ll be looking to raise capital to increase the size of the Bitcoin Fund here in Dubai and we will continue to issue shares based on the demand that comes from the region,” Pye said in an interview.

Through the dual listing of the fund, investors were able to transfer its units from the Toronto Stock Exchange to Nasdaq Dubai “and vice versa” in addition to purchasing units directly on Nasdaq Dubai. 3iQ has appointed Dalma Capital and Canaccord Gnotti as co-managers of the fund’s regional expansion, “subject to regulatory approvals.” BHM Capital has also been appointed as the fund’s liquidity provider.

Pye acknowledged that China’s recent crackdown on mining cryptocurrencies has hit digital currency prices, but he said the timing of that move would help those who bought into the Dubai listing.

“We’re very excited because when we hit an all-time high, our investors and our clients and our friends will have doubled their money,” Pye added.

Tags: 3iQbitcoin
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