The Bitcoin Fund debuts on the Nasdaq Dubai
The Bitcoin Fund ( QBTCu.TO ) made history when it debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East’s first listed cryptocurrency fund.
The Fund was listed by 3iQ, a Toronto-listed Canadian digital asset management firm with CAD2.5 billion in assets under management.
The Fund traded up 11% from the reference price of USD 34.57 per unit. A total of 11,631,077 units are available on the Dubai platform in the form of dematerialized securities.
The Fund attracted considerable interest from Middle East sovereign wealth funds.
“Today’s secondary listing of existing units from Canada was met with very strong demand, which has validated the need for an additional offering to satisfy the demand from regional investors,” said Zachary Cefaratti, CEO of Dalma Capital.
Dubai-based Dalma Capital, an alternative investment firm, was the lead arranger for the Nasdaq Dubai listing.
London-based investment firm Razlin Capital and corporate finance advisor 01 Capital, advised on the listing, and Pinsent Masons were legal counsel for the listing process.
“The Bitcoin Fund is going to give people access in the region to this fund on the Dubai exchange in the hours that the Dubai exchange trades at.”
“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,” said Frederick Pye, chairman, and CEO of 3iQ.
The primary objective of the Nasdaq Dubai listing is to offer Middle East residents exposure to digital assets via a regulated platform, in their time, since the crypto markets ‘ never sleeps ‘ as Bitcoin trades 24 hours a day.
There are industry anecdotes that there is a huge demand for QBTC in the Middle East, especially in areas where banks do not support crypto transactions.
Previously, investors who invested in bitcoin through their regional banks and if the banks found out they were sending money to crypto exchanges, the banks would close their accounts.
The Bitcoin Fund listing will satisfy the demand for investment diversification in the region, as well as environmental, social, and governance (ESG) needs, such as for pension funds and family offices.
Bitcoin Fund’s official listing represents a massive shift in mindset as Dubai re-fashions itself as a financial capital hub.
Following the Bitcoin Fund successful launch in Dubai, industry sources report negotiations are ongoing for 3iQ crypto fund global listings in Singapore, Taiwan, Sweden, and the USA
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