On Wednesday, the Bitcoin Fund became the Middle East's first publicly traded bitcoin fund when it debuted on Nasdaq Dubai.
The fund, which was established on the Toronto Stock Exchange last year by Canadian digital asset management business 3iQ, has around $1.5 billion in assets under management and expects to manage double that next year.
“With the listing of the Bitcoin Fund on the Dubai exchange, it will provide consumers in the region access to this fund during the hours that the Dubai exchange trades,” Frederick Pye, founder and CEO 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.
