Canada-based digital assets fund manager, 3iQ Corp, has recently been authorized to list its Bitcoin Fund on NASDAQ Dubai.
According to a Tuesday report, the company’s Bitcoin Fund, which had been listed on the Toronto Stock Exchange back in April 2020, will soon commence trading in Dubai once it receives regulatory green light from the Dubai Financial Services Authority.
Speaking on the timeframe, the company’s chairman and CEO, Frederick Pye said,
We’re aiming for listing in the second or third week of May and trading by the end of May… The idea is bitcoin trades 24 hours a day … so our interest is to bring a regulated product to the Dubai market in their time hours.
The Fund had begun trading on the Toronto Stock Exchange with a little over $14 million in assets. Currently, the 3iQ Bitcoin Fund has approximately $1.5 billion in assets under management (AUM), with ongoing plans to double that amount by next year.
The company’s lead manager for the Fund’s expansion into the Middle Eastern markets, Dalma Capital, will soon begin a three-week education and marketing program for the fund, with special presentations by the Winklevoss twins.
Dalma Capital’s CEO, Zachary Cefaratti noted that many institutional investors, including banks and wealth managers, are already indicating interest in the Bitcoin Fund’s listing.
“Institutional Adoption Has Only Just Begun”
Cefaratti pointed out that most investors are concerned that they have missed out on the success story of bitcoin, which he described as the best performing asset in the last 11 years.
He said,
” What we’ve seen is there is significant pent-up demand. There are a lot of investors who feel like they’ve missed out on this huge expansion of wealth that has happened in the rise of Bitcoin… The concern some people have had is whether it’s too late. But what we’re seeing is it’s still very early. Institutional adoption has only just begun.”
The crypto industry is growing exponentially and is changing global financial systems. Last week Coinbase listed on NASDAQ and Binance recently introduced tokenized shares, with Tesla as the first.
Indeed, institutional adoption of cryptocurrencies has only just begun.
