3IQ Corp. has now officially listed its digital asset-based fund on the Dubai-based stock exchange, Nasdaq Dubai. The fund called “The Bitcoin Fund” has the trading symbol, QBTC, and is the first exchange-listed crypto-related investment product in the region.
“Our expansion into the Middle East is now official as The Bitcoin Fund has been listed on Nasdaq Dubai as of today,” said Frederick Pye, chairman, and CEO, 3iQ Corp.
This development comes after Canada’s largest digital asset fund management company, 3IQ, announced on April 2021 that they were awaiting the approval of Dubai’s Regulatory Financial Services Authority.
“The Bitcoin Fund” being listed opens a new record of being the first listed digital asset-based fund in both the Middle East and North Africa (MENA). The fund thus enjoys a double- listing.
The Bitcoin Fund being listed in MENA might as well strengthen the financial relationship between the Canadian city of Toronto and Dubai as investors can transfer their units from the Toronto Stock Exchange to Nasdaq Dubai (and vice versa) as well as acquire units directly on Nasdaq Dubai.
“We believe that The Bitcoin Fund is poised to offer tremendous value to regional investors looking to diversify their portfolio with this asset class through a regulated listing,” Pye added.
With the aid of the fund, 3IQ Corp., which manages more than C$2.5 worth of assets, offers investors indirect exposure to Bitcoin by trading its units within a first-class regulated and transparent exchange environment. Moreso, through a convenient alternative to a direct investment in Bitcoin, the fund provides investors with the benefit of Bitcoin’s long-term rise in value without having to custody the underlying asset.
This new development also benefits Dubai’s economy as well. The listing of the fund will greatly motivate the start of a new economic business as well as increase investment growth, hence serving as a driving force for capital market transformation.
The chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, is happy about this happening and looks forward to future listings on Nasdaq Dubai.
“We are confident that our all-inclusive exchange environment places us in an excellent position to attract further listings, whether they are traditional capital markets issuances or alternative investment vehicles,” he said.
