First-Ever Middle Eastern Bitcoin Fund Launches in Dubai
Share this article
The Bitcoin Fund has been listed on the Nasdaq Dubai by 3iQ Corp, Canada’s largest digital asset investment fund manager. The fund is the first of its kind in the Middle East, opening up the affluent region to more BTC investment.
A New Bitcoin Market
While Bitcoin investors are found worldwide, the opening of The Bitcoin Fund paves the way for new inflows of money from one of the richest areas in the world.
Investors can gain exposure to Bitcoin’s price action by buying units of the fund, and can now transfer units from the Toronto Stock Exchange to Nasdaq Dubai and back as well as acquiring directly on the Nasdaq Dubai. Fund stock traded at $38.40 after launching, 11% higher than the initial reference price of $34.57.
3iQ CEO Frederick Pye stated that he was confident in the decision to open the fund, despite it coming at a time when Bitcoin has lost 50% of its value in a matter of weeks.
“I believe that, whether it happens this year, Bitcoin is going to get to a new all-time-high. Yesterday’s Bitcoin closed at $32,000-a-unit and this morning it opened up at $34,000, so we got about a five percent boom in the price of Bitcoin since yesterday. Hopefully we’re going to get a good move on the first day of the Dubai Nasdaq.”
Pye added that another correction could be incoming, also citing the possibility that the markets will consolidate over the summer before bringing Bitcoin to another all-time high, describing this situation as a “win, win, win situation” for Dubai investors.
Bitcoin has tumbled since May after Tesla CEO Elon Musk revoked Bitcoin as a payment method, citing environmental concerns.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Sentiment was further impacted when China, the world’s BTC mining hub, implemented a Bitcoin mining ban and took action to restrict trading earlier this week.
Disclaimer: At the time of writing, the author held BTC and altcoins
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Binance Will Launch Coinbase Trading Alongside Nasdaq
Hours before Coinbase begins trading on Nasdaq, Binance, another top cryptocurrency exchange, has announced the launch of the Coinbase Stock Token on the platform. Binance Launches Coinbase Tokens The stock…
Bitcoin Miner Hive Blockchain Heads to Nasdaq
Another crypto mining company lands a Nasdaq listing. Hive Blockchain to List on Nasdaq Hive Blockchain is heading to Nasdaq, the firm announced Thursday. HIVE is excited to announce today…
Dubai Becomes First Major City To Develop “Court of Blockchain…
The Dubai International Financial Center (DIFC) announced a partnership with the Smart Dubai Initiative to reshape the judicial process through the use of blockchain. The world’s first “Court of Blockchain”…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
