Nasdaq Dubai to list Middle East's first Bitcoin Fund

A Bitcoin-focused fund will become the first to list in the Middle East on Nasdaq Dubai, its promoter Canadian digital asset management firm 3iQ has announced in a statement. 

It's chairman and CEO Frederick Pye said it had received regulatory approval for the listing of the Bitcoin Fund and that the company is likely to start trading on Nasdaq Dubai in the second quarter.

It also aims to list the fund on exchanges in Singapore, Taiwan, Sweden and the US.

"The goal of our fund is to give the purest exposure to the underlying digital asset," said Pye, "If more corporate giants continue to buy the assets, the effect will be a price increase caused by combination of greater demand with the scarcity of the asset."

The Dubai-based alternative investment firm Dalma Capital has been named 3iQ's syndicate manager for the closed-ended fund in the Middle East.

Corporate finance adviser 01 Capital and investment firm Razlin Capital, both London-based, advised on the listing and Pinsent Masons was legal counsel for the listing process.

Subscribe to International Investment's free newsletter