3iQ Green Light for Middle East's First Nasdaq Dubai Bitcoin Fund

Canadian asset manager 3iQ has received legal approval to bring the Bitcoin fund to Nasdaq Dubai, according to Reuters. Listed on the Toronto Stock Exchange last year, the Bitcoin Fund will be the first indexed cryptocurrency fund the Middle East has ever seen. It has nearly $ 1.5 billion in assets under management and plans to double that figure next year, according to an interview with Reuters' 3iQ President and CEO, Frederick Pye. "The idea is to buy and sell Bitcoin 24 hours a day, so our interest is to bring a timely regulated product to the Dubai market," Pye said. When will 3iQ's Bitcoin fund emerge on Nasdaq Dubai? According to Reuters, the 3iQ Bitcoin Fund is expected to start trading on Nasdaq Dubai in the second quarter of 2021. Additionally, the asset manager is in talks to list with exchanges in Singapore, Taiwan, Sweden and the US. 3iQ. Bitcoin Fund in these jurisdictions. The goal is to provide customers with 24/7 access to crypto in all time zones. “We believe it is time to expand this unique investment opportunity in the Middle East,” Pye added. The emerging Bitcoin funds as institutional investors flock to Bitcoin 3iQ's transition to the Middle East are just the latest example of the growing wave of institutional investment in Bitcoin. Since software company MicroStrategy invested $ 425 million in Bitcoin last summer, institutional investors have plunged into cryptocurrency and Bitcoin funds have emerged to serve the growing market. In addition to 3iQ's Bitcoin fund, the Grayscale Bitcoin Fund (GBTC) – according to the figures collected this month – represents about $ 37 billion in private Bitcoin, while the Skybridge Capital Bitcoin Fund, launched in January this year, has grown. $ 370 million in their first pair. week. Even Morgan Stanley, one of the largest financial institutions in the world, recently announced that it will gain access to some of its investors. Read more

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