“We are extremely proud to have received the approval of the ATM program from the DFSA. Since we listed The Bitcoin Fund on the Nasdaq Dubai, we have seen an ever-increasing appetite from the large regional institutional investors. With the ability to now execute significantly larger sale offerings we anticipate that this will help to further grow the fund in the region,” said Frederick Pye, the Chairman and Chief Executive Officer of Canada’s largest Bitcoin and digital asset fund manager, 3iQ Digital Asset Management (3iQ).
The Bitcoin fund is a diversified portfolio of digital assets that invests in Bitcoin and U.S. dollar-denominated money market instruments. It first launched on the Nasdaq in June this year and became the first listed digital asset fund in the Middle East. The Bitcoin Fund will become the region’s first crypto-based product to be listed on a regulated platform, and according to the report, it is now in a position to list up to $200 Million worth of units on Nasdaq Dubai.
It is anticipated that the fund will satisfy the increasing demand for digital assets from institutional investors. The Bitcoin Fund, which will be available to investors of all levels, will also provide investors with exposure to Bitcoin and the daily price changes of Bitcoin in United States dollars, as well as long-term capital appreciation. Canaccord Genuity and Dalma Capital have been appointed by 3iQ as the joint-lead arrangers for the regional offering of the Fund, while BHM Capital has been appointed as the Fund’s Liquidity Provider.
The latest development is another win for Bitcoin, and for cryptocurrency in general. Over the past four months, the flagship cryptocurrency has been experiencing a surge in its value, climaxing at a new all-time high of $66,000 a week ago. Currently, Bitcoin’s market capitalization dominance is at its highest level since May, and expectations remain for even higher levels in the weeks and months to come. More major companies, governments, and financial regulators are also warming up to cryptocurrency, which many uphold as having the power to revolutionize money. For Dubai’s financial watchdog, its approval comes as an attempt to establish itself as an innovative regulator for the region by turning attention to new technology and ingenious financial solutions that may help propel economic growth.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
