3iQ is set to become the first listed crypto digital asset-based fund in the Middle East as the company’s chief executive has revealed that the Canadian digital asset management firm got regulatory clearance to have the Bitcoin Fund (QBTCu.TO) listed on Nasdaq Dubai.
Chairman and CEO of 3iQ, Frederick Pye, who was interviewed by Reuters, explained that having been listed on the Toronto Stock Exchange in the previous year, the Bitcoin Fund has an estimated $1.5 billion in assets under management and that figure is expected to double next year.
Pye said, “The idea is bitcoin trades 24 hours a day … so our interest is to bring a regulated product to the Dubai market in their time hours.”
Trading of the shares is projected to begin on NASDAQ Dubai by the second quarter. According to Pye, 3iQ has been discussing with exchanges in Sweden, Singapore, Taiwan, and the United States about getting the Bitcoin Fund listed in those markets, the final aim being round-the-clock cryptocurrency trading.
Dubai-based alternative investment firm; Dalma Capital was the syndicate manager for 3iQ, for the Middle East expansion of the fund. Advisors on the listing included investment firm Razlin Capital and corporate financial advisor 01 Capital, both based in London. The listing process was completed under the legal counsel of Pinsent Masons.
Pye said, “We believe that this is the opportune moment to expand this unique investment opportunity into the Middle East region.”
Zachary Cefaratti, the CEO of Dalma Capital Management, revealed that the listing has gotten the attention of sovereign wealth funds and other institutional investors. He said, “There’s just been a lot of grassroots demand for it. Historically, investors who tried to invest in bitcoin through their regional banks … in a lot of cases, if the banks found out they were sending money to cryptocurrency exchanges, they would actually close their accounts. So this is a huge shift and a huge change.”
