BTC fund listed on the Nasdaq in Dubai
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A fund on BTC from 3iQ has been listed on the Nasdaq in Dubai.
A #BTC fund by Canada’s 3iQ listed on the Dubai-Nasdaq today
— BTC Archive
(@BTC_Archive) June 23, 2021
(@BTC_Archive) 3iQ Corp is Canada’s largest Digital Asset Manager, founded in 2012 by Jean-Luc Landry and Fred Pye, and was the first Canadian investment fund manager to accept terms and conditions of Canadian securities regulation to operate a public BTC investment fund for the country’s accredited investors.
Its funds on BTC are the 3iQ CoinShares BTC ETF (BTCQ), and the BTC Fund (QBTC).
On the official website of the Nasdaq in Dubai, 3iQ’s BTC Fund has already appeared, and today it is reported to have had a trading volume of about $833,000, with a closing price of $38.30, up 10% from yesterday. Dubai-based Dalma Capital Management Ltd. is the primary facilitator of this listing.
It is the first fund of its kind to be traded in the Middle East, as it was also in Canada last year on the Toronto Stock Exchange.
The goal would be to raise more than $200 million specifically from Middle Eastern investors.
BTC fund listed on Dubai’s Nasdaq
3iQ’s BTC Fund invests in long-term holdings of BTC as an alternative to direct investments in BTC, thus offering investors a means to gain exposure to its prices but without having to deal with the custody of the tokens. The fund also does not speculate on short-term changes in the price of BTC.
This type of financial product is proving very popular around the world, despite the fact that the US SEC still won’t approve a BTC ETF for the US market.
Canada is ahead of the curve, with several BTC ETFs already approved and traded on the Toronto exchange, and companies like 3iQ exporting these financial products to other markets.
Even though the SEC’s concerns about possible price manipulation of BTC are by no means unjustified, the US risks being left behind in this area, even with respect to countries like Canada that have never been their real competitors in the financial sphere.
It is worth noting that the financial markets in the Middle East are growing, not least because of the large amount of capital available from Middle Eastern investors, so it is rather curious that it is the Canadians, and not the Americans, who are seizing these opportunities.
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