The canada’s 3iQ Bitcoin Fund will allow Dubai-based investors to swap assets between Nasdaq Dubai and the Toronto Stock Exchange (TSE) due to its dual listing.
The first Bitcoin fund in the UAE region is officially available in Dubai. 3iQ Corp, based in Canada, has announced that its Bitcoin Fund would be listed on Nasdaq Dubai.
The launch comes at a time when Bitcoin (BTC) and the crypto market as a whole are experiencing significant turmoil and volatility.
The BTC price plummeted to a low of $29,092 on Tuesday, June 22 before recovering. 3iQ CEO Frederick Pye, on the other hand, is optimistic about Bitcoin’s future
Despite his bullish stand, Pye maintains a realistic outlook in the short term. Pye, speaking to the Arab business community, said:
“We could be in for another correction, or most likely the markets consolidate over the summer and then the markets again will go to an all-time-high on Bitcoin, if you believe in the thesis. That means investors in Dubai are going to be in a perfect position to make some money, which is a win, win, win situation.”
3iQ has appointed Dalma Capital and Canaccord Genuity as joint-lead arrangers for this regional fund offering in the UAE. BHM Capital has also been named as the fund’s liquidity provider.
With over C$2.5 billion in net assets under management, 3iQ is now Canada’s largest digital asset investment manager.
3iQ Bitcoin Fund provides investors with indirect exposure to Bitcoin while remaining compliant with regulations. It also provides as a viable option to investing directly in the digital asset.
Investors can conveniently move funds between the Toronto Stock Exchange and Nasdaq Dubai thanks to the 3iQ Bitcoin Fund’s dual listing in Canada and the UAE.
Investors from any region can also buy Bitcoin fund units directly on other exchanges. Pye continued, “
“It’s extraordinary access for investors in Dubai to be able to just go to the Dubai Nasdaq, in their time slot, and buy something that shows up in their investment account like any other security would.
The ease of transaction, the ease of moving in and out, is absolutely wonderful with this listed security, yet up until now they were only able to do these listed securities by waiting for North American hours.”
It derives leverage by launching its Bitcoin Fund on foreign country, allowing it to grow its market to other international regions.