The Bitcoin Fund, the Middle East’s first publicly traded digital asset-based fund, has acquired authorisation from the Dubai Financial Services Authority (DFSA) for its At-the-Market program on Nasdaq Dubai, which will begin trading on the exchange in the coming weeks.
Having received regulatory permission for the offering, The Bitcoin Fund is now in a position to list up to $200 million worth of units on Nasdaq Dubai, allowing it to meet the increasing demand from regional institutional investors for digital assets.
“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, ”explained Frederick Pye, Chairman and CEO, 3iQ Digital Asset Management.
BTC has been on a tear since June, reaching an all-time high of $66,000 earlier this week, a new all-time high for the cryptocurrency. The world’s most valuable digital asset, driven mostly by a new round of institutional adoption and increasing interest from ordinary investors, continues to outperform forecasts.
In its capacity as a digital asset, Bitcoin has experienced unprecedented levels of growth, and the fund, which is listed on Nasdaq Dubai, provides regional investors with once-in-a-lifetime access to the world’s largest digital asset through a regulated medium that they are already familiar with.
In addition, Pye stated that “At the time of the Middle East launch, the price of Bitcoin was around the $33,000 mark – which from an investor standpoint we felt was a great entry point into the market for our Middle Eastern investors.”
Investors may acquire and sell The Bitcoin Fund with simplicity and convenience, since it is traded on both the Toronto Stock Exchange and the Nasdaq Dubai, meaning that the assets are of similar value. Additionally, because it is traded on both exchanges simultaneously, it provides for genuine ease of access.
The Bitcoin Fund will also be open to investors of all backgrounds, whether they are institutional or retail investors. 3iQ has selected Canaccord Genuity and Dalma Capital as joint lead arrangers for the Fund’s regional offering, which will take place in the United Kingdom. Aside from that, BHM Capital has been chosen as the Fund’s Liquidity Provider.
Bitcoin has experienced enormous growth in recent years, becoming the world’s biggest digital asset, with its price reaching a record high of $66,000 in October.
For the first time in the area, named, auditable ownership of Bitcoin is made available through a regular investment vehicle, enabling for exposure to an asset class that has seen remarkable gain over the prior decade to be made available through a publicly listed method.
