Canadian firm 3iQ to launch Bitcoin fund on Nasdaq Dubai

Asset-management firm 3iQ has received regulatory approval to launch a bitcoin fund listed on Nasdaq Dubai. Reuters reports.

Bitcoin Fund (QBTCu.TO), also listed on the Toronto Stock Exchange, will be the first crypto-based index financial instrument listed in the Middle East.

3iQ Chief Frederik Pai noted that assets under management of the fund stand at about $1.5 billion. The company plans to double this figure in 2022.

The idea is that Bitcoin trades 24 hours a day, so we are interested in bringing a regulated product to the Dubai market during its working hours, — Pai stressed.

The listing of the new instrument on Nasdaq Dubai is expected in the second quarter.

The firm is also in talks with exchanges in Singapore, Taiwan, Sweden and the United States to include the 3iQ Bitcoin Fund on the listings of platforms in those jurisdictions.

Earlier in Canada, approved a bitcoin ETF by 3iQ Corp and CoinShares.

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