The regulated Bitcoin-based exchange-traded product is the first listed digital asset-based fund in the Middle East and North Africa (MENA) region. The listing of the fund, which leverages Dubai’s world-class regulatory environment that supports the new economy business and investment growth, reinforces the city’s position as a driving force for capital market transformation.
Managed by 3iQ, the Fund offers investors indirect exposure to Bitcoin by trading its units within a world-class regulated and transparent exchange environment as well as the opportunity for long-term capital appreciation through a convenient alternative to a direct investment in the cryptocurrency.
To celebrate the listing, Frederick Pye, Chairman and CEO of 3iQ Corp. rang the Nasdaq Dubai market opening bell in the presence of Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, as well as other senior representatives of 3iQ and its advisory firms.
The dual-listing enables investors to transfer their units from the Toronto Stock Exchange to Nasdaq Dubai (and vice versa) as well as to acquire units directly on Nasdaq Dubai. 3iQ has appointed Dalma Capital and Canaccord Genuity as the joint-lead arrangers for the regional offering of the Fund (subject to regulatory approval). BHM Capital has also been appointed as the Fund’s Liquidity Provider.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, "Nasdaq Dubai, a leader in the capital market transformation of the MENA region, is committed to maintaining the highest international standards and best practices for the benefit of market participants."
Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, stated, "This significant step is a push forward for Dubai’s relentless efforts to meet and exceed the evolving needs and requirements of investors, who are looking for seamless accessibility to this new asset class as well as to diversify investment opportunities for investors in the UAE and beyond."
3iQ has also appointed several other advisors in various capacities to support the listing such as 01 Capital, a London-based corporate finance advisor for the origination and execution of the listing, Razlin Capital a London-based investment firm for advice on the listing, and Pinsent Masons LLP as its legal counsel for the listing process.
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