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After gaining regulatory approval for a dual listing in April, 3iQ launched its Bitcoin Fund on Nasdaq Dubai.
3iQ, Canada’s biggest digital asset investment fund manager, is broadening its appeal to worldwide investors by launching its public Bitcoin (BTC) fund on a prominent Middle Eastern exchange.
3iQ rolled out its Bitcoin Fund (QBTC) for trading on Nasdaq Dubai, according to an official statement by the exchange. Trading went live on Wednesday at 10:00 a.m. Dubai time.
The new listing marks the emergence of Middle East’s first indexed digital asset-based fund, 3iQ chairman and CEO Frederick Pye previously said. Pye was optimistic about BTC price, predicting a new all-time high in 2021:
“I believe that, whether it happens this year, Bitcoin is going to get to a new all-time-high. Yesterday’s Bitcoin closed at $32,000-a-unit and this morning it opened up at $34,000, so we got about a five percent boom in the price of Bitcoin since yesterday. Hopefully we’re going to get a good move on the first day of the Dubai Nasdaq.”
3iQ has acquired regulatory approval for a dual listing of the Bitcoin Fund on Nasdaq Dubai in April 2021, with trading expected to begin in the second quarter. Pye stated that the business was in discussions with additional exchanges in Singapore, Taiwan, Sweden, and the United States about listing the fund.
The company is one of Canada’s largest cryptocurrency firms. In January 2018, it became the first crypto fund to be regulated by the Ontario Securities Commission and the Canadian Securities Administrators. 3iQ was the first Canadian business to list a public Bitcoin fund on the Toronto Stock Exchange in 2020.