The Canadian company 3iQ’s Bitcoin Fund was listed on Nasdaq Dubai today, Wednesday, and is the first of its kind to be traded in the Middle East in particular and in the Arab region in general, as cryptocurrencies continue to attract worldwide attention.
Bitcoin Fund stock was trading on Nasdaq Dubai hours ago at $38.30, an 11% increase over the first reference price of $34.57, according to prices on the Nasdaq Dubai website .
The Canadian fund was the first of its kind to be listed on a major Toronto stock exchange last year.
The listing in Dubai was chosen to allow trading at all times around the world, in addition to the openness of the UAE to the blockchain and crypto market.
First Bitcoin ETF in the Middle East Aims to Raise Over $200 Million:
The Bitcoin Fund invests in long-term Bitcoin holdings and contracts as a safer alternative to direct investments in the cryptocurrency, according to its prospectus.
Just six weeks ago, Bitcoin was trading near $60,000 amid embrace and adoption from several Wall Street firms as well as retail investors.
But the negative concern about its energy use, which was further highlighted by Tesla’s Elon Musk, as well as tightening from China has driven the price down in recent weeks, with the price briefly dropping below the key $30,000 level on Tuesday.
Currently, Bitcoin has bounced back after dropping below the $30,000 threshold.