3iQ Corporation, the manager of the first Bitcoin fund in the world is all set to be eligible for trading on major exchanges and to be listed on NASDAQ Dubai. The Bitcoin Fund ETF was listed on the Toronto Stock Exchange in April last year and is now expecting to start trading in Dubai within the current quarter after getting acceptance from the DFSA.
3iQ Corporation Bitcoin Fund to Trade on NASDAQ Dubai
3iQ Corporation, the firm which launched its Bitcoin fund ETF in the month of April last year on the Toronto Stock Exchange is all set to start a new journey.
In a recent revelation, it has come to notice that after getting approval from the Dubai Financial Services Authority, the trading fund will be eligible to trade on the NASDAQ Dubai exchange,
The Chairman and Chief Executive of 3iQ, Frederick Pye told The National:
“We’re aiming for listing in the second or third week of May and trading by the end of May.”
He added to his statement mentioning the perks of the listing and said:
“Listing the fund on a Middle East exchange will also help in terms of trading times, as Bitcoin trades for 24 hours a day, seven days a week.”
With approximately $15 million assets under management, the Bitcoin fund started trading on the Toronto Stock Exchange last year.
In accordance with the data shared on the official website of the company on Friday, the fund accounted for a net value of $1.45 billion.
A part of this is because of the unmatchable surge in the prices of Bitcoin in value during that particular time period.
As a matter of fact, after about eight months from the introduction of the fund, the prices of Bitcoin have risen from around $7,000 to over $55,000.
Frederick Pye And The Corporation Targeting Initial Subscriptions
Mr. Pye released a statement that read:
“3iQ and its lead manager Dalma Capital are targeting initial subscriptions “north of $200m for the Nasdaq Dubai listing.”
In addition to this, he said:
“But it can be increased in size. We expect it to be a major offering.”
The lead manager of 3iQ Corporation, Dalma Capital, which is based in the Dubai International Financial Centre, is now starting a roadshow that will be involving about three weeks of education and marketing of the fund.
“That process will be taking place with us alongside some other institutions that have strong reputations in this region.”