3iQ Corp., Canada’s digital asset investment fund manager with more than C$2.5 billion in assets under management has officially listed The Bitcoin Fund, (Trading Symbol: QBTC), on Nasdaq Dubai, the region’s international exchange. The regulated Bitcoin-based exchange traded product is the Middle East and North Africa’s (MENA) first listed digital asset-based fund. 3iQ had received regulatory approval in the UAE to list the fund back in April 2021. UAE Based Dalma Capital is the syndicate manager for the fund expansion in the MENA region.
Managed by 3iQ, the Fund offers investors an 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 crypto currency.
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.
“Our expansion into the Middle East is now official as The Bitcoin Fund has been listed on Nasdaq Dubai as of today. When we launched the Fund in Toronto last year, an expansion into the Middle East was always in the plans and we are extremely proud to have achieved that milestone here today in Dubai. We believe that The Bitcoin Fund is poised to offer tremendous value to regional investors looking to diversify their portfolio with this asset class through a regulated listing,”said Frederick Pye, Chairman and CEO, 3iQ Corp.
The dual-listing of the Fund 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 capital market transformation in the MENA region, is committed to maintaining the highest international standards and best practices for the benefit of market participants. We are confident that our all-inclusive exchange environment places us in an excellent position to attract further listings, whether they are traditional capital markets issuances or alternative investment vehicles.”
Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, said: “We are delighted that 3iQ has chosen the robust regulatory framework and enhanced regulations and infrastructure of Nasdaq Dubai as the listing venue for its Bitcoin Fund. 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.”
“We were always confident in The Bitcoin Fund from 3iQ and have seen strong support from key institutions in the region. We remain steadfast in our belief in The Bitcoin Fund as a broader alternative investment vehicle that will offer a more efficient and regulated option for regional investors to access the asset class,” said Zachary Cefaratti, CEO, Dalma Capital.
UNLOCK asked Zachary if the current Bitcoin prices will have any effect on the Bitcoin Fund just launched. He replied, ” I have been investing in Bitcoin since 2011 and continue to view Bitcoin as a long term investment. We are delighted to see the Bitcoin price come down from its all time high to create a better entry point. I remain confident that a new all time high will be reached as Bitcoin and digital assets go mainstream and achieve widespread adoption.”
“Our firm has been part of the journey with 3iQ since inception, in Canada, having led or co-led all of its public offerings on the Toronto Stock Exchange to-date. Today we are proud to be able to partner with them on this landmark moment in the UAE,” saidSachin Mahajan, Head of MENASA, Canaccord Genuity.
3iQ has also appointed a number of other advisors in various capacities to support with the listing; 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.
Sources close to 3iQ stated that the Bitcoin Fund on Nasdaq Dubai covered over 95 percent of volume of trades today at launch.