Canadian digital assets management firm 3iQ has received clearance from regulators to bring its Bitcoin Fund to NASDAQ Dubai. The Bitcoin fund listed on the TSX last week will be the first indexed Cryptocurrency fund in the Middle East.
It holds approximately $1.5 billion in assets under management, and according to a Reuters interview with 3iQ chairman and CEO Frederick Pye, it plans to doubt this figure next year.
“The idea is bitcoin trades 24 hours a day…. so our interest is to bring a regulated product to Dubai Market in their time hours”, Pye said.
The shares expected to start trading on Nasdaq Dubai in the second quarter. It also aims to list the fund on exchanges in Singapore, Taiwan, Sweden, and the USA.
“We believe that this is the opportune moment to expand this unique investment opportunity into the Middle East Region”, Pye added.
Recently, 3IQ launched a Bitcoin ETF on TSX, which became the fourth of its kind to be approved in Canada.
3iQ Got Approval for Bitcoin ETF
According to the announcement, Bitcoin ETF is available for trading on the TSX under the symbol BTCQ in Canadian Dollars. The product is also available for trading in US Dollars under the symbol of BTCQ.U.
The investment fund manager said that the ETF aims to provide investors with exposure to Bitcoin (BTC) based on the movement in the value of the cryptocurrency in dollars and appreciation for long-term capital.
The Bitcoin ETF’s management fee is 1%, but 3iQ has said it will absorb all other expenses above 0.25%. The firm’s CEO, Fred Pye, said it is “another milestone for the 3iQ team, bitcoin enthusiasts and investors across Canada.”
Including 3iQ’s and coinshare’s fund, regulators in Canada have approved several crypto ETFs. Last week, they gave ETHs from Purpose Investment, Evolve Funds Group, and CI Global Asset Management to begin trading on local exchanges.
Canada’s first bitcoin fund launched by 3iQ in April 2020 has grown to more than $1 billion.