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0 Comments3IQ’s rapidly-growing Bitcoin Fund turns its sights to the Middle East.
3IQ Corp, the company behind a $1.45 billion Bitcoin Fund listed on the Toronto Stock Exchange (TSX), is gearing up to list it on Nasdaq Dubai, local outlet The National reported today.
“We’re aiming for listing in the second or third week of May and trading by the end of May. 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,” said Frederick Pye, chairman and CEO of 3IQ.
Per the report, the fund is expected to be listed in Dubai before the end of Q2 2021 after it gets approved by Dubai Financial Services Authority.
Growing by $1.3 billion in a year
3IQ’s Bitcoin Fund launched last April on TSX, becoming the first public crypto-focused fund listed on a major global stock exchange. Starting with around $14 million worth of assets, the fund grew to an impressive figure of $1.45 billion in just a year. In part, this due to the swift surge in Bitcoin’s price itself, recently reaching a new all-time high of around $63,000.
According to The National, 3IQ and manager Dalma Capital expect the initial subscriptions—when investors sign up and commit to investing—to be somewhere “north of $200m,” but “but it can be increased in size” since the companies “expect it to be a major offering.”
Meanwhile, Dalma Capital will launch a three-week roadshow that aims to market the fund. It will also reportedly include a presentation by Cameron and Tyler Winkelvoss, whose firm Gemini provides custody for 3IQ’s Bitcoin fund.
After that, another three weeks will be dedicated to attracting potential investors.
“That process will be taking place with us alongside some other institutions that have strong reputations in this region,” explained Zachary Cefaratti, founder and CEO of Dalma, adding, “What we’ve seen is there is significant pent-up demand. There are a lot of investors who feel like they’ve missed out on this huge expansion of wealth that has happened in the rise of Bitcoin.”
https://cryptoslate.com/a-1-45-billion-bitcoin-etf-is-coming-to-nasdaq-dubai/
