logo

$200M Bitcoin Fund set to list on NASDAQ Dubai via ATM offering

uae flag g ccc

TL;DR Breakdown:

  • Dubai financial regulator has approved The Bitcoin Fund for ATM listing on NASDAQ Dubai.
  • Amid the approval, about $200 million units of the fund will be issued to the exchange. 
  • This is aimed at serving the growing appetite for Bitcoin in the Middle East amongst institutions and retail investors.

The Dubai Financial Services Authority (DFSA) has approved The Bitcoin Fund for at-the-market (ATM) listing on the Dubai-based stock exchange, NASDAQ Dubai. This will provide both institutions and retail investors in the Middle East with more exposure to the leading cryptocurrency, Bitcoin (BTC).

New Bitcoin Fund on NASDAQ Dubai

ATM offerings allow an institution to issue new shares or products incrementally into the existing trading marketing at the current trading price. In this case, the company behind The Bitcoin Fund will be listing an additional $200 million worth of the digital-asset fund on  NASDAQ Dubai, following the approval by the financial watchdog. 

The Bitcoin Fund is reportedly the first-ever digital asset fund to launch in the Middle East. Since its trading debut on NASDAQ Dubai, there has been an “increasing appetite from the large regional institutional investors,” said Frederick Pye, Chairman of 3iQ, which is the firm behind the bitcoin fund.

“With the ability to now execute significantly larger sale offerings, we anticipate that this will help to further grow the fund in the region,” Frederick Pye added. 

Inflows in crypto funds hit a record high

This growing appetite for Bitcoin and other major cryptocurrencies is also seen in the global digital-asset investment fund market. Last week, capital inflows to the market soared to a record high of $1.47 billion, according to data from CoinShares. A significant amount of the inflows ($1.24 billion) were attributed to the newly-launched Bitcoin ETFs in the United States.

The total inflows year-to-date were recorded at US$8bn, with the assets under management (AUM) reaching US$79.2 billion. The increase in the AUM follows the recent surge in the cryptocurrency market, especially in Bitcoin, which holds the lion’s share of the overall market. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related News

Hot Stories

FTX CEO unhappy as crypto firms fail to aid each other
How to Stake Zilliqa: Earn 6% APY based on 80% ZIL in Circulation
Cardano price analysis: ADA could rise up to $0.67 after surviving $0.51 support test
How to Stake Spell Token: Earn up to 20% APY
Gala is announcing a partnership with Stick Figure Productions to distribute Four Down on the Blockchain

Follow Us

Industry News

FTX CEO unhappy as crypto firms fail to aid each other
BlackRock launches spot BTC private trust
Tornado Cash few accounts unblocked as dYdX affirms it adhered to Treasury’s ban
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform