3iQ Bitcoin ETF to launch in Dubai
Bitcoin ETFs are already gaining popularity in North America. Canada has listed a few Bitcoin ETFs in recent months while the United States Securities and Exchange Commission (SEC) is reviewing nine proposals. South America also has one after Brazil approved a Bitcoin ETF a few weeks ago.The next region that could see a Bitcoin ETF is the Middle East. The CEO of Canada’s largest digital-asset investment fund manager 3iQ Corp said the firm wants to raise $200 million by listing its Bitcoin ETF in Dubai.
Fred Pye told Bloomberg the firm intends to list the ETF on the Nasdaq Dubai exchange. This way, 3iQ’s Bitcoin ETF will be trading at all hours around the globe. “We trade on the North American market times, and Dubai is almost perfectly opposite of what our trading hours are,” he added.
If the plan goes through, it would be the first Bitcoin exchange-traded fund in the Middle East. 3iQ has been around since 2012 and currently has roughly $1.5 billion in assets under management. The firm listed its 3iQ Coinshares Bitcoin ETF on the Toronto Stock Exchange a few months ago. 3iQ will use Dubai-based Dalma Capital Management Ltd. as the syndicate manager for the offering.
The CEO explained that their plan goes beyond launching a Bitcoin ETF. He said 3iQ wants to work closely with lenders in the Middle East. “Not only the banks in the UAE but also potential banks from other countries in the region,” he added.
The US is still waiting for its first Bitcoin ETF
Canada approved three Bitcoin ETFs recently while Brazil launched the first of its kind in South America. However, crypto enthusiasts in the US are still waiting for the first Bitcoin ETF in the country. The US Securities and Exchange Commission is currently reviewing nine Bitcoin ETF applications. Experts are optimistic the agency will approve at least one of them.Pye hopes the price of the leading cryptocurrencies continues its extended rally and reaches $100,000 in three years. “Right now, we’ve seen Bitcoin consolidate in the $50,000-$60,000 range, we expect that to continue,” he concluded.
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