3IQ Launches Its Bitcoin Fund Trading On NASDAQ Dubai
3IQ, the biggest virtual asset investment fund manager in Canada, has officially expanded its reach to investors in other world regions, especially the middle east. NASDAQ Dubai has publicly listed its bitcoin fund on its exchange.
In a press release issued by the company, 3IQ revealed that its bitcoin fund (BTC) is now available for trading on NASDAQ Dubai. The listing went live today at around 10AM (Dubai time). 3IQ has chosen Canaccord Genuity and Dalma capital as its joint-lead arrangers, while BHM capital will be its liquidity provider.
3IQ Records Another First
With this listing, 3IQ is the first listed digital asset fund in the middle east. Frederick Pye, 3IQ chairman, and CEO remained bullish about the bitcoin price stating that “I am convinced bitcoin will reach a new peak price even if it doesn’t happen this year. Bitcoin closed at $32,500 yesterday, and this morning, it started trading at $33,500 (about a 5% price increase). We hope that it retains this positive trend on our first day of being listed on NASDAQ Dubai.”
Having received a dual listing clearance of its bitcoin fund on NASDAQ Dubai two months back, it plans to start trading this quarter. Pye revealed that plans are already underway for 3IQ’s listing on exchanges in America, Sweden, Taiwan, and Singapore. In January 2018, 3IQ became the first digital asset firm regulated by the Canadian securities administration and the Ontario securities commission.
Last year, the firm also accomplished another first; it was the first firm to launch a public bitcoin fund on Toronto’s Stock Exchange.
Vaneck to Launch Bitcoin Strategy Fund
Having seen its bitcoin exchange-traded (ETF) fund filing knocked back twice by the sec, wealth management firm, VanEck filed for a bitcoin strategy fund. VanEck’s bitcoin strategy fund will purchase bitcoin futures and exchange-traded products.
The fund management firm’s purchases will be based on the CME CF bitcoin reference rate (brr) rates. They will also collaborate with pooled investments that invest in bitcoin directly or indirectly. The share price of VanEck’s bitcoin strategy fund will be determined by the market value of its portfolio securities.
However, the firm has categorically stated that it won’t acquire bitcoin directly because of the market’s high volatility. The firm also stated it wouldn’t invest in any other digital asset. VanEck also warned potential investors to be aware that they can lose their investments. Part of VanEck’s filing states thus: “bitcoin’s value and consequently, any related products could decline sharply even to zero. Hence, keep in mind that you can lose your investment.”
The company further states that the fund’s risks include risks from varying interest rates, credit problems, tracking issues, borrowing and leverage, rebalancing and target exposure, and pooled investment vehicles.
Bitcoin price continues to fluctuate since the beginning of this week after reports of an ongoing Chinese crackdown on crypto mining operations and crypto exchanges. No one is certain as to when the effect of china’s actions will stop affecting the bitcoin price.
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