The Bitcoin Fund (QBTCu.TO), a closed-end investment vehicle based in Canada, has received regulatory approval from the Dubai Financial Services Authority (DFSA). The fund went public on NASDAQ on 23 June 2021 and became the first digital asset fund in the Middle East.
As Cointelegraph reported on the 27th (local time), the fund’s goal is to provide the fund’s investors with exposure to bitcoin, daily price fluctuations in the US dollar of bitcoin, and long-term capital gains. The fund is a diversified portfolio of digital assets investing in Bitcoin and US dollar denominated money market instruments.
According to Trade Arabia’s report, Bitcoin funds can list units worth up to $200 million on the Nasdaq Dubai, subject to approval from the Dubai Financial Services Authority. This will enable Dubai’s first cryptocurrency-based product to be listed on a regulated platform to meet the high demand of institutional investors. Bitcoin funds are available to investors of all levels, from large banks to individual traders.
The value of Bitcoin has soared over the past four months, breaking its all-time high of $66,000 this week. The world’s #1 digital currency continues to see rising expectations thanks to growing institutional adoption and renewed interest from individual investors.
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