Jakub Porzycki/NurPhoto via Getty Images
The Middle East has joined the crypto craze.
On Wednesday, a Canadian bitcoin fund listed on the Nasdaq Dubai exchange. The Bitcoin Fund — which was the first of its kind to be listed on a major exchange last year according to Bloomberg — is the first digital asset-based fund to list in the Middle East and North Africa.
The listing "reinforces the city's position as a driving force for capital market transformation," Nasdaq Dubai said in a press release.
Canada's largest digital-asset investment fund manager 3iQ Corp., which has C$2.5 billion in assets under management, listed the fund. According to its prospectus, the Bitcoin Fund invests in long-term holdings of the cryptocurrency as a "safer alternative to a direct investment in bitcoin." 3iQ Corp. and the Nasdaq Dubai did not immediately respond to Insider's request for comment.
The fund, which listed as QBTC, has risen 10.4% since yesterday to $38.30, according to data from the Nasdaq Dubai.
Bitcoin rebounded Wednesday to more than $34,000 after wiping out all its gains for the year the day prior. The cryptocurrency was trading above $60,000 just two months ago. But has faced volatility as China has cracked down on cryptocurrencies, and others, including Tesla's Elon Musk, have flagged environmental problems with bitcoin mining.
NOW WATCH: Where you should go to stay safe during an earthquake
See Also:
- A managing partner at a venture fund that's backed more than 30 billion-dollar blockchain projects compares the technology today to the dot-com boom of the 1990s — and breaks down 4 platform types and the cryptos leading each one into the future
- A TikTok crypto influencer with nearly 600,000 followers explains why bitcoin could tumble to as low as $23,500 — and unpacks the tools he uses to determine price predictions
- A CEO from a leading crypto miner details the 6 factors his company uses when doubling down on an investment — and shares 2 metrics you need on your radar
