U.S. markets open in 2 hours 13 minutes
  • S&P Futures

    4,204.75
    +10.50 (+0.25%)
     
  • Dow Futures

    34,540.00
    +98.00 (+0.28%)
     
  • Nasdaq Futures

    13,637.75
    +40.00 (+0.29%)
     
  • Russell 2000 Futures

    2,251.90
    +12.00 (+0.54%)
     
  • Crude Oil

    64.73
    +0.02 (+0.03%)
     
  • Gold

    1,820.40
    +4.70 (+0.26%)
     
  • Silver

    27.42
    -0.06 (-0.21%)
     
  • EUR/USD

    1.2079
    +0.0010 (+0.08%)
     
  • 10-Yr Bond

    1.5610
    0.0000 (0.00%)
     
  • Vix

    18.27
    -0.88 (-4.60%)
     
  • GBP/USD

    1.3911
    +0.0018 (+0.13%)
     
  • USD/JPY

    109.1490
    +0.0640 (+0.06%)
     
  • BTC-USD

    56,311.61
    -1,533.47 (-2.65%)
     
  • CMC Crypto 200

    1,467.71
    -3.70 (-0.25%)
     
  • FTSE 100

    7,128.22
    +52.05 (+0.74%)
     
  • Nikkei 225

    29,357.82
    +26.45 (+0.09%)
     

3iQ Plans to Raise $200M+ From Bitcoin ETF’s Dubai Listing: Report

  • Oops!
    Something went wrong.
    Please try again later.
Omkar Godbole
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

Canada’s largest digital asset manager, 3iQ Corp, aims to raise over $200 million in proceeds from the dual listing of its 3iQ Coinshares bitcoin exchange-traded fund (ETF) in Dubai, the company’s CEO told Bloomberg.

“We trade on the North American market times, and Dubai is almost perfectly opposite of what our trading hours are,” CEO Fred Pye told Bloomberg TV, adding that the listing on the Nasdaq Dubai exchange will provide a gateway to global investors.

Launched in 2020, 3iQ’s ETF is the first cryptocurrency fund to go public in the Middle East. The company received regulatory approval for the dual listing earlier this week, as per Reuters.

Related: Despite Price Drop, Bitcoin's 'Fundamental Narrative Has Not Changed,' Stack Funds Says

The Canadian digital asset giant has appointed Dubai-based Dalma Capital Management as the syndicate manager to help facilitate the listing and plans to work closely with banks in the United Arab Emirates and other lenders from the region.

Also read: Bitcoin ETF From 3iQ and CoinShares, Canada’s 4th, Begins Trading on TSX

Founded in 2012, 3iQ has roughly $1.5 billion assets under management. The company plan to double that over the next 12 months, Pye told Reuters.

Pye said he is bullish on bitcoin and expects the cryptocurrency’s supply scarcity to push prices to $100,000 in the next three years.

Related Stories