TL; DR separation:
- Dubai Financial Regulator has approved the Bitcoin Fund for ATM listing on NASDAQ Dubai.
- At the time of approval, about $ 200 million of fund units will be issued to the stock exchange.
- This goal serves the growing appetite for bitcoin in the Middle East among institutions and retail investors.
The Dubai Financial Services Authority (DFSA) has approved the Bitcoin Fund for Listing in the Market (ATM) on the Dubai-based NASDAQ Dubai Stock Exchange. This introduces both institutions and micro-investors in the Middle East to the leading digital currencies, Bitcoin (BTC).
New Bitcoin Cash on NASDAQ Dubai
ATM offerings allow an institution to gradually release new stocks or products in existing trading marketing at current trading prices. In that case, The Bitcoin Fund will list an additional $ 200 million from the Digital Asset Fund at NASDAQ Dubai after approval by the Financial Supervisor.
The Bitcoin Fund is the first digital asset fund to be launched in the Middle East. “Since the start of trading on NASDAQ Dubai, there has been” a growing appetite for large regional institutional investors, “said Frederick Pie, president of 3iQ, a subsidiary of Bitcoin Fund.
“With the ability to execute much larger sales proposals, we anticipate that this will help the fund grow further in the region,” Frederick Pie added.
Input streams in cryptocurrencies reached a record high
This growing appetite for bitcoin and other major digital currencies is also seen in the global digital asset investment fund market. Capital flow to the market rose to a record $ 1.47 billion last week, according to CoinShares. A significant amount of revenue ($ 1.24 billion) was attributed to newly launched Bitcoin ETF funds in the United States.
The total inflow of the year to date has been recorded $ 8 billion, with assets under management (AUM) reaching $ 79.2 billion. The increase in AUM follows the recent rise in the digital currency market, especially in Bitcoin, which has a large share of the total market.