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

3iQ has received regulatory clearance for the dual listing of its bitcoin ETF on Nasdaq Dubai.

AccessTimeIconApr 22, 2021 at 11:12 a.m. UTC
Updated Sep 14, 2021 at 12:45 p.m. UTC

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.

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.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.