An investment fund for bitcoins is being launched in Dubai

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In a first for the Middle East, a bitcoin fund was launched on the Dubai bourse, with Canadian digital asset manager 3iQ Corp. hoping to raise nearly $200 million in the offering, a statement said.

‘3iQ Corp., Canada’s largest digital asset investment fund manager… today officially listed The Bitcoin Fund on Nasdaq Dubai, the region’s international exchange,’ the bourse said in the statement.

‘Bitcoin trades 24 hours a day around the world, and in Canada we trade around North American market times and Dubai is almost perfectly opposite of trading hours,’ 3iQ Corp chief executive Fred Pye told Bloomberg Television.

In response to concerns over China’s ongoing crackdown, Bitcoin fell below $30,000 on Tuesday for the first time in five months.

Despite domestic trading bans since 2017, Chinese mines account for over 80 percent of the global trade in cryptocurrency.

According to the Nasdaq Dubai website, the 3iQ fund ended Wednesday trading up 10.38 percent at $38.30.

In the prospectus, it says the fund will hold bitcoin long-term as a lower-risk alternative to investment in crypto assets that are unpredictable.

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