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The Bitcoin Fund, a closed-end investment vehicle based in Canada, has received a green signal from the Dubai Financial Services Authority. The fund was launched on Nasdaq on 23rd June this year and became the 1st listed virtual currency fund in the Middle East.
The fund’s objective is to provide investors with exposure to Bitcoin and the daily price fluctuations of BTC in terms of USD, as well as long-term capital gains. The fund is a diversified portfolio of virtual currencies that invests in BTC and USD-denominated money market instruments.
A report by Trade Arabia mentions that the Bitcoin Fund is now in a spot to list up to two hundred million dollars worth of units on Nasdaq Dubai, subsequent to its authorization by the Dubai Financial Services Authority. This permits the region’s 1st digital asset-based product, which is listed on a regulated platform, to satisfy increasing demand from institutional investors. The Bitcoin Fund will be accessible to investors of all levels from large banks to retail traders.
Notably, Nasdaq Dubai is the 1st official stock exchange in the Middle East to put forward this new service, which is part of its adherence to embrace fintech, by focusing on latest technology and disruptive financial solutions that may assist in driving economic growth.
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