Tuesday, June 22, 2021

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

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.

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