DUBAI (Reuters) -The Bitcoin Fund debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East’s first listed cryptocurrency fund.

The fund, which was listed by Canadian digital asset management firm 3iQ on the Toronto Stock Exchange last year, has roughly $1.5 billion in assets under management and plans to double that

next year.

“With the listing of the Bitcoin Fund, it’s going to give people access in the region to this fund on the Dubai exchange in the hours that the Dubai exchange trades at,” Frederick Pye, the

from the region,” Pye said in an interview.

The listing will help satisfy demand for investment diversification in the region, as well as environmental, social and governance (ESG) needs, such as for pension funds and family offices,

Pye said.

Dalma Capital, a Dubai-based alternative investment firm, was lead arranger for the Nasdaq Dubai listing. Corporate finance advisor 01 Capital and investment firm Razlin Capital, both based

in London, advised on the listing and Pinsent Masons was legal counsel for the listing process.

“Today’s secondary listing of existing units from Canada was met with very strong demand, which has validated the need for an additional offering to satisfy the demand from regional

investors,” said Zachary Cefaratti, CEO of Dalma Capital, declining to say when that could be.

Pye acknowledged that China’s recent crackdown on mining cryptocurrencies has hit digital currency prices, but he said the timing of that move would help those who bought into the Dubai

listing.

“We’re very excited because when we hit an all-time high, our investors and our clients and our friends will have doubled their money,” Pye added.

(Reporting by Yousef Saba, Jacob Greaves and Abdel Hadi Ramahi; Writing by Yousef Saba; Editing by Alexander Smith and Paul Simao)

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