The Bitcoin Fund, a closed-end investment tool based in Canada, has obtained regulatory approval from the Dubai Financial Services Authority (DFSA).
- The fund was launched on June 23, 2021, and became the first listed digital asset fund in the Middle East region.
- The fund’s goal is to offer investors exposure to Bitcoin (BTC) and the daily price adjustments of Bitcoin in the United States dollars and long-term appreciation.
- The BTC fund is a diversified portfolio of digital assets that invests in Bitcoin and U.S. dollar-denominated money market funds.
- In the last four months, Bitcoin has soared in value, reaching a new all-time high of $66,000 this week. The world’s No. 1 digital currency is continuing to top expectations due to growing institutional adoption.
- Nasdaq Dubai is the first official stock exchange in the Middle East to provide this new service that is part of its commitment to accept fintech.
The DFSA is trying to position itself as an innovative regular for the region by pushing on fresh technology and innovative financial solutions that help drive economic growth.
BTC USD down -2.38%