Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
The target of 3iQ is not to sit back after the Dubai listing but to extend their product across exchanges in other countries.
3iQ Corp (TSE: QBTC.U), Canada’s leading Bitcoin and digital asset manager, has made history by bringing the first indexed cryptocurrency digital asset-based fund to the Middle East after getting the regulatory green light to subject its Bitcoin fund to a dual listing. Just last year, the Bitcoin fund was listed on the Toronto Stock Exchange, and the current development means it will be listed on the Nasdaq Dubai as well.
According to Frederick Pye, the chairman, and CEO of 3iQ, they have an idea of seeing Bitcoin trading 24 hours a day and looking at the Dubai market, it gives them the interest to introduce a regulated product in their time hours.
The Bitcoin fund listed in the Toronto Stock Exchange is already doing well as it has about $1.5 billion in Asset Under Management. Pye is positive that they can double this value by next year.
01 Capital, a corporate finance advisor, and Razlin Capital, an investment firm based in London provided expert advice to 3iQ on the listing. Also, 3iQ resorted to Dalma Capital, a Dubai-based alternative investment as the syndicate manager for the milestone with Pinsent Masons as the legal counsel for the whole process.
The CEO of Dalma Capital Management, Zachary Cefaratti disclosed the grassroots demand. He explained that most banks have a history of closing the accounts of investors who are found to be sending money to cryptocurrency exchanges to invest in Bitcoin. This makes their services a huge change. Cefaratti also revealed that the Sovereign Wealth Fund and many other institutional investors have expressed their interest in the listing. Their intention has generated a lot of positive notes among wealth managers and banks who are not permitted to offer direct investment to clients.
Pye also believes that there are a lot of investors who feel they have missed out on the massive growth of the Bitcoin market, and their project can be well patronized among such groups.
The target of 3iQ is not to sit back after the Dubai listing, but to extend their product across exchanges in other countries to fulfill their trading plan. Currently, they have engaged several exchanges in Taiwan, Singapore, United States, and Sweden to ensure that the Bitcoin fund reaches those markets.
The Nasdaq Dubai listing according to Pye is expected to be done in the first or second week of May with the trading expected to be live by the end of May. It is worth noting that the trading on the Toronto Stock Exchange started with a $15 million asset before growing to its current net asset value of $1.5 billion. The Nasdaq Dubai listing is expected to be started with an initial subscription of probably around $200 million or even more.
Their plan includes starting three weeks of education and marketing of the funds. Another three weeks book-building process will be launched to court investors interested in the offerings.