A Bitcoin fund was listed on the Dubai Nasdaq today, Wednesday, marking the first of its kind to be traded in the Middle East, amidst the widespread adoption of cryptocurrencies globally. The price of the fund's document rose to $38.40, an increase of 11% from the reference price of $34.57, according to prices on the Nasdaq Dubai website. The Canadian fund was the first of its kind to be listed on a major exchange in Toronto last year. The fund listed in Dubai to facilitate round-the-clock trading worldwide, as reported by Bloomberg, which was accessed by Al Arabiya.net.
The Bitcoin fund invests in long-term holdings of Bitcoin as a safer alternative to direct investments in the cryptocurrency, according to its prospectus. Just six weeks ago, Bitcoin was trading near $60,000 amidst a warmer embrace from Wall Street and individual investors. However, energy consumption issues raised by Tesla CEO Elon Musk, along with a crackdown from China, led to a recent decline, with prices briefly falling below the key level of $30,000 on Tuesday.
