Mideast Joins Bitcoin Craze With First Crypto Listing in Dubai

a close up of a sign: Key Speakers At Bitcoin 2021 Event

© Bloomberg Key Speakers At Bitcoin 2021 Event

(Bloomberg) —

The Bitcoin Fund listed on the Nasdaq Dubai exchange Wednesday, the first of its kind to trade in the Middle East as cryptocurrencies grab attention globally.

The stock traded at $38.40 at 12:05 p.m. local time, up 11% from a reference price of $34.57, according to prices on Nasdaq Dubai’s website.

The Canadian fund was the first of its type to be listed on a major exchange, in Toronto last year. The intent of the Dubai listing is to get trading at all hours around the globe.

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The Bitcoin Fund invests in long-term holdings of Bitcoin as a safer alternative to direct investments in the cryptocurrency, according to its prospectus. The fund does not speculate with regard to short-term changes in Bitcoin prices.

Just six weeks ago, Bitcoin was trading near $60,000 amid a warmer embrace from Wall Street as well as retail investors. But negative attention about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have led to a slide in recent weeks, with the price briefly dropping below the key $30,000 level on Tuesday.

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