Summary List Placement

The Middle East has joined the crypto craze. 

On Wednesday, a Canadian bitcoin fund listed on the Nasdaq Dubai exchange. The Bitcoin Fund — which was the first of its kind to be listed on a major exchange last year according to Bloomberg — is the first digital asset-based fund to list in the Middle East and North Africa.

The listing “reinforces the city’s position as a driving force for capital market transformation,” Nasdaq Dubai said in a press release.

Canada’s largest digital-asset investment fund manager 3iQ Corp., which has C$2.5 billion in assets under management, listed the fund. According to its prospectus, the Bitcoin Fund invests in long-term holdings of the cryptocurrency as a “safer alternative to a direct investment in bitcoin.” 3iQ Corp. and the Nasdaq Dubai did not immediately respond to Insider’s request for comment. 

The fund, which listed as QBTC, has risen 10.4% since yesterday to $38.30, according…

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