First Bitcoin Fund Live In Middle East

The Bitcoin Fund, a Canadian, closed-end bitcoin investment fund, became the first of its kind to trade in the Middle East after being listed on the Nasdaq Dubai Exchange, reported Bloomberg. With the Mideast listing, the fund intends to allow trading of its shares around the globe, around the clock.

According to its prospectus, the fund aims to provide its unitholders with exposure to bitcoin and the daily BTC price movements in U.S. dollar terms, as well as the opportunity for long-term capital appreciation. But the fund does not hedge U.S. dollar exposure back to the Canadian dollar. Moreover, the Canadian fund applies a HODL mentality to its bitcoin funds and does not speculate on the short-term movements of the BTC/USD price.

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