Last Updated: 13 October 2022
The Middle East is one of the fastest-growing markets in the world when it comes to bitcoin. Now major 21Shares is coming out with a physical bitcoin ETF for the United Arab Emirates.
Can this be the ETF good news that we have been waiting for, @coinbureau ?
— CryptoDaniel (@CryptoDaniel6) October 12, 2022
Bitcoin on the Nasdaq Dubai
As of today, it is possible to buy the 21Shares Bitcoin ETP (ABTC) on the Dubai Nasdaq to invest in physical bitcoin. Physical bitcoin obviously means bitcoin actually held by the fund.
The fund’s shares are directly backed by bitcoin, which 21Shares holds in an offline wallet. The expansion into the UAE marks another milestone in the company’s history for 21Shares.
Along with the new product on the Nasdaq Dubai, 21Shares’ products now trade on 12 different exchanges. These exchanges include the EuroNext, the SIX Swiss Exchange and Deutsche Börse.
Not the only one
Incidentally, 21Shares is not the only one to launch bitcoin-related products on the Nasdaq Dubai. Last year, Canadian fund manager 3iQ also listed a Bitcoin ETP on the Nasdaq Dubai. Although it should be added that the 3iQ Bitcoin Fund is not backed by physical bitcoin.
Interestingly, the news comes after 21Shares hired Sheriff El-Haddad at the company. El-Haddad previously tried to launch a physical Bitcoin ETF at Dubai-based Al Mal Asset Management. He did not succeed at the time, but now he has succeeded.
We still have to wait and see what kind of volumes the Bitcoin ETF will run in the UAE. There is little to say about that at the moment. Probably the next few days will shed light on that.