DUBAI: The Bitcoin Fund debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East’s first listed cryptocurrency fund.

The fund, which was listed by Canadian digital asset management firm 3iQ on the Toronto Stock Exchange last year, has roughly $1.5 billion in assets under management and plans to double that next year. “With the listing of the Bitcoin Fund, it’s going to give people access in the region to this fund on the Dubai exchange in the hours that the Dubai exchange trades at,” Frederick Pye, the chief executive officer of 3iQ, told Reuters.

“If the volumes are significant, we’ll be looking to raise capital to increase the size of the Bitcoin Fund here in Dubai and we will continue to issue shares based on the demand that comes from the region,” Pye said in an interview.

The listing will help satisfy demand for investment diversification in the region, as well as environmental, social and governance (ESG) needs, such as for pension funds and family offices, Pye said.

Dalma Capital, a Dubai-based alternative investment firm, was lead arranger for the Nasdaq Dubai listing. Corporate finance advisor 01 Capital and investment firm Razlin Capital, both based in London, advised on the listing and Pinsent Masons was legal counsel for the listing process.