The Bitcoin Fund (QBTCu.TO), a closed-end investment outfit located in Canada – has reportedly managed to secure regulatory greenlight from the Dubai Financial Services Authority (DFSA).

Specifically, the fund completed its listing debut on June 23rd of this year, and snatched the leading role of the first digital asset fund in the Middle East listed.

The primary target of the fund is reportedly to equip investors with Bitcoin (BTC) exposure, as well as the day-to-day fluctuations in its price value in the US, together with long-term capital appreciation. The fund functions as a diversified portfolio of digital assets, which makes investments in Bitcoin and U.S. dollar-denominated money market instruments.

According to a report conducted by Trade Arabia, the Bitcoin Fund has positioned itself in a spot prepared for the listing of a maximum of $200 million equivalent units on Nasdaq Dubai, after securing the go-ahead from the DFSA.

This reportedly makes it possible for the first crypto-based offering of the area, which is listed on a platform with proper regulation, to fulfill the developing demand institutional investors are showing. Investors from every tier – from big banks to individual traders – will be able to tap into the Bitcoin Fund. 

Throughout the past four months, Bitcoin has witnessed a major increase in value, hitting a new all time high, standing at $66,000. The biggest cryptocurrency of the world is reportedly keeping on its impressive run, exceeding all expectations, thanks to growing institutional adoption and renewed enthusiasm among retail investors.

Nasdaq Dubai is the first official stock exchange in the Middle East to offer this new service, which is included in the scope of its commitment to support fintech.