Crypto investment firm 21Shares has launched a physical Bitcoin (BTC) exchange-traded-product (ETP) in the Middle East, the first to be listed on the Nasdaq Dubai.
The 21Shares ETP “seeks to track the investment of Bitcoin” and trades under the ticker ABTC.
21Shares recently raised $25m through a funding round that boosted the valuation of its parent company 21.co to $2bn.
Including its latest ETF, the company now offers more than 46 products across 12 exchanges in seven countries.
Former managing partner at Pearl Capital Management, Sherif El-Haddad, joined the firm in
August as its Middle East head.
“The UAE, and broader [Gulf Cooperation Council], is a market of significant strategic importance to our business, and we are excited about the opportunity this market opens to us”, he said.
Included in Dubai’s plans to boost its digital economy the city recently launched its Dubai Metaverse Strategy which attracted more than 1,000 blockchain and Web 3.0 companies.
Alongside receiving interest from such organisations, the strategy aims to support the integration of more than 40,000 virtual job vacancies by 2030.
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