21Shares Lists First Bitcoin ETP On Nasdaq, But There’s A Catch
The world’s largest crypto exchange-traded merchandise agency 21Shares launches its first physically-backed Bitcoin ETP within the Center East. The 21Shares Bitcoin ETP (ABTC) is efficiently listed on Nasdaq Dubai. It marks the ETP issuer’s first entry into the Center East as crypto adoption grows within the area, particularly the UAE.
21Shares Publicizes First Bodily-Backed Bitcoin ETP in Dubai
In a press release on October 12, 21Shares broadcasts the itemizing of the primary physically-backed Bitcoin ETP on Nasdaq Dubai. The 21Shares Bitcoin ETP will commerce in the identical manner because the 21Shares Bitcoin ETP in Europe. With the itemizing of the primary Bitcoin ETP within the Center East, 21Shares now has 46 merchandise throughout 12 exchanges in 9 international locations.
Hany Rashwan, CEO and co-founder of 21Shares, believes the growth into the UAE is a significant milestone because of the huge progress in crypto and blockchain adoption within the area. The corporate’s crypto-backed merchandise enable regional traders to soundly and securely enter the crypto market.
“Our companions Nasdaq Dubai and Dubai Monetary Market share our imaginative and prescient to offer traders with entry to new and thrilling asset lessons. 21Shares will proceed to assist the Center East’s ambitions to turn out to be a worldwide crypto hub.”
The transfer adopted the current appointment of Sherif El-Haddad as Head of Center East at 21Shares. He asserts the Center East, particularly the UAE, holds important strategic significance for the agency because the government-led crypto adoption picks tempo within the area.
A number of crypto exchanges and corporations expanded to the area after the institution of the Digital Property Regulatory Authority (VARA) in March 2022. Main exchanges together with Binance, Coinbase, FTX, eToro, OKX, Kraken, and many others. have established workplaces in UAE cities Dubai and Abu Dhabi.
The U.S. Nonetheless Seeks Its First Bitcoin ETP
Whereas 21Shares and different ETP firms proceed to challenge Bitcoin exchange-traded merchandise internationally, U.S. crypto traders nonetheless search the primary Bitcoin spot ETP. Crypto consultants imagine the SEC accepting a Bitcoin spot ETF will drive huge institutional adoption.
Nonetheless, the SEC accepted Bitcoin futures ETFs, however not Bitcoin spot ETFs. The SEC cites fraud and market manipulation as causes for rejecting ETFs by WisdomTree and Grayscale. In the meantime, Grayscale calls the SEC choice “discriminatory” because it seeks to transform its Bitcoin Belief (GBTC) right into a spot Bitcoin ETF.
