21Shares Lists First Bitcoin ETP On Nasdaq, But There’s A Catch

 21Shares Lists First Bitcoin ETP On Nasdaq, But There’s A Catch

The world’s largest crypto exchange-traded products firm 21Shares launches its first physically-backed Bitcoin ETP in the Middle East. The 21Shares Bitcoin ETP (ABTC) is successfully listed on Nasdaq Dubai. It marks the ETP issuer’s first entry into the Middle East as crypto adoption grows in the region, especially the UAE.

21Shares Announces First Physically-Backed Bitcoin ETP in Dubai

In a press release on October 12, 21Shares announces the listing of the first physically-backed Bitcoin ETP on Nasdaq Dubai. The 21Shares Bitcoin ETP will trade in the same way as the 21Shares Bitcoin ETP in Europe. With the listing of the first Bitcoin ETP in the Middle East, 21Shares now has 46 products across 12 exchanges in 9 countries.

Hany Rashwan, CEO and co-founder of 21Shares, believes the expansion into the UAE is a major milestone due to the massive growth in crypto and blockchain adoption in the region. The company’s crypto-backed products allow regional investors to safely and securely enter the crypto market.

“Our partners Nasdaq Dubai and Dubai Financial Market share our vision to provide investors with access to new and exciting asset classes. 21Shares will continue to support the Middle East’s ambitions to become a global crypto hub.”

The move followed the recent appointment of Sherif El-Haddad as Head of Middle East at 21Shares. He asserts the Middle East, especially the UAE, holds significant strategic importance for the firm as the government-led crypto adoption picks pace in the region.

Several crypto exchanges and companies expanded to the region after the establishment of the Virtual Assets Regulatory Authority (VARA) in March 2022. Major exchanges including Binance, Coinbase, FTX, eToro, OKX, Kraken, etc. have established offices in UAE cities Dubai and Abu Dhabi.

The U.S. Still Seeks Its First Bitcoin ETP

While 21Shares and other ETP companies continue to issue Bitcoin exchange-traded products across the world, U.S. crypto investors still seek the first Bitcoin spot ETP. Crypto experts believe the SEC accepting a Bitcoin spot ETF will drive massive institutional adoption.

However, the SEC accepted Bitcoin futures ETFs, but not Bitcoin spot ETFs. The SEC cites fraud and market manipulation as reasons for rejecting ETFs by WisdomTree and Grayscale. Meanwhile, Grayscale calls the SEC decision “discriminatory” as it seeks to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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