21Shares Launches Middle East’s First Physically Backed Bitcoin ETP

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Hany Rashwan; Photo Source: ETF World
In the words of Hany Rashwan, CEO of 21Shares, “Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. We are committed to providing regional investors with safe and secure access to cryptocurrency-backed products.”

Fintech investment firm 21Shares rolled out a Bitcoin Exchange Traded Product (ETP) in the Middle East.

21Shares’ latest offering is listed on Nasdaq Dubai under the ABTC ticker, similar to the Bitcoin ETP launched by the firm in Europe. With its Dubai listing, 21Shares now has 46 products in 12 exchanges, spread across 7 nations.

According to Hany Rashwan, the Middle East is a profitable region for the crypto industry.



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His claims are backed up by Chainalysis’ report which noted that the crypto market in the Middle East witnessed tremendous growth in 2021, with the region’s transaction volume increasing by 48% since July 2021.

“The Middle East’s level of interest and crypto-friendliness made it a prime market for expansion for 21Shares.”

It is worth noting that 21Shares is not the only firm that has turned its sights on the Middle East. Thanks to the region’s positive stance on crypto, Canadian investment company 3iQ listed a Bitcoin ETP on Nasdaq Dubai under the QBTC ticker last year.

Rashwan asserted that their ETP is different from 3iQ’s, noting,

“The 3iQ Bitcoin Fund is not physically-backed.”

Written by
Ayush Pande
In the words of Hany Rashwan, CEO of 21Shares, “Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. We are committed to providing regional investors with safe and secure access to cryptocurrency-backed products.”

Fintech investment firm 21Shares rolled out a Bitcoin Exchange Traded Product (ETP) in the Middle East.

21Shares’ latest offering is listed on Nasdaq Dubai under the ABTC ticker, similar to the Bitcoin ETP launched by the firm in Europe. With its Dubai listing, 21Shares now has 46 products in 12 exchanges, spread across 7 nations.

According to Hany Rashwan, the Middle East is a profitable region for the crypto industry.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


His claims are backed up by Chainalysis’ report which noted that the crypto market in the Middle East witnessed tremendous growth in 2021, with the region’s transaction volume increasing by 48% since July 2021.

“The Middle East’s level of interest and crypto-friendliness made it a prime market for expansion for 21Shares.”

It is worth noting that 21Shares is not the only firm that has turned its sights on the Middle East. Thanks to the region’s positive stance on crypto, Canadian investment company 3iQ listed a Bitcoin ETP on Nasdaq Dubai under the QBTC ticker last year.

Rashwan asserted that their ETP is different from 3iQ’s, noting,

“The 3iQ Bitcoin Fund is not physically-backed.”

Written by
Ayush Pande