Bahrain’s first bitcoin fund targets GCC investors
The initiative is part of Bahrain’s efforts to create a crypto-friendly environment, attracting major players such as Binance and Crypto.com.
The National Bank of Bahrain has launched its first bitcoin investment fund aimed at institutional investors in the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Developed in partnership with ARP Digital, the fund allows investors to gain exposure to bitcoin while ensuring full protection against potential losses, albeit with a cap on possible gains.
Abdulla Kanoo, co-founder of ARP Digital, described the collaboration with NBB as a potential game-changer for the regional market. By combining ARP Digital’s expertise in digital assets with NBB’s strong presence in the financial sector, they have created a secure investment product for those looking to explore bitcoin.
Bahrain’s efforts to cultivate a crypto-friendly environment have attracted major players like Binance and Crypto.com, while the UAE is also advancing its regulatory framework for cryptocurrencies. In 2023, Dubai’s Virtual Asset Regulatory Authority issued comprehensive rules to facilitate Web3 firms operating in the region.
According to Chainalysis, the MENA region recorded $338.7 billion in crypto transactions between July 2023 and June 2024, primarily driven by institutional investors. With the new fund, NBB provides a promising opportunity for regional investors to safely engage with bitcoin in a well-regulated landscape.
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