- Israel’s regulator approves six mutual funds tracking Bitcoin, set to launch simultaneously on Dec. 31, signaling broader crypto adoption.
- Offered by leading investment houses, the funds will feature management fees between 0.25% and 1.5%, with one fund actively managed to outperform Bitcoin.
The Israel Securities Authority (ISA) has approved six mutual funds tracking the price of Bitcoin (BTC), marking a significant step in the country’s adoption of cryptocurrency-based financial products. According to reports from Calcalist and Globes, the funds will launch simultaneously on December 31, adhering to a condition set by the regulator.
The approved funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI. Management fees for the products range from 0.25% to 1.5%, with one fund being actively managed to outperform Bitcoin’s performance. Initially, these funds will trade just once per day, though future offerings may feature continuous trading.
The ISA’s decision comes nearly a year after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs), sparking a surge in global interest in Bitcoin-based investments. Over the past year, the world’s largest cryptocurrency has more than doubled in value, nearing its all-time high. U.S.-based Bitcoin ETFs have attracted $35.6 billion in net investor inflows, demonstrating significant demand for crypto-linked financial instruments.
An anonymous senior executive from one of the participating investment houses noted that the approval process in Israel has been cautious.
“The investment houses have been pleading for more than a year for ETFs to be approved and started sending prospectuses for bitcoin funds in the middle of the year. But the regulator marches to its own tune. It has to check the details,” the executive told Calcalist.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by Harshajit Sarmah.
