The global adoption trend for Bitcoin-related investment products continues to strengthen, with Six new mutual funds set to debut in Israel.
According to a report by the Calcalist on Wednesday, Dec. 25, the Israel Securities Authority has given the green light for six mutual funds that will track the price of Bitcoin (BTC).
ISA’s approval of the funds last week paved the way for their debut on Dec. 31, the report stated.
Cacalist’s report reveals that ISA expects all six funds – from Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI – to go live at the same time.
The simultaneous launch is a condition the regulator outlined for the providers.
Per the report, the funds will charge management fees between 1.5% to 0.25%. Also notable is that one of the new funds is actively managed, with transacting initially set for once a day.
The imminent launch of BTC mutual funds in Israel is coming as the crypto industry welcomes greater participation from institutional investors.
United States, Europe, Hong Kong, and Australia all made huge strides in 2024, with Bitcoin and crypto exchange-traded products hitting the respective markets and causing massive adoption.
In January 2024, the U.S. Securities and Exchange Commission kicked off the uptrend with approval for multiple spot Bitcoin ETFs.
Since the ETFs have gobbled billions of dollars in BTC. SoSoValue data shows net assets in U.S. spot BTC ETFs hovered at $110 billion as of Dec. 24. This equated to over 5.7% of the Bitcoin market capitalization at the time. Cumulative net inflows stood at $35.49 billion.
Israel’s nod to the funds follows rising demand across the local market. Various firms filed prospectuses for BTC products beginning in June, Calcalist quoted an official at an investment firm.
Read the full article here