6 Bitcoin funds launch in Israel next week: report

The global adoption trend for Bitcoin-related investment products continues to strengthen with the launch of six new investment funds in Israel.

According to a report published by Calcalist on Wednesday, December 25, the Israel Securities Authority has given the green light to six investment funds that will track the price of Bitcoin (BTC).

The ISA’s approval of the funds last week paved the way for the funds to be made available on December 31, the report said.

Cacalist’s report reveals that ISA expects all six funds from Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI to launch simultaneously.

Simultaneous launch is a requirement set by the regulator for providers.

According to the report, the funds will charge management fees of between 1.5% and 0.25%. It is also noteworthy that one of the new funds is actively managed and transactions are initially made once a day.

BTC investment funds are expected to launch soon in Israel as the crypto industry welcomes greater participation from institutional investors.

The United States, Europe, Hong Kong, and Australia have made major strides in 2024, with Bitcoin and crypto exchange-traded products reaching their respective markets and leading to mass adoption.

In January 2024, the US Securities and Exchange Commission started the uptrend with the approval of multiple spot Bitcoin ETFs.

Since ETFs wiped out billions of dollars in BTC. SoSoValue data shows net assets in US spot BTC ETFs stood at $110 billion as of December 24. This amounted to more than 5.7% of Bitcoin market cap at the time. Cumulative net inflows amounted to $35.49 billion.

Israel’s approval of the funds came following increasing demand in the local market. Various companies have submitted prospectuses for BTC products since June, Calcalist quoted an official from an investment firm as saying.