The upcoming December 31 will mark an important milestone in Israel's financial history as 6 Bitcoin mutual funds officially launch, according to a report from Calcalist. This is a significant step following the official approval of these products by the Israel Securities Authority (ISA) last week.
Notable Highlights
• 6 funds will operate simultaneously: All funds will launch on the same day (December 31) as required by the ISA.
• List of major providers: The funds are managed by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, with management fees ranging from 0.25% to 1.5%.
• An actively managed fund: This fund will aim to outperform the performance of $BTC , offering higher profit potential for investors.
According to a report from Globes, initially, the funds will trade only once a day, but future products may allow for continuous trading, making it more convenient for investors.
Launch Context: Inspiration from the United States
The ISA's decision comes nearly a year after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. During that time, Bitcoin has doubled in value and is now trading near record highs.
In the United States, Bitcoin ETFs have attracted capital flows of up to $35.6 billion, indicating strong demand from investors. Israel, while smaller in scale, is making efforts to become an attractive destination for crypto-related financial products.
Market Reaction from Investors
According to a source from Calcalist, investment firms in Israel have been waiting over a year for these funds to be approved.
“We submitted our approval application in the middle of this year. However, the regulatory agency has its own way of working, needing to check every detail before making a decision,” a senior executive shared.
This move shows caution but also a strong commitment from #Israel to protect investor interests and ensure the transparency of new financial products.
The Importance of Bitcoin Mutual Funds
The launch of 6 Bitcoin mutual funds is a strategic move, expanding the participation of traditional investors in the crypto market. This is not only an opportunity for individual investors but also attracts the interest of large financial institutions.
This event also helps Israel affirm its position in the global wave of cryptocurrency acceptance. With the continuous development of the crypto market, products like Bitcoin mutual funds will increasingly become an important bridge between traditional finance and blockchain technology.
Conclusion: Israel Joins the Crypto Game
By legalizing and launching Bitcoin funds, Israel is getting closer to becoming a leading financial hub in the region for crypto products. In the context of Bitcoin being increasingly recognized as a strategic asset, the ISA's decision not only boosts the domestic market but also inspires other countries to consider embracing cryptocurrency.
Let's wait and see how these 6 mutual funds will impact the crypto market and the Israeli economy in the near future!