According to CoinDesk, six mutual funds tracking the price of Bitcoin (BTC) will make their debut in Israel next week after the Israel Securities Authority (ISA) approved these products.
These six funds will begin operations on December 31, which is also a condition set by the regulators. These funds were finally approved last week.
These funds will be provided by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, with management fees ranging from 1.5% to 0.25%. One of the funds will be actively managed, aiming to outperform Bitcoin's performance. Initial trading will be limited to once a day, but future products will be able to trade continuously, Globes reported on Tuesday.
The ISA's approval comes almost a year after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs). During this period, the price of the world's largest cryptocurrency has doubled, nearing record highs. These funds in the U.S. have attracted net investments of $35.6 billion.
A finance executive who wished to remain anonymous told Calcalist: 'The investment company has been requesting approval for the ETF for over a year and began submitting the prospectus for the Bitcoin fund in the middle of the year. But the regulators have their own pace and must check the details.'
