On December 31, six mutual investment funds based on Bitcoin will debut in the Israeli market. This was reported by Calcalist.

According to the publication, the Israel Securities Authority (ISA) approved the products last week.

To track the price of the underlying asset, the funds will rely on indices from BlackRock, S&P, and the Chicago Stock Exchange. Only one issuer uses active management in an attempt to outperform the returns of the first cryptocurrency.

The launch of the products was the result of two years of lobbying and constant requests to the ISA, Calcalist noted. Representatives of the issuers told journalists that the change in the agency's approach occurred in January, following the launch of spot Bitcoin ETFs in the United States.

"Investment houses have been pleading for over a year to approve the funds and started sending out prospectuses in the summer. But the regulator has its own pace; it needs to check the details," said one of the publication's sources.