Six Bitcoin mutual funds are set to launch in Israel on December 31, 2024, following approval from the Israel Securities Authority (ISA).

Here are the key details:

Launch Date: These funds will officially begin operations on December 31, 2024.

Fund Managers: The funds will be managed by prominent Israeli investment houses including Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI.

Nature of Funds: Most of these funds will track the price of Bitcoin through various indexes and strategies. One notable exception is that one fund will be actively managed, aiming to outperform Bitcoin's market performance.

Management Fees: Fees for these funds will range between 0.25% and 1.5%.

Transaction Frequency: Initially, these funds will transact once a day, based on Bitcoin's price at that specific time.

Regulatory Context: This launch comes almost a year after the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs, during which Bitcoin has seen significant price increases. The simultaneous launch of these funds in Israel was a condition set by the regulator.

Market Impact: This development is part of a broader trend of increasing institutional adoption of cryptocurrencies, reflecting a growing demand for regulated Bitcoin investment products in Israel.

This move is anticipated to provide Israeli investors with regulated access to Bitcoin investments in shekels, thereby increasing the mainstream acceptance of cryptocurrency in the country's financial market.