Israel to Launch Six Bitcoin Mutual Funds on December 31, Approved by ISA

Dec 25, 2024, 04:52 PM

Israel is set to launch six Bitcoin mutual funds on December 31, following approval from the Israel Securities Authority (ISA). These funds, which will be offered by companies including Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, will allow Israelis to invest indirectly in Bitcoin. The funds will track various benchmarks, including BlackRock's IBIT, indices from S&P and the Chicago Stock Exchange, and one fund will be actively managed to outperform Bitcoin's performance. The management fees for these funds will range from 0.25% to 1.5%. Initially, the funds will operate with single daily transactions, but future iterations may feature continuous trading capabilities. The launch marks Israel's integration of digital currencies into its financial system, aligning with global trends in cryptocurrency investment.