Six Bitcoin mutual funds to launch in Israel
Israel to launch six Bitcoin-tracking mutual funds on December 31 after regulatory approval
Israel is set to debut six mutual funds tracking Bitcoin’s (BTC) price on December 31, marking a significant step in the country’s adoption of cryptocurrency investment products.
The Israel Securities Authority (ISA) granted final approval last week, according to Coindesk.
Key Players and Fund Details
The mutual funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI. Management fees will range between 0.25% and 1.5%, providing investors with a variety of cost structures.
Notably, one of the funds will be actively managed, aiming to outperform Bitcoin’s performance, while others will track BTC’s price. Initially, all funds will operate with once-daily trading, though future products may enable continuous trading, according to Globes.
Regulatory Approval and Global Context
The ISA’s decision follows nearly a year of lobbying by investment houses for cryptocurrency-based funds. It comes as Bitcoin ETFs in the United States attracted $35.6 billion since their January 2024 approval, pushing Bitcoin prices to near-record highs.
While Israel’s process has been slower, regulators prioritized investor protection and compliance checks before granting approval.
A senior executive from one of the investment firms noted:
“Investment houses have been pleading for ETFs to be approved, but the regulator moves cautiously, ensuring every detail is checked.”
Recently we wrote, that Turkey has unveiled new cryptocurrency regulations aimed at tightening anti-money launderin (AML) controls, aligning with global standards as the country solidifies its role in the crypto market.
