Israeli securities authority sets Dec. 31 launch for six Bitcoin mutual funds: report
Quick Take
- Six mutual funds that track the price of Bitcoin are set to launch in Israel on December 31 after the country’s securities authority issued approvals last week, according to a report from Israeli business news site Calcalist.
- The approvals are the result of a years-long lobbying effort from financial institutions, the report states.
Six mutual funds that track the price of Bitcoin will debut in Israel on Tuesday, Dec. 31, according to a recent report from Israeli business news site Calcalist.
The funds will debut simultaneously after winning approvals from the Israel Securities Authority last week, reportedly after at least two years of lobbying efforts and applications from Israeli financial institutions.
"Investment houses have been pushing for over a year to approve mutual funds, submitting Bitcoin fund prospectuses as early as mid-year," a fund company executive reportedly said to Calcalist. "But regulators operate at their own pace and must thoroughly review the details."
The funds vary slightly in strategy, according to the report, with some tracking BlackRock's IBIT spot Bitcoin ETF and others tracking indices from the S&P or Chicago Stock Exchange. The management fees vary from Migdal Capital Markets' 1.5% to the low of 0.25% offered by three firms: IBI-Kessem, Meitav, and the Phoenix Investment House.
The approvals come nearly a year after the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs to trade on U.S. markets. Since their approval, spot Bitcoin funds have amassed over $110 billion in net asset value, according to SoSoValue data.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
