Six mutual funds that track the price of bitcoin (BTC) will debut in Israel next week after the Israel Securities Authority (ISA) granted permission for the products, Calcalist reported on Wednesday.
All six will begin operations on the same day, December 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.
The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, with management fees ranging between 1.5% and 0.25%. One of the funds will be actively managed, trying to outperform bitcoin. They will initially trade only once a day, although future products may be traded continuously, Globes said in a report on Tuesday, citing market sources.
The approval of the ISA comes almost a year after the US Securities and Exchange Commission (SEC) gave the green light to spot bitcoin exchange-traded funds (ETFs) in the world’s largest economy , during which the world’s largest cryptocurrency has more than doubled to trade near a record high. US funds have raised a net $35.6 billion in cash for investors.
“Investment houses have been asking for ETFs to be approved for more than a year and started sending brochures on bitcoin funds in the middle of the year. But the regulator follows its own pace. It has to check the details,” says an anonymous person. a senior executive at an investment house told Calcalist.
