The global adoption trend for Bitcoin-related investment products continues to strengthen, with six new funds set to launch in Israel.
According to a report by the Chalcalist on Wednesday, December 25, the Israeli Securities Authority has given the green light for six mutual funds that monitor the price of Bitcoin (BTC).
The ISA's approval of the funds last week paved the way for their debut on December 31, the report said.
The Cacalist report indicates that ISA expects the six funds – from Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI – to go live at the same time.
The simultaneous launch is a condition defined by the regulator to the suppliers.
According to the report, the funds will incur management fees ranging from 1.5% to 0.25%. It is also notable that one of the new funds is actively managed, with transactions set for once a day initially.
The launch of the BTC mutual fund in Israel comes as the crypto industry welcomes more participation from institutional investors.
The United States, Europe, Hong Kong, and Australia made significant progress in 2024, with Bitcoin and crypto exchange trading products hitting the respective markets and causing mass adoption.
In January 2024, the U.S. Securities and Exchange Commission began the boom with the approval of multi-location Bitcoin ETFs.
Because the ETFs have cut billions of dollars in BTC. SoSoValue data shows net assets in the US spot BTC ETFs were up at $110 billion on December 24. This was equivalent to more than 5.7% of Bitcoin's market capitalization at the time. Consolidated net inflows stood at $35.49 billion.
Israel's nod to the currency follows growing demand across the local market. Various companies submitted forecasts for BTC returns starting in June, Calcalist told an official at an investment firm.
Source: https://crypto.news/6-bitcoin-funds-launch-in-israel-next-week-report/
