Six Bitcoin Mutual Funds Set to Launch in Israel on December 31

Six mutual funds tracking the price of bitcoin (BTC) will debut in Israel on December 31, following approval from the Israel Securities Authority (ISA), as reported by Calcalist. The regulator's final approval was granted last week.

The funds will be launched by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, with management fees ranging from 0.25% to 1.5%. One fund will be actively managed to outperform bitcoin's performance. Initially, the funds will transact once daily; however, future products may allow continuous trading, according to Globes.

The ISA's approval comes nearly a year after the U.S. Securities and Exchange Commission (SEC) approved spot bitcoin exchange-traded funds (ETFs), during which bitcoin's value has more than doubled, approaching record highs. U.S. funds have attracted a net $35.6 billion from investors.

An anonymous senior executive at an investment house noted that investment firms have been advocating for ETF approvals for over a year and submitted prospectuses for bitcoin funds mid-year, but the regulator proceeded cautiously to verify details.