Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Six Bitcoin funds to launch in Israel as regulators approve

Six Bitcoin funds to launch in Israel as regulators approve

GrafaGrafa2024/12/26 09:10
By:Isaac Francis

Israel will introduce six mutual funds tracking Bitcoin (CRYPTO:BTC) price movements on December 31, following approval from the Israel Securities Authority.

The funds will provide Israeli investors access to Bitcoin through local banks and investment platforms, with pricing in the shekel.

According to local reports, the funds will follow various strategies, including indexes and actively managed portfolios designed to outperform Bitcoin’s market performance.

Some funds will also align with exchange-traded funds (ETFs) available in the United States, such as BlackRock’s iShares Bitcoin Trust ETF.

The asset managers behind the funds include Phoenix Investment, IBI-Kessem, Meitav, More, Ayalon, and Migdal.

Management fees are set to range from 0.25% to 1.5%.

Initially, buy and sell orders will be processed once daily, reflecting Bitcoin’s price at the time.

"For years now, as an investment house, we have been trying to join the digital currency sector. We launched a mutual fund that deals with companies in the field, recognizing that their price is derived from changes in digital currencies," said Eyal Haim, vice president of Ayalon Mutual Funds, in an interview with the Calcalist.

The regulatory approval comes after two years of requests from asset managers, marking a significant development in Israel’s financial market.

The launch of these funds aligns with the broader push toward digital financial systems in the country.

Meanwhile, Israel continues to explore its central bank digital currency (CBDC), the digital shekel.

The Bank of Israel is running the Digital Shekel Challenge, inviting participants to create real-time payment systems using the digital currency within a sandbox environment.

The initiative aims to enhance competition with local banks, although privacy concerns have been raised.

The debut of Bitcoin funds reflects Israel’s growing integration of digital assets into traditional financial systems, offering new opportunities for investors while navigating regulatory and technological challenges.

At the time of reporting, the Bitcoin price was $98,629.64.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Honda prepares to send its hydrogen tech to space

Share link:In this post: Honda is working with Sierra Space and Tec-Masters, two space technology companies, to try their high-differential pressure water electrolysis system. Honda aims for hydrogen to help it get all of its cars off carbon by 2040. Honda says it will work with NASA to get the equipment to the ISS on Sierra Space’s Dream Chaser space plane.

Cryptopolitan2025/04/04 19:12

ETH just had lowest quarterly return since Q2 2022: Blockworks Research

The network is at a “pivotal juncture,” Blockworks Research’s Marc-Thomas Arjoon said

Blockworks2025/04/04 18:22
ETH just had lowest quarterly return since Q2 2022: Blockworks Research