The global adoption trend for Bitcoin-related investment products continues to strengthen with the launch of six new mutual funds in Israel.
According to a report by Calcalist on Wednesday, December 25, the Israeli Securities Authority has given approval for six mutual funds that will track the price of Bitcoin (BTC).
ISA’s approval of the fund last week paved the way for its debut on December 31, the report said.
According to a report by Cacalist, the ISA expects all six funds – Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI – to be active simultaneously.
Simultaneous launch is a condition specified by regulators to suppliers.
The fund charges a management fee of between 1.5% and 0.25%, according to the report. Also worth noting is that one of the new funds is initially set to trade once a day and is actively managed.
The launch of a BTC mutual fund in Israel is imminent as the cryptocurrency industry welcomes greater participation from institutional investors.
The United States, Europe, Hong Kong, and Australia have all made great strides in 2024, with Bitcoin and cryptocurrency exchange-traded products launching in their markets and driving mass adoption.
In January 2024, the U.S. Securities and Exchange Commission approved several spot Bitcoin ETFs, starting an upward trend.
Because ETFs have swallowed billions of dollars in BTC. The net assets of the U.S. spot BTC ETF reached $110 billion as of December 24, according to SoSoValue data. This corresponds to more than 5.7% of Bitcoin’s market capitalization at the time. The cumulative net inflow was $35.49 billion.
Israel’s agreement to this fund follows growing demand across the local market. Calcalist quoted an investment firm official as saying that various companies have submitted prospectuses for BTC products since June.