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 locations will begin operations on the same day, Dec. 31, a condition imposed by regulators, Calcalisto said. Final approval for funding was given last week.
The funds are offered by Migdal Capital Markets, More, Ayalon, Phoenix Investments, Maytab, and IBI, with management fees ranging from 1.5% to 0.25%. One of the funds will be actively managed and aim to outperform Bitcoin. Groves said in a report on Tuesday, citing market sources, that future products will be able to be traded continuously, although initially they will only be traded once a day.
The ISA's approval comes nearly a year after the U.S. Securities and Exchange Commission (SEC) gave the go-ahead for Spot Bitcoin Exchange Traded Fund (ETF) in the world's largest economy, during which time the world's largest virtual The currency has more than doubled in value and is trading near all-time highs. The US fund attracted net investor cash of $35.6 billion.
“Investment firms have been seeking approval for ETFs for over a year and started sending prospectuses for Bitcoin funds in the middle of this year. But regulators are moving in their own direction. We need to see the details.” said an anonymous source. a senior executive at the investment firm told Calcalist.
