Israel to Launch Six Bitcoin Mutual Funds on Dec. 31
Israel is stepping up its crypto game as it prepares to launch six mutual funds tracking the price of Bitcoin on December 31
The Israeli Securities Authority (ISA) approved these funds last week.
Israelis will get a way of investing indirectly in $BTC when six mutual funds tracking the cryptocurrency debut on Dec. 31, @sheldonreback reports. https://t.co/2EoDj49Jb7
— CoinDesk (@CoinDesk) December 25, 2024
It took over two years of lobbying efforts from financial institutions to convince regulators to give the green light. “Investment houses have been pushing for over a year to approve mutual funds, submitting Bitcoin fund prospectuses as early as mid-year,” an executive from one of the firms told Calcalist. But, as the saying goes, “patience is a virtue”—and regulators moved at their own pace, carefully reviewing all the details before approving.
More About Bitcoin Mutual Funds in Israel
As for the management fees, they vary widely. Migdal Capital Markets will charge 1.5%, while three other firms—IBI-Kessem, Meitav, and Phoenix Investment House—will offer a much lower fee of 0.25%. The competition between these funds could benefit investors, offering them more choices at different price points.
BITCOIN GOES KOSHER—ISRAEL DEBUTS SIX BTC MUTUAL FUNDS
Starting December 31, Israelis can invest in six Bitcoin mutual funds approved by the ISA.
Finally, crypto in Tel Aviv gets institutional!
From Migdal to Phoenix Investment, these funds aim to bring BTC to everyone’s… pic.twitter.com/3Ky9nvIhRy
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 25, 2024
For Israeli investors, the launch of these Bitcoin funds could open the door to new opportunities. With the increased accessibility and relatively low fees, Bitcoin is moving further into the mainstream. As more countries and investors embrace crypto, Israel’s move could be a sign of things to come in the global financial landscape.
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