Six mutual funds that track the price of Bitcoin will debut in Israel on Tuesday, Dec. 31, according to a recent report from Israeli business news site Calcalist.
The funds will debut simultaneously after winning approvals from the Israel Securities Authority last week, reportedly after at least two years of lobbying efforts and applications from Israeli financial institutions.
"Investment houses have been pushing for over a year to approve mutual funds, submitting Bitcoin fund prospectuses as early as mid-year," a fund company executive reportedly said to Calcalist. "But regulators operate at their own pace and must thoroughly review the details."
The funds vary slightly in strategy, according to the report, with some tracking BlackRock's IBIT spot Bitcoin ETF and others tracking indices from the S&P or Chicago Stock Exchange. The management fees vary from Migdal Capital Markets' 1.5% to the low of 0.25% offered by three firms: IBI-Kessem, Meitav, and the Phoenix Investment House.
The approvals come nearly a year after the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs to trade on U.S. markets. Since their approval, spot Bitcoin funds have amassed over $110 billion in net asset value, according to SoSoValue data.
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