Six mutual funds that track the price of bitcoin (BTC). debut in Israel next week after the Israel Securities Authority (ISA) gives permission for the products, Calcalist reported on Wednesday.
All six operations will begin on the same day, December 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.
The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, with management fees ranging from as high as 1.5% to 0.25%. One of the funds will be actively managed, trying to beat the performance of bitcoin. They will from the beginning transact only once a dayeven futures products will continue to trade, Globes said in a report on Tuesday, citing market sources.
The ISA’s approval comes nearly a year after the US Securities and Exchange Commission (SEC) greenlighted spot bitcoin exchange-traded funds (ETFs) in the world’s largest economy, where the world’s largest cryptocurrency doubled more than trading near record highs. US funds took in a net $35.6 billion of investor money.
“Investment houses have been begging for more than a year for ETFs to be approved and started sending out prospectuses for bitcoin funds in the middle of the year. But the regulator is marching to its own tune. It needs to review the details,” an anonymous senior executive at an investment house told Calcalist.
