Israel to Debut Six Bitcoin Mutual Funds

Six Israeli mutual funds that track the price of Bitcoin will launch next week, after being granted permission by the Israel Securities Authority (ISA). All six funds will begin operations on December 31, as required by the regulator, with official approval being given last week.

The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, and will have management fees ranging from 1.5% to 0.25%. One of the funds will be actively managed, attempting to outperform the performance of Bitcoin.

Initially, the funds will only transact once a day, but future products may be able to trade continuously, according to a report by Globes citing market sources on Tuesday.

The ISA’s approval comes nearly a year after the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) in the United States.