Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report
Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report
The Israel Securities Authority approval was granted last week, Calcalist reported.
What to know:
- Six bitcoin mutual funds will debut in Israel on Dec. 31
- Approval for the funds was granted last week, almost a year after SEC greenlighted U.S. exchange-traded funds.
Six mutual funds tracking 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 will start operations on the same day, Dec. 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.
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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 bitcon’s performance. They will initially transact just once a day, though future products will be able to trade continuously, Globes said in a Tuesday report, citing market sources.
The ISA’s approval comes almost a year after the U.S. Securities and Exchange Commission (SEC) greenlighted spot bitcoin exchange-traded funds (ETFs) in the world’s largest economy, during which the world’s largest cryptocurrency has more than doubled to trade near a record high. The U.S. funds have gathered a net $35.6 billion of investor cash.
“The investment houses have been pleading for more than a year for ETFs to be approved and started sending prospectuses for bitcoin funds in the middle of the year. But the regulator marches to its own tune. It has to check the details,” an unidentified senior executive at an investment house told Calcalist.
Sheldon Reback
Sheldon Reback is CoinDesk editorial’s Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal’s main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk’s notifiable limit.
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