Crypto Currency

Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report The Israel Securities Authority approval was granted last week, Calcalist reported. By Sheldon Reback Dec 25, 2024, 11:45 a.m. UTC Tel Aviv, Israel (Unsplash) What to know: Six bitcoin mutual funds

Policy

Share this article

X iconX (Twitter)LinkedInFacebookEmail

Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report

The Israel Securities Authority approval was granted last week, Calcalist reported.

By Sheldon Reback
Dec 25, 2024, 11:45 a.m. UTC
Tel Aviv, Israel

Tel Aviv, Israel (Unsplash)

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.

STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

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.

IsraelBitcoinMutual Funds
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.

X icon

Sheldon Reback

!–>!–>
Read More

Be the first to write a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto Currency

Ethereum Futures Volume Outruns Spot 6-to-1 As Macro Stress Weighs On Crypto

Ethereum has reclaimed the $2,200 level as the broader cryptocurrency market shows signs of short-term strength following several weeks of volatility and uncertain momentum. The move higher suggests that buyers are attempting to regain control after a prolonged corrective phase, even as macroeconomic conditions continue to weigh on risk assets…

Ethereum has reclaimed the $2,200 level as the broader cryptocurrency market shows signs of short-term strength following several weeks of volatility and uncertain momentum. The move higher suggests that buyers are attempting to regain control after a prolonged corrective phase, even as macroeconomic conditions continue to weigh on risk assets…
Read More

Continue Reading
Crypto Currency

XRP climbs to $1.50 despite fund outflows as bulls eye $2 next

XRP price hovers above $1.50, a four-week high. The Ripple cryptocurrency is up amid gains for Bitcoin. Traders are bullish despite $76 million in fund outflows last week. XRP price rose to highs of $1.50 on Monday as corporate developments at Ripple and the broader market dynamics fueled bullish bets on the token…

XRP price hovers above $1.50, a four-week high. The Ripple cryptocurrency is up amid gains for Bitcoin. Traders are bullish despite $76 million in fund outflows last week. XRP price rose to highs of $1.50 on Monday as corporate developments at Ripple and the broader market dynamics fueled bullish bets on the token…
Read More

Continue Reading
Crypto Currency

Next Crypto to Explode: Shiba Inu (SHIB) Prints $505B Exchange Outflow, Bonk (BONK) Burns Stack, and Pepeto Sets the Real Floor

The next crypto to explode question is the loudest one on trader screens after April 21 data showed one of the biggest monthly Shiba Inu exchange outflow events clear $505 billion SHIB per CoinMarketCap, analysts flagging an 80% rebound setup from the support zone, and Bitcoin breaking $76,000 on easing U.S…

The next crypto to explode question is the loudest one on trader screens after April 21 data showed one of the biggest monthly Shiba Inu exchange outflow events clear $505 billion SHIB per CoinMarketCap, analysts flagging an 80% rebound setup from the support zone, and Bitcoin breaking $76,000 on easing U.S…
Read More

Continue Reading
Crypto Currency

$60,000 Is The Bottom: Bitcoin Analyst Predicts Lowest Level Before Run To $200,000

A crypto analyst has presented a new analysis, forecasting Bitcoin’s (BTC) next all-time high and potential market bottom. According to the analyst, BTC’s long-term price outlook could depend heavily on where its current market bottom forms. The analysis draws on historical cycle patterns and bear markets that preceded BTC’s explosive upward rallies…

A crypto analyst has presented a new analysis, forecasting Bitcoin’s (BTC) next all-time high and potential market bottom. According to the analyst, BTC’s long-term price outlook could depend heavily on where its current market bottom forms. The analysis draws on historical cycle patterns and bear markets that preceded BTC’s explosive upward rallies…
Read More

Continue Reading