Key Highlights:

• Six bitcoin mutual funds will launch in Israel on December 31.
• The funds are now approved by the Israel Securities Authority (ISA), as reported by Calcalist last week.

Overview:

Six mutual funds associated with bitcoin (BTC) are set to begin their operations in Israel next week after receiving authorization from the ISA. All six funds will go live on the same date, which is a regulatory requirement.

These funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, with management fees fluctuating between 1.5% and 0.25%. Notably, one of the funds will feature active management aimed at outperforming bitcoin.

Currently, these funds are expected to conduct transactions just once per day, although new products may facilitate continuous trading in the future, according to reports.

The ISA's move comes nearly a year after the U.S. Securities and Exchange Commission approved similar spot bitcoin exchange-traded funds (ETFs), during a period when bitcoin prices have significantly increased. In the U.S., these funds have attracted about $35.6 billion in investor capital.

An unnamed senior executive from an investment firm shared: "Investment firms have been advocating for more than a year for ETF approvals and have been submitting proposals for bitcoin funds since mid-year. However, the regulator has its own pace to consider the details."