- Israel launches the first six Bitcoin mutual funds on December 31st
- They will be managed by local leading Israeli firms
- Fees will range from 0.25% to 1.5%
Israel is entering the field of crypto ETFs, probably with an eye on their rapid development in the US. Specifically, the Israeli Securities Authority (ISA) has approved the launch of six Bitcoin mutual funds starting December 31.
They will be managed by local firms and offer different Bitcoin exposure, and the fees will range from 0.25% to 1.5%.
More About Israel’s Entry Into Crypto ETFs
According to local sources, the result of years of work by local financial institutions and companies will now allow access to high-yield investment instruments like Bitcoin ETFs, which are performing impressively in the US right now.
Specifically, these funds will be managed by six leading firms, namely Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI. They will offer different Bitcoin exposure and asset management fees ranging from 0.25% to 1.5%.
Initially, this trading will only be once a day, but the firms are already making plans to make it continuous and other expansions of their services. Their optimism about Bitcoin and the big role of ETFs in this can be understood from their statements.
Ayal Goren, deputy CEO of IBI’s fund company, said:
“It cannot be argued that the approval of the Securities Authority was one of the reasons that pushed the price of Bitcoin up. Once they started making the product available to the public – it changed the game.”
Ayal Haim, VP of Ayalon Mutual Funds, said:
“For years, we, as an investment house, have been trying to connect with the digital currency sector. We have launched a mutual fund that deals with companies in the field, recognizing that their price is derived from changes in digital currencies.”
Conclusions
Israel is getting into the crypto ETFs game, and this is undoubtedly a big step for them. How successful they will be in this and whether they will keep up with developments in the US remains to be seen.
Be aware and stay tuned.
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