Israel Approves Investment Funds to Track Bitcoin Prices
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Israel is making significant strides in the cryptocurrency space with a new move aimed at expanding Bitcoin investment options.
The Israel Securities Authority (ISA) has granted approval for six investment funds that will track Bitcoin’s price fluctuations. These funds are set to become available to the public on December 31.
Starting on that date, banks and investment firms will offer these funds to investors, allowing them to gain exposure to Bitcoin through various indices and strategies.
Leading Israeli investment firms, such as Migdal Capital Markets, Meitav, Ayalon, Phoenix Investment, More, and IBI, will manage these funds. The funds will come with management fees ranging from 0.25% to 1.5%.
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Some of the funds will track U.S.-based Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), while others will focus on actively managed strategies that aim to outperform Bitcoin’s price movements.
This new initiative allows Israeli investors to gain access to Bitcoin via the country’s fiat currency, making it more accessible for local investors.
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