Key Takeaways:
- Six Bitcoin mutual funds will launch in Israel on December 31, following regulatory approval, enabling local investors to track Bitcoin’s price in Israeli shekels.
- The funds, managed by prominent firms like Phoenix Investment and Migdal, feature management fees ranging from 0.25% to 1.5% and will include both passive and actively managed strategies.
- This marks a pivotal step in Israel’s crypto adoption, complementing ongoing efforts like the Digital Shekel Challenge to advance the country’s digital currency ecosystem.
Israel is set to see a major expansion in cryptocurrency investment options with the launch of six Bitcoin-tracking mutual funds on December 31, following approval by the Israel Securities Authority.
These funds will enable local investors to gain exposure to Bitcoin’s price movements in Israeli shekels through banks and investment firms, with strategies ranging from mirroring U.S.-based ETFs like BlackRock’s iShares Bitcoin Trust ETF to actively managed approaches aimed at outperforming the market.
Bullish news:
— borovik (@3orovik) December 25, 2024
Israel is getting 6 Bitcoin mutual funds next week! pic.twitter.com/XAeCzz8fSz
Prominent Israeli asset management firms such as Phoenix Investment, IBI-Kessem, and Migdal are behind the launch, with management fees between 0.25% and 1.5%.
The approval reflects the culmination of a two-year effort to introduce regulated Bitcoin-related financial products in Israel.
It also highlights the growing global demand for Bitcoin ETFs, which boast a market capitalization of $143.2 billion as of December 25.
This development aligns with Israel’s broader push into digital currencies, including its digital shekel initiative under the Digital Shekel Challenge.
While the project seeks to promote competition among banks and enhance payment systems, privacy concerns remain debated.
The launch of these Bitcoin funds signifies a significant milestone in Israel’s evolving cryptocurrency landscape, providing new opportunities for investors while advancing the nation’s digital economy ambitions.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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