Introduction

Six mutual funds that track the price of Bitcoin will debut in Israel on Tuesday, Dec. 31, according to a recent report from Israeli business news site Calcalist.

Approval and Launch

The funds will debut simultaneously after winning approvals from the Israel Securities Authority last week, reportedly after at least two years of lobbying efforts and applications from Israeli financial institutions.

An executive from a fund company told Calcalist, "Investment houses have been pushing for over a year to approve mutual funds, submitting Bitcoin fund prospectuses as early as mid-year. But regulators operate at their own pace and must thoroughly review the details."

Fund Strategies

The funds vary slightly in strategy, with some tracking BlackRock's IBIT spot Bitcoin ETF and others tracking indices from the S&P or Chicago Stock Exchange. The management fees range from Migdal Capital Markets' 1.5% to a low of 0.25% offered by three firms: IBI-Kessem, Meitav, and the Phoenix Investment House.

Context

The approvals come nearly a year after the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs to trade on U.S. markets. Since their approval, spot Bitcoin funds have amassed over $110 billion in net asset value, according to SoSoValue data.