Israel approves 6 Bitcoin funds for December 31 launch - Genius AI
The funds, managed by leading Israeli investment firms including Phoenix, IBI-Kessem, Meitav, More, Ayalon, and Migdal, will start trading on December 31, as reported by local media outlet Calcalist. Management fees will range from 0.25% to 1.5%. Several funds will track US Bitcoin exchange-traded funds (ETF), including BlackRock’s iShares Bitcoin Trust (IBIT), while one fund will be actively managed to seek above-market returns.
The approval comes after a two-year review period by regulators. Trading will initially be limited to once daily, with orders executed at Bitcoin’s price at that time. The funds will allow Israeli investors to gain Bitcoin exposure through shekel-denominated investments.
“For years now, as an investment house, we have been trying to join the digital currency sector,” said Eyal Haim, vice president of Ayalon Mutual Funds, speaking to Calcalist. The launch coincides with Israel’s ongoing development of a central bank digital currency through the Digital Shekel Challenge initiative, which aims to create real-time payment systems and increase banking competition.
This regulatory approval could signal growing institutional acceptance of Bitcoin investment products beyond major financial centers.
Disclaimer: The content on this website is for informational purposes only and does not constitute financial, investment, or legal advice. Always consult a qualified professional before making financial decisions.
Stay informed by subscribing to our newsletter, delivering the latest updates in AI, Web3 and exponential technologies straight to your inbox!
Copyright © 2024 Genius Group. Privacy Policy / Terms
