In Israel, six Bitcoin-linked mutual funds are set to begin trading soon after receiving key regulatory approval.
Regulatory Approval
The Israel Securities Authority has approved six Bitcoin funds, with the launch set for Dec. 31. Among the approved funds are those from IBI and More. These innovative products will be available for purchase at banks and investment houses.
Comparison to the US
The launch of Bitcoin funds in Israel follows nearly a year after the debut of spot-based Bitcoin ETFs in the U.S. According to SoSoValue, these ETFs have amassed $110 billion in total net assets, with BlackRock's iShares Bitcoin Trust ETF alone holding $56 billion worth of assets.
Market Expectations
Eyal Goren, deputy CEO of IBI Funds, stated that the success of U.S. ETFs was a major catalyst that significantly increased the Bitcoin price. However, local industry executives express disappointment over the delayed approval, believing earlier approval would have allowed clients to benefit from the Bitcoin price surge.
The introduction of Bitcoin funds in Israel may offer new investment opportunities, despite some disagreements over the timing of their launch.
