Israel Securities Authority Approves Launch of Six Bitcoin Funds, First Launched on the 31st of This Month

An Israeli asset management firm is set to launch six mutual funds that will track Bitcoin's price movements.
On the 25th (local time), the Israel Securities Authority (ISA) announced that these recently approved Bitcoin
The Intracking Fund, which tracks Bitcoin price fluctuations through a range of indexes and strategies, said it will be available to buy at banks and investment firms from Dec. 31.
Part of the new fund will be BlackRock's Ishares Bitcoin Trust, launched in the US.
It plans to track exchange-traded funds (ETFs) such as IBIT, one of which is an actively managed fund that aims to outperform crypto assets.
As of the 25th, the total market capitalization of all Bitcoin ETFs is approximately $143.2 billion.
The fund is managed by Phoe, a leading Israeli mutual fund management company.
The companies in charge are Nix Investment, IBI-Kessem, Meitav, More, Ayalon, and Migdal. Management fees will range from 0.25% to 1.5%.
The regulatory approval decision came last week after two years of persistent requests by the asset managers. The funds will allow Israeli investors to receive domestic currency payments.
It allows users to indirectly invest in Bitcoin with shekels. Initially, buy and sell orders will be processed once a day, reflecting the price of Bitcoin.
"We have been in the digital currency space for a long time as an investment company," Eyal Haim, vice president of the Mutual Funds, said in an interview with Israeli business newspaper Kalcalist.
"We have been trying to do this. We have even launched a mutual fund targeting companies that are affected by the price fluctuations of digital currencies."