While Bitcoin usage is increasing day by day, a move came from Israel.
Accordingly, the Israel Securities Authority (ISA) has approved six investment funds that track Bitcoin (BTC) price movements.
These funds will become operational on December 31.
According to local news agency Calcalist, funds that will track Bitcoin price movements through various indices and strategies will be available for purchase from banks and investment companies as of December 31.
The funds, which will track the price of Bitcoin, will be offered by leading investment firms such as Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI. It was stated that management fees will vary between 0.25% and 1.5%.
Some of the new funds will track U.S.-based ETFs, such as BlackRock’s iShares Bitcoin Trust ETF (IBIT), while one fund will be actively managed to beat Bitcoin’s price.
According to the statement, these funds will allow local investors to gain exposure to Bitcoin via Israel’s fiat currency. Initially, the funds will execute buy and sell orders once a day, reflecting the current price of Bitcoin.
*This is not investment advice.
