As a seasoned analyst with over two decades of experience in the financial markets, I find this development in Israel particularly intriguing. Having witnessed the meteoric rise and evolution of Bitcoin and its ETF counterparts in the U.S., it’s refreshing to see Israel joining the fray.
Based on a report published on Wednesday by the Israeli media outlet Calcalist, it appears that six mutual funds linked to Bitcoin have received crucial regulatory approval and are now set to commence trading within Israel.
After receiving approval from the Israel Securities Authority, Israel’s primary securities regulator, these specified items were given the go-ahead earlier this month.
IBI and More are among the funds whose products have been approved by the regulator.
The new products are set to debut on December 31st. Similar to conventional mutual funds, they can be bought from banks and financial institutions as mentioned in the report.
In Israel, Bitcoin mutual funds are set for launch, marking almost a year since U.S. spot-based Bitcoin exchange-traded funds (ETFs) made their initial appearance. As reported by SoSoValue, these groundbreaking ETFs have amassed approximately $110 billion in total net assets to date. Notably, BlackRock’s iShares Bitcoin Trust ETF holds around $56 billion in assets.
According to U.Today’s report, the U.S. Securities and Exchange Commission has approved two new crypto exchange-traded fund (ETF) options. These unique ETFs provide investors with access to both Bitcoin and Ethereum at the same time.
Eyal Goren, a deputy at IBI Funds, shared with Calcalist his belief that the surge in Bitcoin’s price was primarily fueled by the growing success of Exchange-Traded Funds (ETFs) based in the United States.
Industry leaders in the local area seem displeased with the timing of the approval, as they think that their clients might have profited from the significant increase in Bitcoin prices if the regulatory body had approved the mutual funds sooner.
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2024-12-25 18:58