The funds are all set to launch on Dec. 31, the last trading day of the year, after getting the regulatory go-ahead from the Israel Securities Authority
Israel’s securities regulator has approved six investment houses to launch hedge funds that will track the price of Bitcoin (CRYPTO: BTC) on the last trading day of the year, according to a report by Globes on Wednesday.
The funds will be launched on Dec. 31, as per the report, which adds that some of the funds will be aligned with the iShares Bitcoin Trust ETF (NYSE:IBIT) by BlackRock (NYSE:BLK), while others will follow the index launched by S&P or the Chicago Stock Exchange. One fund will reportedly adopt an active strategy, aiming to generate returns that exceed the price performance of Bitcoin.
The funds will be offered by Ayalon, IBI, Meitav, More, Migdal Capital Markets, and Phoenix, with management fees ranging from 0.25% to 1.25%, the report said.
The launch of Bitcoin mutual funds and ETFs comes after persistent lobbying and requests by investment houses to the Securities Authority over the past two years, according to the report. The regulator granted final approval last week, on the condition that all investment houses launch the products simultaneously, the report adds.
The Israel Securities authority didn’t immediately respond to a request for confirmation by Benzinga.
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