Six Bitcoin mutual funds are set to launch in Israel next week, following the recent approval by the Israel Securities Authority (ISA). Israeli newspaper Calcalist reportedly broke the news on Wednesday.
Israel Securities Authority Approves Bitcoin Mutual Funds According to CoinDesk, which first published a translated version of the report, the six mutual funds based on the Satoshi Nakamoto-created cryptocurrency are scheduled to formally debut on December 31.
The approved funds include those managed by Migdal Capital Markets, Phoenix Investment, More, Ayalon, IBI, and Meitav.
“The investment houses have been pleading for more than a year for ETFs to be approved and began submitting prospectuses for Bitcoin funds midyear,” an anonymous investment executive told the media outlet.
Trump and Bitcoin’s Post-Election Surge The news of Israel’s mutual funds comes as Bitcoin’s value stabilizes after a significant surge following the 2024 U.S. presidential election.
The cryptocurrency reached an all-time high of $108,000 on December 16, driven by anticipation that President-elect Donald Trump could bring significant changes to crypto regulation in the United States.
Trump, a New York-born businessman, has been a vocal advocate for balanced blockchain regulations. Earlier this year, his family launched the crypto platform World Liberty Financial, further solidifying his support for the industry.
“We will have regulations,” Trump declared at the Bitcoin 2024 Conference this summer. “But from now on, the rules will be written by the people who love your industry, not hate your industry.”
The former reality television star has consistently endorsed crypto-friendly policies. He has pledged to replace the current United States Securities and Exchange Commission (SEC) chair, Gary Gensler, upon taking office.
Gensler, who has since announced his resignation, is expected to be succeeded by former SEC commissioner Paul Atkins. Atkins, Trump’s pick to lead the regulatory agency, is well-connected within the crypto sector.
As the current CEO of Patomak Global Partners, Atkins’ client base includes crypto-related entities, leading to speculation that he will adopt a favorable stance toward digital assets.
“Paul is a proven leader for common-sense regulations,” Trump said in a recent Truth Social post. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and provide capital to make our economy the best in the world.”
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