The trend of global adoption of bitcoin-related investment products continues to strengthen, with six new mutual funds debuting in Israel.

According to A a report By Calcalist On Wednesday, December 25, the Israel Securities Authority gave the green light to six mutual funds that will track the price of Bitcoin (Bitcoin).

The ISA's approval of the funds last week paved the way for their debut on December 31, the report said.

The Cacalist report reveals that the ISA expects all six funds – from Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI – to be operational at the same time.

Simultaneous launch is a requirement set by the regulator for service providers.

According to the report, the funds will charge a management fee ranging from 1.5% to 0.25%. It is also worth noting that one of the new funds is actively managed, with transactions initially scheduled once per day.

The imminent launch of BTC mutual funds in Israel comes as the cryptocurrency industry welcomes greater participation from institutional investors.

The United States, Europe, Hong Kong and Australia have made great strides in 2024, with Bitcoin and exchange-traded cryptocurrency products reaching their respective markets and causing widespread adoption.

In January 2024, the US Securities and Exchange Commission started the bullish trend by approving several Bitcoin ETFs.

Since ETFs have held billions of dollars worth of Bitcoin. SoSoValue data shows that net assets in spot BTC ETFs in the US are hovering at $110 billion as of December 24. This equates to more than 5.7% of Bitcoin's market cap at the time. Cumulative net flows amounted to $35.49 billion.

Israel's approval of these funds comes in the wake of high demand in the local market. Various companies offered prospectuses on Bitcoin products starting in June, Calcalist reported, citing an official at an investment firm.