According to A Wednesday report According to Israeli media Calcalist, six Bitcoin-based mutual funds are on track to start trading in Israel after receiving approval from key regulators.

This comes after the Israel Securities Authority, Israel's national securities regulatory body, gave the green light to the above-mentioned products earlier this month.

IBI and More are among the funds whose products have been approved by the regulator.

The new products will be launched on December 31. As with traditional mutual funds, they will be available for purchase at banks and investment houses, according to the report.

The upcoming launch of bitcoin mutual funds in Israel will come about a year after bitcoin-based exchange-traded funds debuted in the United States. According to data provided by SoSoValue, these ETFs have now accumulated nearly $110 billion in total net assets. BlackRock's iShares Bitcoin Trust ETF alone has $56 billion in assets.

As reported by U.Today, the US Securities and Exchange Commission recently gave the green light to two additional cryptocurrency ETF products that simultaneously provide exposure to both Bitcoin and Ethereum.

Eyal Goren, executive vice president of IBI Funds, told Calcalist that the success of ETFs in the US was the main catalyst that pushed the price of Bitcoin so high.

Local industry executives are reportedly disappointed by the timing of the approval. They believe their clients could have benefited from the massive rise in Bitcoin prices had the regulator given the green light to mutual funds earlier.