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The Tel Aviv Stock Exchange is finally joining the crypto revolution, and the timing couldn’t be better, with Bitcoin trading at $94,200 after skyrocketing 113% in just the past year.
For Israeli investors who’ve been itching to get into crypto but wanted the safety of regulated investment products, the wait is almost over.
The country’s biggest financial players are bringing Bitcoin to the masses, including IBI-Kessem, Meitav, More, and Migdal.
All four have already filed paperwork to launch Bitcoin tracking funds next week. Not to be left behind, Ayalon is cooking up its own managed fund.
There’s just one snag: Bitcoin funds won’t trade like regular stocks. Instead of buying and selling throughout the day, investors will have to place orders that only get filled once daily.
But that’s likely to change after approval for Bitcoin tracking was finally granted last week by Israel’s Securities Authority (ISA).
“The investment houses have been pleading for more than a year for ETFs to be approved and started sending prospectuses for Bitcoin funds in the middle of the year. But the regulator marches to its own tune. It has to check the details,” a senior executive at an investment house tells Calcalist.
The dominos started falling when U.S. regulators made their own historic move earlier this year, letting investment houses create ETFs that directly track Bitcoin.
Israel’s regulators followed suit, first opening the door to crypto futures trading in April, then taking it a step further in August by letting non-bank stock exchange members handle crypto trading and custody services.
Starting Dec. 31, regular Israeli investors can put their shekels directly into funds that track actual Bitcoin prices. No more dealing with futures contracts, foreign currencies, or crypto exchanges. Just straightforward investment through Israel’s biggest, most trusted financial firms.”
