Six mutual investment funds based on Bitcoin are set to debut on the Israeli market on December 31, according to Calcalist.

The report states that the Israel Securities Authority (ISA) approved the products last week. To track the underlying asset’s price, the funds will rely on indices provided by BlackRock, S&P, and the Chicago Stock Exchange. Only one issuer will employ active management to attempt surpassing Bitcoin’s returns.

The launch follows two years of lobbying and repeated requests to the ISA, Calcalist noted. Representatives of the issuers told reporters that the regulatory shift occurred in January after the launch of spot Bitcoin ETFs in the United States.

“Investment firms have been pleading for approval for over a year and began sending prospectuses this summer. However, the regulator operates at its own pace and must verify all the details,” one source stated.

The source added that the delay in approval is “disheartening,” as it prevented investors from capitalizing on the cryptocurrency’s rally. Since the start of the year, Bitcoin’s value has increased by approximately 120%.

The total assets under management in U.S. Bitcoin ETFs have surpassed the estimated Bitcoin holdings attributed to its pseudonymous creator, Satoshi Nakamoto.

As of December 23, despite recent outflows, these products have amassed digital gold worth $35.83 billion.