For the First Time in Israel: A Bitcoin-Tracking Financial Instrument on TASE UP in the Tel Aviv Stock Exchange

FinanceFeeds Editorial Team

Silver Castle Investment House Is the First to List Bitcoin-Linked Bonds on TASE UP. This Revolutionary Step Finally Makes Bitcoin Investments Available to Qualified and Institutional Investors

China Stock exchange

Digital Currency Investment House, Silver Castle, and TASE announced today (August 10, 2021) the first-ever issuance of Bitcoin linked and backed bonds on TASE UP. This new channel of investment in Bitcoin creates a pathway for institutional and qualified investors into the digital currency realm and further diversification of their investment portfolio.

The series of bonds issued will have a term of three years and will not bear interest. The capital raised in the issuance will be used solely in the purchase of Bitcoin and the monies will be fully exposed to the exchange rate of the Bitcoin. The trading of the bonds will be subject to the rules of TASE UP. The redemption of the Bitcoin will be paid for in Shekels, based on the exchange rate of the Bitcoin on the redemption date, fewer commissions. Weekly early redemption will become available at the end of three months, based on a formula that weights the exchange rate of the Bitcoin on early redemption, fewer commissions.

The new instrument enables exposure to Bitcoin with significantly reduced operational risks and product holding costs. Until now, Bitcoin could be obtained by way of direct purchase and holding, bitcoin delivery agreements, and Israeli or foreign hedge funds. Starting today, institutional and qualified investors can also purchase Israeli Bitcoin bonds on TASE UP.

The digital currency sector has been gathering momentum in recent years, but despite the wide media coverage is still an emerging sector.

Eli Mizruch, CEO of Silver Castle Investment House, said: “The joint endeavour with TASE and its exposure to the institutional market in Israel is a significant milestone in forming awareness and recognition for the digital assets sector. As significant companies enter the field, we believe that the Israeli capital market is better prepared to participate in the sector and a growing number of companies realize that investment in digital assets contributes to portfolio diversification, without correlation to other assets, offering a substantial profit potential. Technology has changed the way in which we manage our funds and investments, and the new generation of investors influences the format of the market and the channels of investments in companies. The issuance of this novel financial instrument in Israel allows us to catch up with the global market and U.S. institutional investors.”

Ittai Ben Zeev, CEO of TASE, said: “The launch of TASE UP allows institutional and qualified investors direct access to new investment opportunities, in both private companies and innovative products, such as Bitcoin-linked bonds, all through a platform that was constructed to resemble the infrastructure of TASE’s familiar trading and clearing systems. The investors will enjoy liquidity for investment, listing, clearing and operation of the payments as applicable to a listed security, all as part of TASE’s strategy of expanding its range of products and diversifying the pool of investors. We expect to see more private companies and new products listed on TASE UP.”

About Silver Castle:

Silver Castle, Digital Assets Investment House, was founded in 2018 by Israeli banking and capital market executives, including Zvi Ziv, former CEO of Bank Hapoalim, Gaby Ravid, former CEO of Psagot Investment House, and Eli Mizruch, formerly a senior executive in Bank Hapoalim and CEO of Golf. The Investment House specializes in identifying digital currency investment opportunities for institutional and qualified investors.

For additional information: https://www.silvercl.co.il

About TASE UP:

TASE UP is a private platform that operates separately from TASE’s public companies’ trading platform.  This unique platform is designated for institutional and qualified investors, both Israeli and foreign. Companies that are listed on TASE UP are private companies looking to raise funds from institutional investors and qualified clients. Unlike a public company, they remain private and are not subject to reporting requirements under the Securities Law. TASE UP was constructed to resemble the infrastructure of TASE’s trading and clearing systems and is therefore readily accessible and familiar to institutional investors.

For additional information: https://taseup.tase.co.il/

Read this next

Retail FX

Overcharts partners with dxFeed for CME Group Market Depth

“More and more traders are using Market Depth while conducting volume analysis. Its primary function is to help traders identify potential support and resistance levels.”

Digital Assets

CoinGecko expands collaboration with CER.live security rating

CoinGecko, one of the earliest crypto data aggregators, has integrated the security score data from the CER.live rating. The trust assessments given to crypto projects will be integrated into their pages on CoinGecko website to draw users’ attention to the importance of security.

Metaverse Gaming NFT

Klaytn taps Parity Technologies to build infrastructure for Klaytn-Substrate

Klaytn has initiated a collaboration with blockchain infrastructure company Parity Technologies to strengthen its tech stack and meet the demands of enterprises looking to harness the crypto technology.

Retail FX

US Retail FX brokers suffer steep fall in client deposits, Trading.com racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

Retail FX

Interactive Brokers’ traders now have direct access to TradingView

Professional charting and trading platform, TradingView has integrated the US-listed brokerage firm Interactive Brokers as the latest online trading partner.

Digital Assets

This Web3 infrastructure provider is on the verge of a radical upgrade

The crypto industry fueled the anticipation of the arrival of web3 with the introduction of Decentralized Finance, Metaverse, and more. And today, that web3 is finding support from various developers looking to build and develop the space to extract the most benefits out of it.

Digital Assets

Crypto bots: trading assistant 

The cryptocurrency market is a volatile one, with huge gains and dramatic dips. However, the most informed traders can use automated tools to maximize profits while minimizing risks. 

<