For The First Time In Israel: A Bitcoin-Tracking Financial Instrument On TASE UP In The Tel Aviv Stock Exchange - 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

The series of bonds issued will have 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 redemption date, less 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, less 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 Mizroch, CEO of Silver Castle Investment House, said: “The joint endeavor 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 list on TASE UP."