Silver Castle Announces Issuance of Bitcoin-Tracking Bonds

Fazzaco learned that Silver Castle, an Israeli digital asset investment firm, has issued Bitcoin-tracking bonds on TASE UP, which is a platform of the Tel Aviv Stock Exchange (TASE) allowing tech companies to raise funds without going for an IPO.

The newly issued Bitcoin instruments will enable institutional and qualified investors to add digital currency exposure to their existing portfolios.

​The issued bonds will have a term of three years and will not bear any interest. The company further detailed that the proceeds collected from the bond issuance will be only utilized in the purchase of Bitcoin.

Additionally, the redemption of Bitcoin bonds will be made in shekels at the exchange rate of the digital currency on the redemption date. Moreover, the issuer will allow weekly early redemption of the bonds that will be available at the end of three months.

"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," Silver Castle CEO, Eli Mizruch 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," said Ittai Ben Zeev, CEO of TASE.