Israeli fintech Bitcore advances four-pillar strategy and moves to launch first privately-issued digital shekel

Tel Aviv -April, 16th, 2026 — Bitcore Capital, the Israeli digital finance company whose President is former President Reuven Rivlin, is preparing to operate a corporate bitcoin treasury and has begun preparations to issue what would be the country’s first privately-issued digital shekel, a stablecoin pegged to the Israeli currency and fully backed by cash reserves, all in accordance with applicable law.

These developments mark the transition of a company that, until recently, existed largely on paper into one assembling the infrastructure for a bridge between Israel’s traditional financial system and the digital asset economy. Bitcore intends to operate across four business lines, backed by a strategic partnership with Lava Foundation, the Cayman Islands–based blockchain infrastructure group whose network spans custody, settlement, and cross-chain interoperability through integrations with Kraken, Fireblocks, NEAR Protocol, Arbitrum, and Starknet.

Bitcore assesses that it may operate a Bitcoin Treasury framework so long as its bitcoin holdings do not exceed 50 per cent of total assets excluding cash. The holdings are intended to be ring-fenced from all client operations, managed in dedicated custodial accounts, and subject to internal governance protocols. Bitcore does not intend to trade bitcoin actively; the treasury is designed to function as a long-term reserve.

This position follows ongoing dialogue between Bitcore and both the Israel Securities Authority and the Capital Market Authority, during which the company presented its proposed operational framework distinguishing its treasury activity from its client-facing services. The company has held discussions with the relevant regulators, but no regulatory approval from the Israel Securities Authority or the Capital Market Authority has been granted or is being claimed.

The privately-issued digital shekel, designated ILSD, will be issued through a dedicated Swiss entity operating under FINMA supervision. It will be fully backed by cash and liquid assets held in segregated accounts, and is designed to function as a digital payment and value-transfer instrument in both decentralised and regulated environments.

Israel does not yet have a specific regulatory framework for fiat-pegged stablecoins. Bitcore has engaged with the Capital Market Authority, which indicated that it is formulating dedicated guidelines. The Swiss route provides a functioning regulatory perimeter while the domestic framework develops.

The timing aligns with broader shifts in global stablecoin regulation. The US GENIUS Act, signed into law in July 2025, established the first federal framework for payment stablecoins and introduced reciprocal arrangements that may open pathways for compliant foreign issuers. In Europe, MiCA reached full implementation in late 2024. The Bank of Israel’s own Digital Shekel research programme continues to advance, with a 2026 roadmap under discussion, creating a context in which a privately-issued digital shekel could serve as both complement and catalyst.

Lava Foundation’s partnership provides both capital and architecture. Under the agreement signed on 8 February 2026, Lava committed to a multi-tranche equity stake in Bitcore, with an initial tranche executed immediately in LAVA tokens. Completion of the full commitment is contingent on Bitcore’s listing on the Tel Aviv Stock Exchange.

But the equity commitment is the narrowest expression of the relationship. Lava’s infrastructure reaches across the digital asset stack, from institutional custody and settlement to cross-chain bridging, and the agreement contemplates Bitcore’s direct integration with that network. For a company building stablecoin rails, a payment card, and a collateral management system simultaneously, the structural value of plugging into an established multi-chain infrastructure provider is difficult to replicate from scratch.

Nimrod Knoller, who heads the Lava Foundation, is expected to participate in upcoming events alongside the Bitcore leadership team.

Bitcore’s two remaining intended business lines fill the gaps between the treasury and the stablecoin. The first is a bitcoin-backed loan coordination service, in which Bitcore acts as intermediary, not lender, matching borrowers who hold bitcoin with licensed credit providers. Digital collateral is held and managed by Horizon DigitalAssets, a regulated Israeli financial service provider, under a service agreement signed in January 2026. Bitcore does not extend credit, hold client funds, or bear direct credit risk. Revenue derives from coordination fees and collateral management.

The second is the BitCore Card, a consumer digital wallet linked to a payment card enabling real-time conversion of digital assets to fiat at point of sale. Card issuance, clearing, and currency conversion will be handled by licensed third-party providers. The wallet will incorporate KYC and AML controls and support on-ramp and off-ramp flows connecting bank accounts to digital assets.

Taken together, the four intended lines form an integrated loop: hold bitcoin on the balance sheet, lend against it through regulated partners, issue a shekel stablecoin for settlement, and enable consumer spending through a card. Each component relies on licensed third parties; Bitcore’s role is coordination, technology, and the regulatory relationships that bind the system together.

The company’s emergence coincides with a broader shift in Israel’s financial and security landscape. The October 2025 ceasefire agreement with Hamas and the release of all living Israeli hostages produced a sharp repricing of the country’s risk profile. TASE indices hit record highs, the shekel reached multi-year strength against the dollar, and international credit agencies revised Israel’s outlook from negative to stable. Foreign and institutional investor interest has returned.

At the same time, the Tel Aviv Stock Exchange began trading shekel-denominated bitcoin ETFs in mid-2025, and the Israel Securities Authority has signalled progressive openness to regulated digital asset products. Bitcore’s planned listing would position it among the first Israeli public companies seeking to combine a bitcoin treasury, stablecoin issuance, and digital payment infrastructure in a single entity.

Bitcore is a private company that intends to operate in accordance with applicable law. Its board and advisory structure draws on senior Israeli public-sector experience, though all serve in a private capacity and hold no current government roles. Reuven Rivlin, the 10th President of Israel, is President of the company. Yohanan Danino, former Commissioner of the Israel Police, is Chairman. The founding team includes Yudi Lazar as COO and CBO; Yizhar Shai, former Minister of Science and Technology; and Yehuda Shaffer, who established Israel’s Anti-Money Laundering Authority. Racheli Raz Nachum leads the company’s AI and technology development.

Bitcore was incorporated on 7 December 2025. A reverse merger with Flying Spark, a TASE-listed shell, was agreed in late December but terminated by Flying Spark in February 2026. The company continues to pursue a Tel Aviv Stock Exchange listing as the anchor milestone of its 2026 strategy.

About Bitcore

Bitcore Capital Ltd. is an Israeli digital finance company building infrastructure across four intended business lines: bitcoin-backed loan coordination, a privately-issued digital shekel (ILSD), digital payment solutions (BitCore Card), and a corporate bitcoin treasury, in each case subject to and in accordance with applicable law. The company has not yet commenced commercial operations.

About Lava Foundation

Lava Foundation is a Cayman Islands–based digital asset infrastructure provider whose network spans custody, settlement, and cross-chain interoperability, with integrations across Kraken, Fireblocks, NEAR Protocol, Arbitrum, and Starknet. This release contains forward-looking statements.

Bitcore has not yet commenced commercial operations. All statements regarding planned activities are subject to regulatory approvals, market conditions, and the risks described in the company’s prospectus outline.