One of the largest asset managers in Israel has invested millions of dollars in Grayscale’s Bitcoin Trust (GBTC) stocks. Altshuler Shaham is now involved in Bitcoin by investing $ 100 million in stocks, according to a local media company.
Altshuler Shaham currently holds a value of $ 150 million in BTC
For Globes Israel, the multi-million dollar investment returned nearly 100%. This is because the investment house made the commitment in December 2020 when Bitcoin (BTC) prices were around the $ 21,000 level.
Thereafter, Altshuler Shaham took profits as BTC hit new all-time highs in February. According to Global, the investment house has closed its position on around a third of its stakes in GBTC funds.
Gilad Altshuler, CEO and co-founder of the wealth manager, stated that Altshuler Shaham currently holds $ 150 million worth of Bitcoin at press time. He added:
The $ 100 million investment has turned into $ 200 million, and of that $ 200 million we’ve already sold about a third. This is a new investment for us. It took several months for us to obtain all relevant approvals and opinions approving our investment in this area.
Will the company increase its investment?
However, Altshuler admitted that the company was “a little intimidated” by the speed of the general rise in BTC prices. In fact, he claimed that this fact worried her even as an asset manager.
Whether or not they increase the investment this year, Altshuler Shaham CEO said it all depends on crypto prices. So far, the company is the only publicly known Israeli asset manager to have made its way into the crypto industry.
The Grayscale Bitcoin Trust Fund is currently managed by Grayscale Investment. When the last Bitcoin halving happened in 2020, Grayscale Investments was buying more than 1.5 times the number of bitcoins mined since the third BTC halving for its bitcoin trust.
On May 12 and May 18, the week after the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins, which at that point was $ 112,336,936.
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