One of Israel’s largest asset management companies allocated millions of dollars to Grayscale’s Bitcoin Trust (GBTC) stock. According to a local media report, Altshuler Shaham is now approaching Bitcoin by investing $100 million in stocks.
Altshuler Shaham currently holds $150 million worth of BTC
According to a report in the “Israel Globe”, millions of dollars of investment have yielded nearly 100% returns. This is because the investment bank made a risk exposure in December 2020, when the price of Bitcoin (BTC) was hovering around $21,000.
Later, when BTC hit a record high in February, Altshuler Shaham made a profit. According to Global, the investment bank has closed about a third of its GBTC fund positions.
Gilad Altshuler, CEO and co-founder of the asset management company, stated that as of press time, Alzhul Shaham currently holds $150 million worth of Bitcoin. He added:
The investment of 100 million US dollars has become 200 million US dollars. Of the 200 million US dollars, we have sold about 1/3. This is a new investment for us. It took us several months to obtain all relevant approvals and all opinions that approved our investment in this field.
Will the company increase its investment?
However, Altshuler admitted that the company was “a bit intimidated” by the speed at which BTC prices have soared across the board. In fact, he claimed that this fact even made them worry about becoming asset managers.
Regarding whether they will increase investment this year, Altshuler Shaham CEO stated that it all depends on the price of cryptocurrencies. So far, the company is the only well-known Israeli asset management company that has entered the cryptocurrency industry.
Grayscale Bitcoin Trust Fund is currently managed by Grayscale Investment. When the latest Bitcoin halving occurred in 2020, Grayscale Investments purchased more than 1.5 times the number of Bitcoins mined since the third BTC halving.
On May 12 and May 18, one week after the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins at a price of US$112,336,936 at the time.
What do you think of Altshuler Shaham’s actions? Let us know in the comments section below.
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