Israeli asset manager doubles its $100M Bitcoin investment in just two months

Israeli investment firm Altshuler Shaham transferred $100 million to Grayscale Bitcoin Trust late last year. It is the only known Israeli institution to have invested so much in bitcoin so far.

The news follows growing interest in bitcoin from international institutions. The seventh. In March, it was reported that Chinese tech company Meitu is the first Hong Kong-listed company to invest $40 million in a cryptocurrency split between Ethereum and Bitcoin.

Israeli publication Globes reported that Altshuler Shaham bought GBTC shares in late 2020, when bitcoin was trading around $21,000. Co-CEO, founder and co-owner Gilad Altshuler told the publication:

The $100 million investment has turned into $200 million, and we’ve already sold about a third of that $200 million.

He added that this is a new investment for us. It took us several months to get all the necessary permits and approvals for our investment in this area.

According to the Globes report, the investment house currently owns about $150 million in cryptocurrencies – and could add more, according to Altshuler :

It all comes down to price. We were a little alarmed by the speed at which bitcoin reached these prices, its global market capitalization exceeded the $1 trillion mark, and that worried us a little.

Altshuler Shaham is one of the largest investment companies in Israel, managing about $51.5 billion in long-term savings for pension and retirement funds at the end of January. This is not the first time Altschuler Shaham has invested in cryptocurrencies, as the firm reportedly took positions in local Initial Coin Offerings back in 2017.

Its subsidiary Altshuler Shaham Horizon has been more active in crypto investments and last week appointed Ilan Stark, who previously headed the trading and marketplace division of Israeli blockchain company Orbs, as its new CEO.

100 million is invested in BTC through the Grayscale Bitcoin Trust, which currently manages about $31.4 billion in assets. The stock recently traded at a 15% discount to the underlying value of the bitcoins held.

Since 7. Private placements of GBTC shares were suspended in March, but this happens regularly.

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