One of the largest asset managers in Israel has invested millions of dollars in shares of Grayscale Bitcoin Trust (GBTC). According to local media, Altshuler Shaham will gain access to bitcoin by investing $100 million in shares.
Altshuler Shaham currently holds $150 million in BTC.
According to Per Globes Israel, the multi-million dollar investment has yielded a return of nearly 100%. In fact, the commitment was made by an investment firm in December 2020, when the price of bitcoin (BTC) reached $21,000.
Altschuler Shaham then made a profit when BTC reached new all-time highs in February. According to Global, the investment firm closed its position on approximately one-third of its holdings in the GBTC Fund.
Gilad Altshuler, CEO and co-founder of the asset manager, said Altshuler Shaham owned $150 million in bitcoins at the time of printing. He added:
The $100 million investment has turned into $200 million, and we’ve already sold about a third of that $200 million. This is a new investment for us. It took us several months to obtain all the necessary permits and appraisals that confirmed our investment in the area.
Will the company increase its investments?
However, Altshuler admitted that the company was a bit intimidated by the speed at which the price of BTC was rising around the world. This fact worries them even as asset managers.
When asked if they will increase investments this year or not, CEO Altshuler Shaham said it all depends on the prices of crypto-currencies. To date, the company is the only publicly known Israeli asset manager to have entered the cryptocurrency sector.
The Grayscale Bitcoin Trust is currently managed by Grayscale Investment. When the last drop in bitcoin occurred in 2020, Grayscale Investments bought more than 1.5 times as many bitcoins for its bitcoin trust as were mined after the third drop in BTC.
Grayscale Bitcoin Trust bought 12,021,15320371 bitcoins worth $112,336,936 on May 12 and 18. May, a week after being cut in half.
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