Israeli pension company, Altshuler Shaham Investment House has invested $100 million into Grayscale Bitcoin Trust (GBTC), according to local media reports. Known to be one of the largest investment houses in Israel, Altshuler Shaham has over $50 billion in assets under management in long-term savings for retirement and pension funds as of the end of January 2021. Altshuler Shaham Invests in Bitcoin Via GBTC Altshuler Shaham Investment House’s $100 million was invested in Bitcoin via the Grayscale Bitcoin Trust, which currently has around $31.4 billion in assets under management. The CEO and co-founder of the asset management company, Gilad Altshuler claimed on buying the shares of GBTC when the leading cryptocurrency was trading near $21,000, by the end of last year, saying: “This is a new investment for us. It took a few months until we got all the relevant approvals and all the opinions that approved our investment in the field.” The local media publication reported that when Bitcoin hit its new highs during early February, the investment house took profits on about a third of the initial investment. “The $100 million investment has become $200 million, and of the $200 million we have already sold about a third.” Altshuler Shaham currently holds around $150 million worth of cryptocurrency, with the intention of adding more into the future. CEO Gilad Altshuler, adds: “It depends on the price. We were a little intimidated by the speed with which Bitcoin reached these prices, with its global market capitalization crossing the $1 trillion mark, and that worried us a bit.” Altshuler Shaham Previously Took Positions in a Local ICO This is not the first time the Israeli company has taken an interest in cryptocurrency, the firm reportedly took positions in a local initial coin offering back in 2017. Meanwhile, its subsidiary Altshuler Shaham Horizon is more involved in the crypto scene. Just last week, Ilan Stark got appointed as its new CEO, who has previous experiences in managing the trading and capital markets division of Israeli blockchain company Orbs, as its new CEO.
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