The Israeli investment company Altshuler Shaham invested $100 million in Grayscale Bitcoin Trust (GBTC) in the second half of 2020. Local publication Globes reports this.
In a comment to the publication, Altshuler Shaham co-founder Gilad Altshuler said that the company invested in the Grayscale Investments trust when bitcoin traded at $21,000. In early February, when the cryptocurrency surged to $40,000 and continued to rise, the firm sold a third of its GBTC assets.
Altshuler noted that the decision on further investments depends on the price:
“We were struck by the speed with which bitcoin rose when its market capitalization surpassed $1 trillion. This concerned us a little.”
Currently Altshuler Shaham holds GBTC shares worth $150 million.
Altshuler Shaham is one of Israel’s largest investment companies. As of the end of January 2021, assets under management amounted to more than 171 billion shekels (about $51 billion at the time of writing), held as long-term savings in pension and provident funds.
In the fourth quarter of 2020, inflows into Grayscale Investments’ crypto funds totaled record $3.26 billion.
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