- Altshuler Shaham had invested $100 million in the world’s largest Bitcoin fund back in December
- In just two months, the investment helped one of the largest Israeli investment house to gain 100% of the profit
- The assets manager doesn’t seem to be a hodler and will now observe the prices in the Bitcoin market for any future reinvestment plans
The biggest Bitcoin fund globally, Grayscale Bitcoin Investment Trust (GBTC), has benefited Altshuler Shaham, the Israeli Investment house. It was known that by the end of last year, the investment house had significant exposure to Bitcoin after observing the crypto market rally. Altshuler Shaham had invested around $100 million in the GBTC trust and has been benefited with the returns of 100% in just two months after the asset began to skyrocket.
Altshuler Shaham to gain 100% from the world’s largest Bitcoin fund
Altshuler Shaham became the first Israeli player to invest in cryptocurrencies. The Israeli investment house had invested in GBTC, the world’s biggest Bitcoin fund, led by Grayscale, back when Bitcoin was trading near the price level of $21,000. Indeed, in just two months, the price of Bitcoin was observed getting near double at the price level of $40k. However, the firm had currently gained around 100% profit on its investment. However, it was for the first time that any vast assets manager from Israel invested in Bitcoin.
Altshuler Shaham seems not a hodler
According to Gilad Altshuler, the co-CEO of Altshuler Shaham, his group was attracted towards the market after observing the performance of Bitcoin. Altshuler also highlighted that the group only had invested 0.3% of the funds available in their portfolio in the world’s biggest Bitcoin fund. However, after the purchase, we have observed that the investment house has once sold a portion of its investments at a certain point. According to Altshuler, after the shares’ sale, the firm is left with only shares worth $150 million. Following such a move by such a massive Israeli assets manager, it is clear that the firm is not a hodler.
Will the investment house increase its investment this year?
According to local news agencies, Altshuler is observing the price of Bitcoin and depending on that it will be deciding whether to invest more. No doubt, the firm is amazed by the speed of Bitcoin’s surge, as the global market cap crossed $1 trillion. Also, the surge has concerned the firm, and they decided to realize some of the holdings. The method is expected to allow them to bring the bank home the $100 million investments.
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