Leading Israeli Asset Manager Is Really In The Game Now Investing $100 Million Into Bitcoin

Altshuler Shaham, the biggest investment house in Israel, has gained exposure to Bitcoin by putting $100 million into the shares of Grayscale Bitcoin Trust (GBTC), Globes reports. 

The transaction took place at the end of 2020, which means that the asset manager has already made a handsome profit of over 100 percent. 

Gilad Altshuler, the CEO of the asset manager, claimed that they had bought GBTC shares when Bitcoin was trading near $21,000:  

“This is a new investment for us. It took several months until we received all the relevant approvals…”    

When the cryptocurrency hit new highs in early February, Altshuler Shaham took profits on about a third of the initial investment. 

Presently, the investment house holds about $150 million worth of Bitcoin. Altshuler claims that the company’s holdings could be increased depending on Bitcoin’s performance, adding that its dizzying rally is a bit worrying. 

Altshuler Shaham is currently the only known Israeli institution that has dabbled into crypto. 

This article originally appeared on U. Today.