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Israeli asset manager doubles its $100M Bitcoin investment in just two months

The firm invested $100M into the Grayscale Bitcoin Trust late last year, it has sold one third and it’s holdings are still worth $50M more than the purchase price.
Israel’s Altshuler Shaham Investment House has doubled its money after tipping $100 million into the Grayscale Bitcoin Trust late last year. It’s the only know Israeli institution to have invested this magnitude of funds into Bitcoin so far. The news follows increasing institutional interest in Bitcoin internationally, with reports on March 7 that Chinese tech company Meitu had become the first Hong Kong-listed company to invest $40 million into cryptocurrencies, split between Ethereum and Bitcoin. Israel’s Globes publication reported that Altshuler Shaham acquired the GBTC shares in late 2020 when Bitcoin was trading around $21,000. Co-CEO, founder and co-owner Gilad Altshuler told the publication: “The $100 million investment has become $200 million, and of the $200 million we have already sold about a third.”He added, “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 Globes report stated the investment house currently holds around $150 million worth of the cryptocurrency — and may add more according to Altshuler: “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 is one of the largest investment houses in Israel, managing around $51.5 billion in long term …
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