Today Globes published a report detailing how Altshuler Shaham, an asset management company, has doubled its $ 100 million investment in Grayscale Bitcoin Trust.
Israeli firm successfully invests in Bitcoin
Yes, according to Globes, the investment in GBTC gave the Israeli company 100% returns in two months. According to the statement, Altshuler Shaham invested around $ 100 million in the Grayscale Bitcoin Trust (GBTC) in late 2020.
It is worth remembering that, at the time, the price of Bitcoin was approximately $ 21,000. In this sense, Gilad Altshuler, co-owner of the firm, assured that “the investment of $ 100 million has become $ 200 million, and of the $ 200 million we have already sold about a third.”
Therefore, according to the Globes report, the company currently has an investment in Bitcoin of approximately $ 150 million. Nonetheless, Altshuler added that the company could raise its crypto stake.
«It depends on the price. We were a bit 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.», He explained.
He also added that it is clearly an unexplored field. In fact, Altshuler Shaham is the first institutional body in Israel to invest in Bitcoin on this scale. It is worth noting that Altshuler Shaham is indeed one of the largest investment houses in Israel, managing assets worth NIS 171 billion at the end of January 2021.
Institutional adoption is a reality
The news comes in a context where crypto normality is hearing how new companies invest in Bitcoin every day. In fact, it was recently revealed that the Chinese company, Meitu, will be the first firm to go public on the Hong Kong stock exchange to invest $ 40 million in crypto, divided into Ethereum and Bitcoin.
And, without a doubt, this is a phenomenon that was largely driven by MicroStrategy’s gigantic bet on Bitcoin.
Regarding the price of Bitcoin, it is currently trading above USD 56,000 after a growth of 13.92% in recent days. Now the question that the crypto market is asking is whether it will break its latest high. We want to know your opinion about it! A new high in sight?