Altshuler Shaham invests $ 100 million in the world’s largest Bitcoin fund


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Exclusive: Israeli investment house Altshuler Shaham recently benefited from heavy exposure to bitcoin investments due to the cryptocurrency market boom. Globus learned that Altshuler Shaham invested about $ 100 million in the Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin Trust, at the end of 2020. The investment generated 100% returns on the Israeli investment house within two months, after the price. Bitcoin. This is the first time that an Israeli institutional body has purchased Bitcoin exposure of this size for its clients. Altshuler Shaham, one of the largest investment houses in Israel, managed NIS 171 billion in assets at the end of January 2021, in long-term savings in pension and savings funds. GBTC tracks Bitcoin prices in dollars according to an index published by TradeBlock. The fund is managed by Grayscale Investments, one of the world’s largest cryptocurrency investors and part of the Digital Currency Group, led by its founder Barry Zilbert. GBTC, which is traded without a prescription in New York, has a market value of $ 34 billion. The fund’s share price has increased by 495% over the past twelve months including 60% since the start of 2021. Only serious investors can invest in the fund, which requires a minimum investment of $ 50,000 and charges a 2% annual management fee. Altshuler: This is a new investment for us Altshuler Shaham, co-founder, co-owner and co-CEO Gilad Altshuler, told Globus that the investment in GBTC of funds in its members ’investment portfolio was made in the second half of last year. He said 0.3% of the funds in the portfolios are invested in GBTC. GBTC shares, which provide indirect exposure to bitcoin, were bought by Altshuler Shaham at $ 21,000. Two months later, in early February, the Bitcoin price crossed the $ 40,000 mark and continued to rise, at which point Altshuler Shaham sold a third of her holdings in GBTC. After the sale, Altshuler Shaham currently remains with GBTC shares of $ 150 million. “This is a new investment for us. It took several months before we received all the regulatory approvals and all the legal opinions approving the investment in the sector,” Gilad Altshuler told Globus. Will you increase investment this year? “It depends on the price,” Altshuler said. “We were somewhat surprised at the speed at which Bitcoin reached these prices, when the global market value crossed the threshold of a trillion dollars and this worried us a little. So, we decided to make some acquisitions, so that we have at least brought us back home the $ 100 million we invested in the box “. Bitcoin was trading at $ 56,000 on Wednesday evening, up 12% from last week. Since the start of 2021, the bitcoin price has increased by 70%, reaching an all-time record of $ 58,330 on February 21. Posted by Globes, Israeli Business News – en.globes.co.il – on March 11, 2021 © Copyright Globes Itonut (1983) Ltd. 2021


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