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One of the biggest asset managers in Israel allocated millions of dollars into the shares of Grayscale’s Bitcoin Trust (GBTC). Altshuler Shaham is now gaining exposure to bitcoin by investing $100 million in shares, according to a local media outlet.

Per Globes Israel, the multi-million-dollar investment yielded a return of almost 100%. That’s because the exposure was made by the investment house in December 2020, when bitcoin (BTC) prices were hovering around the $21,000 level.

Afterward, Altshuler Shaham took profits when BTC hit new all-time highs in February. According to Global, the investment house closed its position on about a third of its holdings in GBTC fund.

Gilad Altshuler, CEO and co-founder of the asset manager, stated that Altshuler Shaham currently holds $150 million worth in bitcoin as of press time. He added:

The $100 million investment has become $200 million, and of the $200 million we have already sold about a third. This is a new investment for us. It took several months until we received all the relevant approvals and all the opinions that approved our investment in the field.

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However, Altshuler confessed the firm was “a bit intimidated” with the speed of the BTC prices surge across the board. In fact, he claimed that fact even worried them as asset managers.

On whether they’ll increase the investment this year or not, Altshuler Shaham CEO said it all depends on the crypto prices. So far, the firm is the only publicly known Israeli asset manager that has made its inception into the crypto industry.

The Grayscale Bitcoin Trust fund is currently managed by Grayscale Investment. When the latest bitcoin halving happened in 2020, Grayscale Investments purchased more than 1.5 times the number of bitcoins mined since the third BTC halving for its bitcoin trust.

May 12 and May 18, the week following the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins representing $112,336,936 at that time.

What do you think about the maneuver done by Altshuler Shaham? Let us know in the comments section below.

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