Israeli investment company Altshuler Shaham doubled its money after investing $ 100 million in Grayscale Bitcoin Trust late last year. It is the only Israeli institution that has invested this amount of money so far.

The news comes on the heels of growing institutional interest in Bitcoin internationally: On March 7, it was reported that Chinese tech company Meitu became the first Hong Kong-listed company to invest $ 40 million in cryptocurrencies split between Ethereum and Bitcoin.

The Israel Globes reported that Altshuler Shaham bought GBTC shares in late 2020 when Bitcoin was trading for around $ 21,000. Co-CEO, Founder and Co-Owner Gilad Altshuler Publishing said:

“An investment of $ 100 million turned into $ 200 million. We have already sold a third of it.”
“This is a new investment for us,” he added. It took several months before we received all the relevant permits and all conclusions confirming our investment in this area. ”

The Globes report says the investment house currently owns around $ 150 million in cryptocurrencies, with Altshuler indicating it could add more:

“It depends on the price. We were a little afraid of how quickly Bitcoin could reach these prices when its global market value exceeded $ 1 trillion, and that worries us a little.”
Altshuler Shaham is one of the largest investment houses in Israel, managing nearly $ 51.5 billion in long-term savings for pension and pension funds since the end of January. This isn’t the first time Altshuler Shaham has dealt with cryptocurrency, and the company is said to have taken positions in local native coin offerings in 2017.

Shaham Horizon, a subsidiary of Altshuler, is more active in cryptocurrency investments, and last week it appointed Ilan Stark, who previously headed the commerce and capital markets division of the Israeli blockchain company Orbs, as its new CEO.

$ 100 million has been invested in BTC through the Grayscale Bitcoin Trust, which currently manages nearly $ 31.4 billion in assets. Most recently, the stock traded at a discount of 15% of the base value of the Bitcoin Held Coins.

Since March 7, the private offering of GBTC shares has been terminated, but this is happening regularly.