Altshuler Shaham gets into bitcoin trust for USD 100 million
In the right place at the right time: It has only just become known that the Israeli pension fund Altshuler Shaham invested heavily in BTC last year. Since then, the price has more than doubled.
The stream of institutional Bitcoin investors is not stopping. As Israeli media report, the Israeli pension fund Altshuler Shaham has invested 100 million US dollars in the Grayscale Bitcoin Trust (GBTC). This is the first time that an Israeli institutional institution has acquired a stake with exposure to Bitcoin of this size for its clients.
Altshuler Shaham is, after all, one of the largest investment houses in Israel. Assets under management exceed USD 50 billion. The pension company made the investment in Grayscale in the second half of last year. At that time, the bitcoin price was still Crypto Code quoted at around USD 21,000 and has since more than doubled. In view of this development, Altshuler Shaham is even considering whether it might not be inclined to expand its involvement even further. The Israeli newspaper The Globes quotes the founder and co-owner Gilad Altshuler:
Everything depends on how the share price develops. We were a little intimidated by the speed at which Bitcoin has reached these prices. The global market capitalisation has now passed the $1 trillion mark, and that has us a little worried.
The news comes at a time when institutional investors‘ entry into digital assets is increasing. Some are getting in directly like software company Meitu and acquiring the reserves on their own. Other companies, like Altshuler Sharam now, choose to go through a fund like Grayscale’s.
Altshuler Shaham horizon takes over crypto businesses
This is by no means the first time Altshuler Shaham has dabbled in cryptocurrencies. The company was reportedly involved in local Initial Coin Offerings back in 2017. In the meantime, according to The Globes, Altshuler Shaham Horizon’s operations have expanded. This is a subsidiary of Altshuler Shaham that acts as the investment house’s crypto arm. The company was established in 2018 under the leadership of Ran Shaham, co-CEO of the investment house. As of last week, Altshuler Shaham Horizon has a new CEO. Ilan Stark previously headed the trading and capital markets division of Israeli blockchain company Orbs.