A recent report by Globes publication regarding Altshuler Shaham, an Israeli investment house, has focused its attention on the massive amount of profits that the firm has been able to generate in just one year from Bitcoin investment. Altshuler Shaham is one of the largest investment houses in Israel. CEO and co-founder of Gilad Altshuler issued statements about the 150% return from the recent crypto market investments.
Grayscale Bitcoin Trust is a traditional investment vehicle with an investment objective of dealing in shares based on Bitcoin market price. Altshuler Shaham had reportedly invested $ 100 million in the GBTC last year. This investment has been doubled to an amount of $200 million in 2021. Altshuler Shaham is the only Israeli institution that has publically announced its crypto sector investments.
Israel’s Conservative Investment Giants Worried about Cryptocurrencies
As per Gilad, the $100 million investment has not only been doubled, but a third of the new $200 million is already sold in the market. At present, Altshumer Shaham holds around $150 million worth of cryptocurrencies. The original amount of $100 million was invested in BTC through Grayscale Bitcoin Trust. Gilad Altshuler told Globes publication that the firm is intimidated by Bitcoin’s global market capitalization crossing the $1 trillion mark at such a break-neck speed.
In the opinion of some financial analysts, the first negative premium on Grayscale Bitcoin Trust since 2017 is the reciprocated indication for the 2021 bull cycle further steaming up in the near future. Recently the GBTC shares have been trading at a 15% discount owing to the underlying value of Bitcoin held.
Cryptocurrencies to Get Bigger Investment Biddings in the Future
Israel’s prominent investment house’s success has prompted other big players like Meitu from Hong Kong to invest a huge sum of $40 million into cryptocurrencies. It is not the first time that Shaham has dabbled its feet into the vast ocean of cryptocurrencies. Records show that the same firm took several positions in local initial coin offerings during the year 2017.
On the other hand, Altshuler Horizons, a subsidiary of Altshuler Shaham, is much more serious about crypto investments in the future. Ilan Stark, the CEO of Israeli blockchain company ORBs, had been recruited as the CEO of the trading and capital markets divisions of Altshuler Shaham Horizons last week.