Israeli Pension Giant Put $100M Into Grayscale Bitcoin Trust: Report

Altshuler Shaham made the investment in GBTC in the second half of last year, when bitcoin was trading at around $21,000.

AccessTimeIconMar 10, 2021 at 8:18 p.m. UTC
Updated Sep 14, 2021 at 12:24 p.m. UTC

Israeli pension company Altshuler Shaham has sunk $100 million into the Grayscale Bitcoin Trust (GBTC), according to reports in the local press.

Altshuler Shaham is one of the largest investment houses in Israel, with over $50 billion in assets under management. The firm made the investment into GBTC in the second half of last year, when bitcoin was trading at around $21,000, according to the report.

The revelations come at a time when institutional investors are scrambling to get exposure to cryptocurrency, either directly or at arm's length via funds like Grayscale's. 

The Grayscale Bitcoin Trust launched in 2013 is the world’s largest bitcoin fund, offering investors the opportunity to gain exposure to the leading cryptocurrency. Grayscale is owned by Digital Currency Group (also the parent of CoinDesk). 

According to its latest figures, Grayscale currently has $42.1 billion in net assets under management across all its cryptocurrency trusts and funds.

Grayscale recently halted inflows to the GBTC after the fund traded at a 15% discount to the price of the bitcoin the trust holds.

In addition to buying shares in Grayscale, Altushler is known to have taken an interest in some Israeli initial coin offerings back in 2017, according to a source familiar with the company.

“Altushler has an alternative assets department that has ETH and BTC wallets. They were active in the past at some degree, and are looking into space again,” the source said. 

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Voyager Digital Temporarily Suspends All Trading, Withdrawals and Deposits

Shares of the troubled digital platform were down more than 17% on Friday.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin termina un junio fatídico con su caída más grande de los últimos 11 años

Los mercados cripto experimentaron grandes pérdidas, con los inversores cada vez más preocupados por la alta inflación y los aumentos de las tasas de la Fed. Algunos analistas dicen que el precio de bitcoin podría bajar aún más.

CoinDesk - Unknown
3
CoinDesk - Unknown
Hash Headlines: Top Stories of the Week

A roundup of the week’s most valuable crypto stories for Friday, July 1, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
Custodia Bank's CEO Says Bad Actors and Regulators Caused Crypto Crash

Caitlin Long said the use of leverage spelled trouble for the industry.

CoinDesk - Unknown