Altshuler Shaham, a large Israeli pension company, invested in GBTC in the second half of last year when Bitcoin traded for about $21,000.
Israeli local media reported that the leading pension company, Altschler Shaham, has invested $100 million in the Grayscale Bitcoin Trust (GBTC).
Altshuller Shaham is one of the largest investment firms in Israel with over $50 billion in managed assets. The company is said to have invested in GBTC in the second half of last year when Bitcoin traded for about $21,000.
However, competing products such as the Bitcoin Trust Fund launched by other companies and the Bitcoin Listed Index Fund (ETF) recently approved by the Canadian financial authorities appear one after another, and GBTC has been traded at a price lower than the BTC price in recent weeks have.
Launched in 2013, the GBTC Fund is the world’s largest Bitcoin fund, providing leading investors with the opportunity to trade cryptocurrency. GBTC is operated by Digital Currency Group.
According to the latest figures, Grayscale currently has a net worth of $42.2 billion under all cryptocurrency trusts and funds.
And recently, Grayscale stopped raising new funds when the Bitcoin trust’s premium formed 15% lower than that of Bitcoin.
Meanwhile, Altschuler is known to have paid attention to introducing cryptocurrency to Israel from the beginning of 2017 in addition to purchasing the GBTC fund.
Altshuller also has an alternative assets department with ETH and BTC wallets, and Grayscale is signaling a major change in the business model of the trust product.