One of Israel’s leading pension funds had invested around $100 million in Bitcoin through the GBTC route in the second half of 2020. Altshuler Shaham made this move when the leading cryptocurrency was trading around the $21,000 mark.
Bitcoin’s current bull cycle began last year. The leading cryptocurrency surpassed its all-time high of 2017 and set new highs in the coming months. The currency ended trading last year near the $30,000 mark.
According to local press reports, Altshuler Shaham remains one of Israel’s most prominent investment houses, with more than $50 billion in assets under management. The $100 million investment should have increased by over 100%, as bitcoin is currently trading at $55,000 at press time.
The news came when institutional investors are looking for ways to gain exposure to bitcoin and a host of other cryptocurrencies. Investors are either buying cryptocurrencies directly or accessing them through funds like Grayscale’s GBTC.