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.
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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.