According to reports, a large-scale Israeli asset administrator company named Altshuler Shaham has utilized the services provided by Crypto stacking Behemoth Grayscale to purchase around $100 Million worth of Bitcoin. Shaham used Grayscale’s Bitcoin Trust fund to complete the transaction, marking them as one of the top companies to invest in Bitcoin at such a large scale.
Grayscale’s Bitcoin Trust (GBTC) is the largest Bitcoin trust in the entire world, having a collection of over 650,000 Bitcoin in its inventory and having a total AUM of about $36 Billion in March 2021. The trust provides institutional investors the chance to enter into the Crypto space, making them experience the trade of the fully digital currency market.
Altshuler Shaham is known to be one of the biggest investment companies in Israel, weighing over $50 Billion in the list of assets under management as of now. According to news outlets, this may be the first time that an Israeli company has declared the purchase of Crypto to the public, educating them about its value and advantages.
CEO of Altshuler Shaham, Gilad Altshuler, had stated in a recent briefing that the company had performed this transaction in the previous year when Bitcoin traded for about $21,000. As of now, the time investment has surely given the company an enormous boost as Bitcoin trades today for around $56,830 at the time of writing, resulting in investment returns skyrocketing to about 160% of the original purchase price.
Many other institutes and organizations have also recently invested in Bitcoin, with most of them being from the USA; for example, Electric car Manufacturer Tesla, which invested $1.5 Billion into the crypto market, is seeking the opportunity to sell their cards using cryptocurrency transactions.
Several companies from many other countries have also shown a great deal of interest in Bitcoin, like Chinese app developers Meitu recently invested in Bitcoin and Ethereum in hopes of bolstering their inventory with a stronger crypto presence.
Bitcoin currently stands at a strong $56,830, slowly reaching back to its previous all-time high of $58,000 after the huge correction in February, which dipped Bitcoin to a low of $47,000. As of now, it is predicted that Bitcoin is ready to cross the $60K mark, breaking more barriers and reaching further beyond, expanding its power.