Goldman Lampe Private Bank has purchased €120 million (roughly $137 million) worth of Bitcoin, the UAE-based institution announced Monday, timing the buy to coincide with a recent pullback in cryptocurrency markets.

The Ras al Khaimah-headquartered bank said the acquisition strengthens its institutional Bitcoin holdings and reflects its conviction in digital assets as a long-term store of value. The move positions Goldman Lampe as one of the more aggressive institutional buyers to act on the current market downturn.

“Bitcoin continues to demonstrate remarkable resilience as a store of value and strategic asset,” said Abdullah Hamad Al Shamsi, Chairman of the Board. “By…

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