Bill Miller-Run $2.25B Fund May Buy GBTC to Gain Bitcoin Exposure of Up to 15%

Miller Value Funds – operated by veteran hedge fund manager and Bitcoin bull Bill Miller – can invest in the Grayscale Bitcoin Trust through its flagship fund, the Miller Opportunity Trust.

“The fund can indirectly seek exposure to Bitcoin by investing in the Grayscale Bitcoin Trust, a company that holds Bitcoin,” the fund wrote in a report to the US Securities and Exchange Commission. “The Grayscale Bitcoin Trust mainly invests in Bitcoin. The Fund will not make additional investments in the Grayscale Bitcoin Trust if its total investment in Bitcoin exposures would exceed 15% of its assets due to the investment at the time of investment. “(Grayscale is owned by the Digital Currency Group, the parent company of CoinDesk.)

Miller Opportunity Trust had assets under management of $ 2.25 billion as of December 31, 2020, representing the fund’s potential maximum investment in GBTC of $ 337 million. The fund is jointly managed by MIller and Samantha McLemore.

In late January, Miller’s son Bill Miller IV said in a letter to investors in another Miller fund that participating in the MicroStrategy $ 650 million convertible bond offering was like a near-free call option on Bitcoin.