Billionaire’s hedge fund manager Bill Miller’s flagship fund will soon be able to increase its exposure to Bitcoin by investing in Grayscales Bitcoin Trust (GBTC) US Securities and Exchange Commission (SEC). The fund currently manages approximately $ 2.25 billion in assets.
Bill Miller’s $ 2.25 million hedge fund invests in GBTC
Miller Opportunity Trust, a Miller Value Funds family hedge fund, has filed an amendment to its registration statement with the US SEC to gain exposure to Bitcoin. Billionaire investor Bill Miller founded Miller Value Partners LLC in 1999 and acts as the investment manager for the Miller Value Funds family.
The company’s flagship fund, Miller Opportunity Trust, had assets of $ 2.25 billion as of December 31, 2020. Miller and Samantha McLemore manage the fund. According to a February 5 filing with the SEC:
The fund may indirectly seek exposure to Bitcoin by investing in the Grayscale Bitcoin Trust, a company that holds Bitcoin.
Miller Opportunity Trust’s investment objective is to seek “long term capital growth”. Filing will take effect 60 days after the filing date.
Grayscale Bitcoin Trust (GBTC) is a privately offered investment vehicle whose shares are also available over-the-counter. Grayscale recently hit the milestone of over $ 30 billion in net crypto assets under management, of which around $ 24 billion was invested in bitcoin. In addition to the Bitcoin Trust, the company offers eight other crypto investment products.
The Miller Opportunity Trust SEC filing further states:
The Fund will not make additional investments in the Grayscale Bitcoin Trust if its total investment in the Bitcoin exposure would be greater than 15% of its assets due to the investment at the time of investment.
Miller has long been a bitcoin proponent. He said last November that every major bank will be exposed to Bitcoin, noting that price increases will reduce BTC’s volatility.
What do you think of Bill Miller’s hedge fund investing in GBTC? Let us know in the comments below.
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