Bill Miller’s flagship fund, a billionaire hedge fund manager, will soon be able to increase exposure to Bitcoin by investing in Grayscale’s Bitcoin Trust (GBTC). United States 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
The Miller Opportunity Trust, a hedge fund of the Miller Value Funds family, has submitted an amendment to its registration statement to the US Securities and Exchange Commission (SEC) in order to be able to obtain exposure to Bitcoin. Billionaire investor Bill Miller founded Miller Value Partners LLC in 1999 and served as the investment manager of the Miller Value Fund family.
As of December 31, 2020, the company’s flagship fund, Miller Opportunity Trust, had $2.25 billion in assets under management. Miller and Samantha McLemore are responsible for managing the fund. According to documents submitted to the SEC on February 5:
The fund may indirectly seek investment risks in Bitcoin by investing in the Grayscale Bitcoin Trust, the entity holding Bitcoin.
The investment objective of Miller Opportunity Trust is to seek “long-term capital growth.” The application will take effect 60 days after the application date.
The filing documents point out that Grayscale Bitcoin Trust (GBTC) is an investment tool provided by private individuals, and its shares can also be traded off-exchange. Grayscale recently reached a milestone with more than $30 billion in net crypto assets under management, of which approximately $24 billion is Bitcoin. In addition to Bitcoin Trust, the company also offers eight other crypto investment products.
The documents submitted by Miller Opportunity Trust to the SEC further explain:
If the result of the investment is that its total investment in Bitcoin exposure exceeds 15% of its assets at the time of investment, the fund will not make any other investments in Grayscale Bitcoin Trust.
Miller has long been a supporter of Bitcoin. He stated in November last year that every major bank will have exposure to Bitcoin and pointed out that the decline in BTC’s volatility is due to its price increase.
What do you think of Bill Miller’s hedge fund investment in GBTC? Let us know in the comments section below.
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