Billionaire hedge fund manager Bill Millerâ€™s flagship fund will soon be able to add bitcoin exposure by investing in Grayscaleâ€™s bitcoin trust (GBTC), according to its filing with the U.S. Securities and Exchange Commission (SEC). The fund currently has about $2.25 billion in assets under management.
Bill Millerâ€™s $2.25M Hedge Fund to Invest in GBTC
The Miller Opportunity Trust, a hedge fund in the Miller Value Funds family, has filed an amendment to its registration statement with the U.S. SEC to be able to gain exposure to bitcoin. Billionaire investor Bill Miller founded Miller Value Partners LLC in 1999 and serves as the investment manager for the Miller Value Funds family.
The companyâ€™s flagship fund, the Miller Opportunity Trust, had $2.25 billion in assets under management as of Dec. 31, 2020. Miller and Samantha McLemore manage the fund. According to the Feb. 5 filing with the SEC:
The Miller Opportunity Trustâ€™s investment objective is to seek â€œlong term growth of capital.â€ The filing will become effective 60 days after the filing date.
Grayscale Bitcoin Trust (GBTC) is a privately offered investment vehicle, the shares of which are also available over-the-counter, the filing notes. Grayscale recently reached the milestone of over $30 billion in net crypto assets under management, about $24 billions of which were in bitcoin. Besides the bitcoin trust, the company offers eight other crypto investment products.
The Miller Opportunity Trustâ€™s SEC filing further explains:
Miller has long been a bitcoin proponent. He said in November last year that every major bank will have exposure to bitcoin, noting that BTCâ€™s volatility decreases are its price increases.
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