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Bill Miller’s flagship hedge fund manager Bill Miller will soon be able to add bitcoin exposure by investing in Grayscale’s bitcoin trust (GBTC), according to its filing with the United States Securities Commission (SEC). The fund currently has approximately $ 2.25 billion in assets under management.
Bill Miller’s $ 2.25 million hedge fund to invest in GBTC
The Miller Opportunity Trust, a hedge fund of the Miller Value Funds family, has filed an amendment to its registration statement with the US SEC in order to gain exposure to bitcoin. Billionaire investor Bill Miller founded Miller Value Partners LLC in 1999 and is the investment manager of the Miller Value Funds family.
The company’s flagship fund, the Miller Opportunity Trust, had $ 2.25 billion in assets under management as of December 31, 2020. Miller and Samantha McLemore manage the fund. According to the February 5 filing with the SEC:
The fund may seek investment exposure to bitcoin indirectly by investing in grayscale Bitcoin Trust, an entity that holds bitcoins.
The Miller Opportunity Trust’s investment objective is to seek “long-term capital growth”. The deposit will take effect 60 days after the deposit date.
Shades of grey Bitcoin Confidence (GBTC) is a private investment vehicle, the shares of which are also available over the counter, the deposit notes. Grayscale recently hit the milestone of over $ 30 billion in net crypto assets under management, of which roughly $ 24 billion is in bitcoin. Besides the bitcoin trust, the company offers eight other crypto investment products.
The Miller Opportunity Trust SEC Brief further explains:
The fund will not make any additional investments in grayscale Bitcoin Trust if, as a result of the investment, its total investment in bitcoin exposure would be greater than 15% of its assets at the time of investment.
Miller has long been a supporter of bitcoin. He said in November of last year that all major banks would be exposed to bitcoin, noting that BTCs volatility drops are its price increases.
What do you think of Bill Miller’s hedge fund investing in GBTC? Let us know in the comments section below.
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