Bill Miller’s flagship billionaire hedge fund manager will soon be able to add bitcoin exposure by investing in Grayscale’s bitcoin trust (GBTC), according to the filing with the United States Securities and Exchange 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 in the Miller Value Funds family, 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 serves as an investment manager for 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 Feb. 5 filing with the SEC:
The fund may invest in bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin.
The Miller Opportunity Trust’s investment objective is to pursue “long-term capital appreciation.” Submission will take effect 60 days from the filing date.
Grayscale Bitcoin Trust (GBTC) is a privately offered investment vehicle, whose shares are also available over the counter, the filing notes. Grayscale recently updated the milestone of more than $ 30 billion in net cryptocurrency under management, of which approximately $ 24 billion in bitcoin. In addition to the bitcoin trust, the company offers eight other crypto investment products.
The Miller Opportunity Trust SEC filing further explains:
The fund will not make additional investments in the Grayscale Bitcoin Trust if, as a result of the investment, its total investment in bitcoin exposure would exceed 15% of its assets at the time of investing.
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