Bill Miller’s hedge fund The Miller Opportunity Trust has planned to add digital asset bitcoin to make an investment in the GBTC or Grayscale’s Bitcoin Trust. The billionaire hedge fund owner has recently announced to file a contract with the United States Security and Exchange Commission in order to make the GBTC investment. The Miller Opportunity Trust has currently an estimated $2.25 billion in assets.
Bill Miller Made A Filing With The SEC
According to Bill Miller, the objective behind the investment is to propagate the growth of funds for the long term. The Grayscale Bitcoin Trust is a vehicle institution for bitcoin investment. GBTC has recently marked a $30 billion milestone in respect of total cryptocurrency assets. It is reported that $24 billions of the total crypto assets of GBTC belong to bitcoin.
Bill Miller is known as one of the earliest supporters of bitcoin. The billionaire investor declared in 2014 that he is a holder of BTC and in 2017, he informed that 30% of the total assets of his hedge fund was obtained in BTC.
The U.S Security and Exchange Commission filing mentions that Miller’s fund will not be able to make any further investment in GBTC if the BTC exposure exceeded 15%.
The Miller Opportunity Trust is a part of the Miller Value Funds Family. The MVP LLC was founded in 1999 and the hedge fund reported in October 2020 that it obtained $2.25 billion in assets. As Miller filed the contract with the U.S SEC on Friday, he stated that his fund may require bitcoin exposure as an instrument of investment in GBTC.
The filing explained that the use of BTC is comparatively less in the commercial and retail market place than its use by the investors.
The volatility in bitcoin still prevails but the price has recently seen a promising bullish momentum. The current trading price has reached $39,100.
