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Billionaire Bill Miller's Value Fund Discloses $44.7 Million Stake in Grayscale's Bitcoin Trust

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Fri, 08/27/2021 - 14:52
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Alex Dovbnya
Billionaire Bill Miller has upped the ante on Bitcoin
Billionaire Bill Miller's Value Fund Discloses $44.7 Million Stake in Grayscale's Bitcoin Trust
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In an Aug. 27 filing with the U.S. Securities and Exchange Commission, the Miller Opportunity Trust reported owning 1.5 million shares of Grayscale Bitcoin Trust (GBTC). Their total value as of June 30 was $44.7 million.

The new position does not come as a surprise. The fund, which is helmed by American billionaire investor Bill Miller, allowed Bitcoin exposure back in February.

The maximum percentage of the fund's assets that can be allocated to GBTC shares is limited to 15%.

Miller himself is one of the earliest Wall Streeters to endorse Bitcoin, first buying the largest cryptocurrency back in 2014 when it was worth roughly $200 and had relatively little coverage in financial media.

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After losing a staggering 90% of his net worth during the global financial crisis in 2008, the legendary fund manager managed to rebuild his wealth because of timely investments in Bitcoin and Amazon.

While some blue-chip altcoins of the likes of Ethereum and Cardano have vastly outperformed the crypto king this year, Miller said that he did not want to "fool around" with them in an April interview.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.