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Home Latest News Bitcoin Bill Miller plans $400M Bitcoin investment via GBTC

Bill Miller plans $400M Bitcoin investment via GBTC

Bill Miller is set to increase his exposure to Bitcoin by plowing 15 percent of one of his portfolios to purchase the shares of Grayscale BitcoinTrust.

The legend of Hedge Fund Bill Miller shows an even greater appetite for Bitcoin. The Miller Opportunity Trust is seeking indirect exposure to BTC via the Grayscale Bitcoin Trust, according to a Friday filing with the United States Securities and Exchange Commission.

 At a time when the GBTC premium is at its lowest level since April 2019, the planned investment is coming.

 If the acquisition of GBTC shares is tried to pull through, it will mark a significant departure for the $2.25 billion funds from the usual investment in equities and derivatives. Indeed, the trust’s website lists airlines, healthcare, and finance as the focus of its core investment position.

 The GBTC outlay could top $300 million with the fund’s Bitcoin exposure restricted to 15 percent of its assets under management. As part of the filing, the trust commented on price volatility, saying,  “There is a relatively small use of Bitcoin in the retail and commercial marketplace in comparison to the relatively large use of Bitcoin by speculators.” 

According to cointelegraph.com, Miller is a noted Bitcoin proponent himself. The legendary Wall Street investor committed 30 percent of his hedge fund into Bitcoin back in 2016. Since then, this proportion has risen to more than 50%, with the BTC play contributing to a massive increase in the value of Miller’s hedge fund.

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