As per a new SEC filing, Bill Miller, a billionaire fund manager, has taken a significant position in Grayscale’s Bitcoin Trust (GBTC). The Miller Opportunity Trust owns 1.5 million shares of Grayscale Bitcoin Trust which represents about 1.55% of the fund’s net assets. The total value of these shares is $44.7 million.
Miller has been showing a growing interest in cryptocurrency in the past year. In January he called investing in cryptocurrency a suitable risk management strategy in the current market climate. Weeks later, Miller said he couldn’t see another asset with Bitcoin’s combination of liquidity and upside potential.
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In February the Miller Opportunity Trust first signaled its interest in taking a position in GBTC. At the time, the fund said it “may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust.” That followed an investor letter Miller had circulated defending bitcoin.
