Bitcoin attracting hedge fund managers like Bill Miller

To gain Bitcoin exposure indirectly Miller Value Fund will invest in GBTC
  • Bill Miller has plans to get in Bitcoin as Miller Opportunity Trust is seeking investment exposure to the token
  • The investment will be made indirectly, as Miller will be investing in GBTC
  • Miller will only channel 15% of the total assets of the fund at the time of investment

Bitcoin is getting more mainstream attention from hedge fund managers. Bill Miller, a veteran Investor and hedge fund manager, has submitted a filing with the US Securities and Exchange Commission (SEC). According to the filings, the Miller Opportunity Trust may want to invest in the leading cryptocurrency by investing in Grayscale Bitcoin Investment Trust (GBTC). 

The news comes after a fortnight after the bull penned an income strategy letter. In the letter, Miller mentioned the flagship crypto token as an emerging and under-owned technology in an enormous addressable market. Additionally, he also stated that the token has a brilliant, logically consistent protocol with distributed governance.

Bill Miller will invest only 15% of the fund’s total assets

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In the filed document, Miller mentioned that his fund might be investing in GBTC. Additionally, it was mentioned that the fund would stop investing in the trust if its aggregate investment in the BTC exposure would be more than 15% of its assets at the time of investment. Means Miller’s fund has declared that it will stop investing into Grayscale’s Bitcoin Trust after channeling up to 15% of its assets. 

Miller Value Funds is currently having approximately $2.25 billion worth of total assets as of earlier last month. On the other hand, the GBTC wants to channel up to 15% of its assets into BTC. Means 15% of the total assets of the fund, which is more than $300 million. However, it is clear that the bull is planning to channel approximately $337 million indirectly to the Grayscale trust. 

Bitcoin investment exposure indirectly through GBTC

According to the filing done on Friday with the US SEC, Miller highlighted that the fund might seek Bitcoin exposure by indirectly investing in GBTC. In the filing, the bull also mentioned BTC as a digital commodity that is not issued by any government and exists on an online P2P network. However, as of late last year, the fund’s most extensive holdings were Uber, Fartech Ltd, DXC Technology Co., and Amazon. 

However, currently in the absence of Bitcoin Exchange Traded Funds or Bitcoin ETFs, trusts like Grayscale are only offering investors auditable ownership of the token designed by Satoshi Nakamoto. Indeed, these methods only offer to invest through traditional investment vehicles.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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