The Miller Opportunity Trust has made its first investment in bitcoin after first indicating it could do so back in February.
Miller Opportunity Trust, the flagship fund offered by noted hedge fund manager and bitcoin bull Bill Miller, disclosed in an Aug. 27 SEC filing a $44.7 million stake in the Grayscale Bitcoin Investment Trust (GBTC).
- The fund, which had assets of $3.1 billion as of June 30, said it owned 1.5 million shares of GBTC. (Grayscale is owned by Digital Currency Group, the parent company of Reacon.) Those shares had a value of $44.7 million as of the end of the June.
- The fund had said in February that it could purchase shares of GBTC up to an exposure limit of 15% of its total assets to bitcoin (BTC, 2.94%).
- Miller has argued that bitcoin has many advantages over gold as a hedge against inflation.