Bill Miller’s Flagship Fund Discloses $44.7M Stake in Grayscale Bitcoin Trust

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 CoinDesk.) 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.
• In Miller’s commentary about the purchase that accompanied the SEC filing, he wrote that “we believe Bitcoin has significant upside potential as a form of ‘digital gold.’ With gold’s market capitalization greater than $11T, Bitcoin’s current cap close to $600B would have a long way to go to catch up.”
• Miller added that “we are early in a continuing adoption curve and Bitcoin will be volatile but we think the risk-reward is attractive.”
• Miller has argued in the past that bitcoin has many advantages over gold as a hedge against inflation.

UPDATE (Sept. 3, 19:35 UTC): Updated to include Miller’s commentary about its investmentin the third and fourth bullet points.