Famous American investor, Bill Miller, will further his foray into the Bitcoin (BTC) ecosystem as one of his flagship investment funds, the Miller Opportunity Trust may indirectly invest in the digital asset through the Grayscale Bitcoin Trust (GBTC).
According to a filing with the U.S. Securities and Exchange Commission (SEC) as published by Bloomberg today, the fund will be restrained from making further investments if its exposure in the cryptocurrency tops an aggregate of 15% of its assets.
As of December 2021, the Miller Opportunity Trust has a total of $2.7 billion worth of assets under management (AUM), which implies that the fund could have up to $337 million in GBTC, should it choose to continue with the investment.
Owned by Bill Miller, the Miller Opportunity Trust is focused on investments in airlines, healthcare, and financials, according to information displayed on its website.
Bill Miller’s Bitcoin Exposure
A shift in focus to crypto-related investments would not come as a shock to many because Miller has always been a strong Bitcoin proponent.
Despite personally owning Bitcoin, Miller revealed in 2016 that he invested 30% of his hedge fund into Bitcoin, a significant decision that has contributed to the massive growth of the fund’s value due to the asset’s continuous rally.
Earlier last month, Miller’s son, Bill Miller IV, revealed in a letter that one of the family’s funds took part in MicroStrategy’s $650 million convertible senior note offering because it believes Bitcoin has “very little downside.”
In the same month, Bill Miller opposed Warren Buffet’s famous comment about Bitcoin as “a rat poison.” Miller argued that fiat currencies are the rats Bitcoin is trying to eliminate.
Although Miller is an old-time Bitcoin investor, the fact that he is still planning to commit some percentage of one of his investment funds is a sign that institutional investors are still showing an increased interest in the asset.
In a report published by Coinfomania, Gene Munster, the Managing Partner at Loup Ventures, disclosed that the massive interests in Bitcoin from institutional investors show that the asset is moving in a “credible direction.”