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

The Miller Opportunity Trust has made its first investment in bitcoin after first indicating it could do so back in February.

Aug 27, 2021 at 4:04 p.m. UTC

Updated May 11, 2023 at 5:45 p.m. UTC

MONACO - JULY 06: Bill Miller, manager of the Legg Mason Value Trust mutual fund, poses at the Sixteenth Annual Fund Forum International at The Grimaldi Forum in Monaco, Thursday, July 6, 2006. (Photo by Serge-Henri/Bloomberg via Getty Images)

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.

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

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