- 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 investment in the third and fourth bullet points.
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