Billionaire Fund Manager Bill Miller Discloses Owning 1.5 Million GBTC Shares

The latest filing with the US Securities and Exchange Commission (SEC) revealed that billionaire fund manager Bill Miller now has exposure to the largest cryptocurrency, currently trading around $48.5k.

This exposure has been made through a significant position in the world’s largest digital asset manager, Grayscale’s Bitcoin Trust (GBTC), via Miller Opportunity Trust.

According to the documents, the Trust owns 1.5 million shares of GBTC valued at just under $45 million. Miller’s GBTC exposure represents about 1.55% of the fund's net assets.

GBTC manages $31.77 billion worth of assets and is trading at a 12.13% discount, recovered from a 21.23% discount in mid-May.

Meanwhile, Miller’s interest in Bitcoin has been growing since last year amidst the growing institutional adoption of crypto as an asset class in the aftermath of the coronavirus pandemic and the central bank's ultra-loose monetary policy.

After praising the possibilities for Bitcoin adoption last year, Miller doubled down earlier this year when he called investing in the crypto asset a suitable risk management strategy. In February, Miller put his money where his mouth is by reserving the right for one of his portfolios, the Miller Opportunity Trust, to indirectly invest up to 15% in the largest cryptocurrency.

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