Bill Miller’s Miller Value Fund is seeking permission from the U.S. Securities and Exchange Commission to allocate a portion of its $2.25 billion fund to Bitcoin.
In its official filing with the SEC, the Miller Value Fund says it may allocate a significant portion of its assets into the Grayscale Bitcoin Trust (GBTC) through the Miller Opportunity Trust.
“The Fund may seek investment exposure to Bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds Bitcoin…
The Grayscale Bitcoin Trust invests principally in Bitcoin. The Fund will not make any additional investments in the Grayscale Bitcoin Trust if, as a result of the investment, its aggregate investment in Bitcoin exposure would be more than 15% of its assets at the time of investment.”
Miller Value Fund reported managing $2.25 billion in assets at the end of 2020, indicating that the firm could invest anywhere up to $337.5 million in GBTC.
The fund’s filing comes weeks after Bill Miller said that not owning Bitcoin is a massive mistake. At the close of 2020, Miller released a letter on income strategy explaining BTC’s massive growth potential despite its wild price swings.
“Bitcoin has been the best performing asset over eight of the past ten calendar years, and its annualized performance has blown away the next-best performer, the Nasdaq, by a factor of ten over the past decade…
There is no other asset that combines Bitcoin’s liquidity with its upside potential. Bitcoin is still an emerging and under-owned technology in an enormous addressable market, and it has a brilliant, logically consistent protocol with distributed governance.”