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Market Cap: $1,975,203,902,777     
24h Vol: $64,901,144,366
Seeking Alpha 2021-02-08 11:04:48

Bill Miller's Opportunity Fund may buy into Grayscale Bitcoin Trust

Bill Miller's Opportunity Fund may buy into Grayscale Bitcoin Trust
The Miller Opportunity Trust, run by famed fund manager Bill Miller, may indirectly invest in Bitcoin through the Grayscale Bitcoin Trust (GBTC), according to a U.S. Securities and Exchange Commission filing.GBTC is an exchange-traded fund that invests in Bitcoin; its objective is for its net asset value to track the Bitcoin market price per share.Miller, who espoused Bitcoin early on, said in 2014 that he personally owned the cryptocurrency.The Miller Opportunity Trust would be prohibited from additional investing in GBTC if its aggregate Bitcoin exposure exceeds 15%, Bloomberg reports.The $2.7B Miller fund has a five-year return that ranks it among the top 2% of its peers, according to Bloomberg data. As of Dec. 31, it was mostly invested in equities.Bitcoin recently traded at $39.3K; in late January, JPMorgan strategists contended that the slowing pace of flows into the GBTC indicate Bitcoin will have a difficult time returning to $40K.See GBTC's
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