Bill Miller’s Flagship Fund Will also Now Possess GBTC to Intention Bitcoin Exposure of As a lot as 15%
Miller Rate Funds–flee by veteran hedge fund supervisor and bitcoin bull Bill Miller–could maybe maybe maybe invest within the Grayscale Bitcoin Have faith through its flagship fund, the Miller Opportunity Have faith.
“The Fund could maybe maybe maybe check funding exposure to bitcoin now not straight by investing within the Grayscale Bitcoin Have faith, an entity that holds bitcoin,” the fund wrote in a submitting with the U.S. Securities and Alternate Rate. “The Grayscale Bitcoin Have faith invests mostly in bitcoin. The Fund will now not assemble any extra investments within the Grayscale Bitcoin Have faith if, as a results of the funding, its mixture funding in bitcoin exposure would be extra than 15% of its sources on the time of funding.”
Miller Opportunity Have faith had sources under administration of $2.25 billion as of Dec. 31, 2020, making the fund’s ability most funding in GBTC $337 million. The fund is co-managed by MIller and Samantha McLemore.
In unhurried January, Miller’s son, Bill Miller IV, said in a letter to investors in but every other Miller fund that taking fragment in MicroStrategy’s $650 million convertible senior show providing used to be treasure getting a virtually-free name option on bitcoin.
Grayscale is owned by Digital Currency Physique of workers, the parent company of CoinDesk.
Read extra: Why Did Bill Miller and His Son Possess MicroStrategy Debt? It’s the Bitcoin