What Happened: Billionaire asset manager Bill Miller has revealed that his fund has a considerable amount of exposure to the world’s largest Bitcoin (CRYPTO: BTC) trust.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the Miller Opportunity Trust disclosed a position of 1.5 million shares in the Grayscale Bitcoin Trust (OTC:GBTC). At the time of writing, this position was valued at nearly $45 million.
Overall, exposure to Bitcoin via GBTC represented 1.55% of the fund’s net assets – a position that could considerably increase as per a prospectus filed earlier this year.
In February, the Miller Opportunity Trust filed with the SEC to invest up to 15% of its assets in the GBTC.
Miller’s position in GBTC by way of his fund does not come as a surprise seeing as the billionaire investor remained optimistic about the outlook for Bitcoin even after its value tumbled in March.
In a letter to clients early last month, Miller stated that “Bitcoin was born out of the 2008 crisis and was designed to be free of government control and manipulation, to be the ultimate in an inflation-proof asset.”
What Else: Miller’s fund isn’t the only entity to disclose a sizeable position in GBTC. Last week, an SEC filing from wall street banking giant Morgan Stanley (NYSE:MS) revealed a $240 million position in GBTC.
As of the latest reporting period, Morgan Stanley held 6.5 million shares in GBTC spread across a series of mutual funds.
Price Action: Bitcoin was trading at $47,066 at press time, down 3.75% over the past 24-hours. The coin had a daily trading volume of $27 billion at the time of writing.
Grayscale stock closed at $38.90, down 0.64% and was trading at $38.92, up 0.051% after-hours at press time.