Legendary investor Bill Miller shows an increasing interest in Bitcoin (BTC). The Miller Opportunity Trust plans to invest indirectly in BTC through the Grayscale Bitcoin Trust, according to the application filed with the US Securities and Exchange Commission on Friday.
The GBTC premium, on the other hand, fell to the lowest levels seen since April 2019.
The $ 2.25 billion fund will have made an investment quite different from the standard investments it made in stocks and derivatives if it purchases GBTC shares. Tröst mainly focuses on airline, health and financial companies in its investments, according to its website.
Since the fund’s Bitcoin investment is limited to 15 percent of the managed assets, the GBTC investment can be up to $ 300 million. The Trust also touched on the price fluctuation in the application: “Bitcoin has a very small area of use compared to that used by speculators in the individual and commercial marketplace.”
Miller himself also supports Bitcoin. The legendary Wall Street investor allocated 30 percent of his hedge fund to Bitcoin in 2016.