Miller Opportunity Trust signals investment in Grayscale's Bitcoin Trust
February 5, 2021, 6:18PM EST
1 min read
Miller Opportunity Trust — a value fund overseen by Miller Value Funds, founded by noted investor and manager Bill Miller — said in a Friday regulatory filing that it "may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust."
The disclosure, included in a filing with the U.S. Securities and Exchange Commission, comes soon after Bill Miller penned an extended exploration and defense of bitcoin in a letter to investors, as The Block previously reported.
Here's the full quote from Friday's filing by Miller Opportunity Trust (emphasis added):
"The Fund may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin. Grayscale Bitcoin Trust is a privately offered investment vehicle, the shares of which are also available over-the-counter. Bitcoin is a digital commodity that is not issued by a government, bank, or central organization. Bitcoin exists on an online, peer-to-peer computer network that hosts a public transaction ledger where bitcoin transfers are recorded (the “Blockchain”). Bitcoin has no physical existence beyond the record of transactions on the Blockchain. 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."
According to information from Miller Value Funds' website, the fund had $2.25 billion in assets under management as of December 31, 2020. Bill Miller, along with Samantha McLemore, serve as managers of the fund.
As of December 31, its largest holdings were Uber, Fartech Ltd, DXC Technology Co. and Amazon.