Bill Miller Hedge Fund to Buy $400 Million in Bitcoin, Filed with SEC

Bill Miller
Bill Miller

Hedge fund investor Bill Miller is making a $400 million bet on Bitcoin (BTC). The Miller Opportunity Trust filed with the U.S. Securities and Exchange Commission (SEC) on Friday, to invest in the Grayscale Bitcoin Trust —seeking indirect exposure to BTC. The filing will become effective 60 days after the filing date.

“The fund may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin.” Explained the SEC filing.

However, Miller’s fund will not be able to add any additional investment in the Grayscale Trust if its total Bitcoin exposure surpasses 15%. With the fund’s limited Bitcoin exposure, the Grayscale Bitcoin Trust outlay could surpass $300 million.

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The Miller Opportunity Trust’s SEC filing further explains: “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.”