Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust
Crypto Guide
Live News

Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust

February 6, 2021      Jafrin Ahmed

Miller Value Funds, an asset management company with $3.5 billion in AUM, has filed with the Securities and Exchange Commission (SEC) to invest in Grayscale Bitcoin Trust. Miller Value Funds is founded by noted investor and asset manager Bill Miller. He has previously invested in Bitcoin (BTC) on a personal level. This would be the first instance of him managing a bitcoin portfolio for a publicly traded fund.

Miller Value Funds Seeking 15% Exposure to Bitcoin

The official filing reveals that the company is looking for a 15% exposure to Bitcoin via the GBTC trust fund. It also included that it would stop buying the cryptocurrency once the cap is reached.

READ  Israel Based B2B Startup Clear Raises $13M in Series A Funding

It remains unclear whether Miller Value Funds is planning to sell bitcoin once its portfolio reaches the 15% mark. Although, the firm did clarify it won’t add any new Bitcoin if their existing purchase breach 15% of their portfolio.

The official filing read:

“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. 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.”

Bitcoin Emerging as Growing Choice Among Institution Players

Recently, Bitcoin has been emerging as the choice among institution players as the new hedge against inflation asset and a potential store of value. The asset management’s 15% exposure to Bitcoin is one of the many instances where public companies are considering getting into bitcoin.

READ  Why Litecoin’s Ambitious Surge to Dethrone XRP Was Short-Lived

The year 2020 has been a remarkable year for institutional players jumping on the bandwagon of Bitcoin. For instance, Paypal, MicroStrategy, and other publicly traded companies have already started adding bitcoin to their balance sheets. MicroStrategy is currently leading the institutional bitcoin exposure, having invested $1.5 billion in the leading cryptocurrency.

#Bitcoin #GBTC #Grayscale Bitcoin Trust #Miller Value Funds #SEC
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.