SEC filing: Hedge fund may seek bitcoin exposure via Grayscale BTC Trust
A filing with the U.S. Securities and Exchange Commission (SEC) shows that another multi-billion hedge fund may be interested in getting bitcoin exposure via the Grayscale BTC Trust.
Miller Value Funds, a hedge fund with $2.25 billion in assets under management (AUM) has expressed its desire to “borrow money for investment purposes” and “may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust shares (GBTC).
Investing in bitcoin
Bitcoin has enjoyed a recent hot streak that captured the attention of institutions that are interested in investing in the digital asset.
In the filing, Ben Miller Ventures wrote,
“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.”The hedge fund is managed by Bill Miller, who serves as the firm’s Chairman, CIO, and Portfolio Manager.
Miller, a value investor, is well-known for managing a portfolio that outperformed the S&P 500 Index for 14 consecutive years from 1991 to 2005.
Miller bullish on bitcoin
Miller expressed his bullish sentiments on bitcoin when he appeared on CNBC on Jan. 8, saying that the leading digital asset becomes safer as its price skyrockets.
He made the remarks when bitcoin was valued at over $40,000, twice the price it reached at its peak in 2017.
“It gets less risky as the higher it goes,” he said. He explained that bitcoin behaves this way because it is still early days in terms of adoption. Miller added that this is in contrast with stocks that tend to have the opposite effect.
He predicted that bitcoin would rise between 50% to 100% in the next 12 - 18 months, suggesting the leading currency would be trading anywhere between $60K and $80K.
Miller’s hedge fund held crypto
The legendary investor, who started accumulating bitcoin as early as 2013, revealed in December 2017 that his hedge fund had 50% of its investment in the cryptocurrency.
Apart from bitcoin, the fund also held Bitcoin Cash at the time.
Each GBTC share is trading at $37.88, up from around $34 at the beginning of the year.
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