Bill Miller’s Opportunity Trust Eyeing Bitcoin Exposure Through Grayscale

The Miller Opportunity Trust could begin investing in the Grayscale Bitcoin Trust (GBTC), according to a regulatory filing submitted late Friday.

The fund, which is overseen by Bill Miller and his daughter Samantha McLemore and part of the $2.25 billion-asset Miller Value Funds, said in the filing that it “may seek investment exposure to bitcoin indirectly” through Grayscale and limit that exposure to 15 percent.

“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 filing said.

Miller, a legendary portfolio manager known for beating the S&P every year between 1991-2005, began buying bitcoin privately in 2014, at an average cost of $350. In the past few months he’s said bitcoin becomes less risky the higher the price goes and that every major investment bank and high net worth firm will eventually have exposure to it.

McLemore and Miller have worked together since 2002. In July she launched Patient Capital, in which billionaire hedge fund manager Leon Cooperman is an investor, and invested more than 4 percent of its assets in bitcoin the following month. 

The price of bitcoin began climbing after the regulatory filing was published. It is trading at about $40,000 as of Saturday morning.