The legendary veteran hedge fund manager: Bill Miller who has become a billionaire out of his earlier investments in Bitcoin has further increased his Bitcoin holdings with Grayscale shares by acquiring a total of 1.5 million Grayscale Bitcoin worth over $49.5 million presently.
In a recent filing with the U.S. Securities and Exchange Commission, the Miller Opportunity Trust has been reported as acquiring 1.5 million shares of Grayscale Bitcoin worth $49.5 million presently.
Remarkably, the Miller Opportunity Trust seem to be toeing the part of increasing their Bitcoin holdings with Grayscale periodically as the maximum percentage of the fund's assets that can be allocated to GBTC shares is limited to 15%.
Over the years the Crypto Billionaire and Bitcoin lover Miller has always rendered great support for the promotion Crypto currencies especially Bitcoin. In February, the Miller Opportunity Trust filed with the SEC to invest up to 15% of its assets in the GBTC.
Miller has been one of the earliest Wall Streeters to endorse Bitcoin, and had purchased the largest cryptocurrency back in 2014 when it was worth roughly $200 and had relatively little coverage in financial media. This early foresight and adventure into Bitcoin has made Miller a Billionaire today.
Still more, Millers new investment into Grayscale Bitcoin shares has been long anticipated as the billionaire investor has remained very optimistic about the outlook for Bitcoin even after its value tumbled in March. Earlier before the crash in March, as at January, Miller described investing in cryptocurrency “a suitable risk management strategy in the current market climate.” Further Miller said he couldn't see another asset with Bitcoin's combination of liquidity and upside potential.
The Miller Opportunity Trust has been the brand name of the top fund managed by the veteran hedge fund manager. With over $3.4 billion hedge fund entrusted to the company spread across different investments such as airline, healthcare and financial companies including Crypto world.
Above all, the institutional purchase of Bitcoin has drastically increased in recent times. Just last month, on the evening of August 24, the CEO of Micro Strategy - Michael Saylor had announced that the company spent about 177 million USD to buy 3,907 more Bitcoins. This brought MicroStrategys total BTC to 108,992. Equally last week we updated on the purchase of over $250 million worth of Grayscale Bitcoin (GBTC) shares by Morgan Stanley one of the wealthiest US Banks. This continuous large purchase by both wealthy individuals, hedgefund managers and banking institutions seem to be heralding that Bitcoin is set to hit a new ATH before the end of this year after its latest crash in April.