Bitcoin BTC

Miller Opportunity Trust buys 1.5 million shares of GBTC

  • The Miller Opportunity Trust obtains 1.5 million shares of GBTC
  • The trust owned by billionaire Bill Miller purchased the shares at $44.7 million
  • Miller considers Bitcoin to be a suitable risk management strategy

Institutional investors are seeking direct and indirect exposure to cryptocurrencies.

Miller Opportunity Trust obtains GBTC shares

The Miller Opportunity Trust, owned by the billionaire fund manager, Bill Miller, has entered the cryptocurrency market. The investment fund bought 1.5 million shares of the Grayscale Bitcoin Trust (GBTC).

The investment firm filed this with the United States Securities and Exchange Commission. According to the filing, the 1.5 million shares of GBTC cost Miller Opportunity Trust $44.7 million, representing roughly 1.55% of the fund’s total assets.

This latest development doesn’t come as a surprise since Miller has been talking about Bitcoin in recent months. in January, he stated that Bitcoin investment is a suitable risk management strategy considering the current market climate. Later on, he added that he doesn’t see any other asset that has Bitcoin’s liquidity and upside potential.

The investment manager has been looking to take a position in GBTC since February. At the time, the firm said it is seeking to gain exposure to Bitcoin indirectly via the Grayscale Bitcoin Trust.

Cryptocurrencies becoming available to institutional investors

The past year has seen numerous institutional investors take direct and indirect positions in the cryptocurrency market. Some of the institutional investors and corporate entities invested directly in Bitcoin and other cryptocurrencies, while the others bought the shares of GBTC and other crypto funds.

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