Miller Worth Funds–run by veteran hedge fund supervisor and bitcoin bull Invoice Miller–might put money into the Grayscale Bitcoin Belief by way of its flagship fund, the Miller Alternative Belief.
“The Fund might search funding publicity to bitcoin not directly by investing within the Grayscale Bitcoin Belief, an entity that holds bitcoin,” the fund wrote in a submitting with the U.S. Securities and Trade Fee. “The Grayscale Bitcoin Belief invests principally in bitcoin. The Fund won’t make any further investments within the Grayscale Bitcoin Belief if, because of the funding, its combination funding in bitcoin publicity could be greater than 15% of its belongings on the time of funding.”
Miller Alternative Belief had belongings below administration of $2.25 billion as of Dec. 31, 2020, making the fund’s potential most funding in GBTC $337 million. The fund is co-managed by MIller and Samantha McLemore.
In late January, Miller’s son, Invoice Miller IV, said in a letter to investors in one other Miller fund that participating in MicroStrategy’s $650 million convertible senior word providing was like getting an almost-free name choice on bitcoin.