Miller Opportunity Trust, a hedge fund owned by billionaire investor Bill Miller revealed it holds 1.5 million shares of Grayscale’s premium Bitcoin investment product $GBTC. The $GBTC holdings of the hedge fund take its Bitcoin investment to worth $58 million or nearly 1,200 Bitcoin. The firm revealed its $GBTC holdings in an SEC filing on Friday.
Bill Miller is a known Bitcoin proponent and back in February the Miller Value Fund had also filed for Bitcoin investment via $GBTC, thus the latest holding reveal didn’t come as a surprise, but the valuation of the investment surely shows Miller owned investment products bitcoin interest.
The hedge fund joins the growing list of Wall Street firms to take the Bitcoin route. Grayscale’s Bitcoin Trust is one of the most sought-after Bitcoin investment products in absence of regulated product offerings. Investors buy physical Bitcoin and put it in the Grayscale treasury to get $GBTC shares in return which are unlocked every 6-months. The investor hopes to sell their shares at a profit. $GBTC shares are currently trading at $38.7.
A few days back, Morgan Stanley, a Wall Street Financial giant also revealed one million in $GBTC holdings. While the regulatory status of $GBTC shares is unclear, it is seen as a lucrative investment option by institutional investors until a Bitcoin ETF is passed. Grayscale also plans to convert its $GBTC product into a full-fledged ETF offering.
Institutional Interest in Bitcoin at ATH Despite Uncertainty Around Bitcoin ETF
The institutional interest in Bitcoin this bull season is unparallel as a number of Wall Street giants including former critics likes JP Morgan, Goldman Sachs, Morgan Stanley, and several others have rushed to either invest in Bitcoin or offer investment vehicles amid growing clients demand. Many expected the SEC to pass the first-ever Bitcoin ETF looking at the soaring institutional demand and growing calls from lawmakers. However, SEC has given no specific timeline for approval.
Recent withdrawals of Ethereum ETF by VanEck and ProShares after filing the Bitcoin Futures ETF indicated that SEC might be more willing to approve a Futures ETF over a physical one. A Bloomberg analyst predicted that the first Bitcoin Futures ETF could be approved as early as October.