In an investor update on Friday, Miller Opportunity Trust, a value fund managed by the firm founded by investor Bill Miller, mentioned its exposure to bitcoin.
Earlier this year, the firm highlighted its decision to invest in Grayscale’s Bitcoin Investment Trust, saying:
“As bitcoin fell during the quarter, the trust traded at one of its largest discounts to its underlying bitcoin holdings, providing additional upside potential. As a form of “digital gold,” we believe Bitcoin has significant upside potential. With gold’s market capitalization exceeding $11 trillion, Bitcoin’s current cap of around $600 billion has a long way to go to catch up. We are at the beginning of a continuing adoption curve, and Bitcoin will be volatile, but we believe the risk-reward ratio is appealing.”
MOT owns 1.5 million shares of BIT, as reported late last month.
Miller defended bitcoin in a letter to investors in January, using somewhat similar language.
“Why would someone want to own Bitcoin now that we know what it is? The short answer is that no other asset combines the liquidity of Bitcoin with its upside potential “He was writing at the time.