Bill Miller’s Opportunity Trust Eyeing Bitcoin Exposure Through Grayscale

The Miller Opportunity Trust could begin investing in the Grayscale Bitcoin Trust (GBTC), according to a regulatory filing submitted late Friday. The fund, which is overseen by Bill Miller and his daughter Samantha McLemore and part of the $2.25 billion-asset Miller […]

article-image

Samantha McLemore and Bill Miller | via MILLER VALUE PARTNERS

share

The Miller Opportunity Trust could begin investing in the Grayscale Bitcoin Trust (GBTC), according to a regulatory filing submitted late Friday.

The fund, which is overseen by Bill Miller and his daughter Samantha McLemore and part of the $2.25 billion-asset Miller Value Funds, said in the filing that it “may seek investment exposure to bitcoin indirectly” through Grayscale and limit that exposure to 15 percent.

“The Fund will not make any additional investments in the Grayscale Bitcoin Trust if, as a result of the investment, its aggregate investment in bitcoin exposure would be more than 15% of its assets at the time of investment,” the filing said.

Miller, a legendary portfolio manager known for beating the S&P every year between 1991-2005, began buying bitcoin privately in 2014, at an average cost of $350. In the past few months he’s said bitcoin becomes less risky the higher the price goes and that every major investment bank and high net worth firm will eventually have exposure to it.

McLemore and Miller have worked together since 2002. In July she launched Patient Capital, in which billionaire hedge fund manager Leon Cooperman is an investor, and invested more than 4 percent of its assets in bitcoin the following month. 

The price of bitcoin began climbing after the regulatory filing was published. It is trading at about $40,000 as of Saturday morning. 

Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

The platform also rolled out 13 tokenized funds for institutions on the Connect platform

article-image

The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds

article-image

President Donald Trump announced a 10% levy on almost all goods and additional tariffs on so-called “worst offending” countries

article-image

Solana may be in “recomposition” mode, as new protocols put usefulness ahead of mere virality

article-image

The stablecoin issuer will have to contend with bigger players and the interest rates environment

article-image

The president reportedly was still working on his tariff policy plans late Tuesday evening