Trading Bitcoin is now seen as the perfect investment for all and sundry in the financial market. Even though the digital asset has endured volatility in recent years, it has still delivered when it comes to bringing back profits to its investors and traders. Adding one to its list of investors, Bill Miller’s investment trust has announced that it will start investing in the leading digital asset. In a new report, Miller Opportunity Trust announced that it had submitted its filing to the Securities and Exchange Commission. The filing said that the trust would be able to invest in Bitcoin through their investment in the Grayscale Bitcoin Trust.
Miller Opportunity to invest $300 million into the fund
According to the Miller Open Trust, it will begin to pool funds into the Grayscale Trust and continue until it has reached 15%. This means that the firm hopes to add funds worth about $300 million to the Grayscale Bitcoin Trust. Notably, the Grayscale Bitcoin Trust holds about $2.25 billion worth of the leading digital assets.
This latest investment news is coming off the back of a previous circular released where Miller talked about profitable Bitcoin. In the memo, Bill Miller said that Bitcoin is a new and emerging market, and enough people are not taking advantage of its potential by owning it.
He said he was impressed with the governance of the token and the way the market is responding to it via acquisition, but they need to do more. This is not the first time a fund is backing the leading digital asset, and the latest news is coming after Grayscale announced that it had reopened its Ethereum Trust. The firm has also mentioned that it has been able to register a bulk of its trust with the corporate registry located in Delaware.
ETFs are not providing services for now
With various ETFs not currently providing services, investors and traders are moving into trusts belonging to Bitcoin and Ethereum. Grayscale is allowing traders and investors to have ownership of digital assets through their investments in traditional vehicles. Grayscale has grown its Bitcoin and Ethereum fund via investments made by institutional entities who seek to pool their funds in crypto even though they have little or no knowledge about it.
Presently, the investment holds Ethereum worth $4 billion and allows investors to own a stake in trading it while charging them about 2% in fees. With this medium of investments, firms and high scale traders who do not know about crypto will indirectly learn how the market works. Another company that holds a lot of cryptos and lets investors buy into it is Microstrategy.
Presently, Microstrategy holds Bitcoin worth about $2.5 billion as its CEO, Michael Saylor, has reiterated the firm’s desire to hold the digital asset long term. He believes that Bitcoin would have brought back more profits in the years to come than gold in the next couple of years. Even though ETFs would have provided a cheaper option, the SEC is not approving anyone for now.