Miller Value Partners, led by Bill Miller IV, acquired 50,250 shares of MicroStrategy Inc. MSTR during the third quarter of 2024, a move that has yielded lower returns compared to Bitcoin BTC/USD exchange-traded funds, according to 13F regulatory filings with U.S. Securities and Exchange Commission and market data.
What Happened: The investment firm’s $8.47 million position in MicroStrategy has generated approximately $213,504 in gains since Nov. 14, representing a 2.52% return.
In contrast, investing the same amount in the iShares Bitcoin Trust ETF IBIT would have grown to approximately $1.34 million, reflecting a 15.78% return. This means Miller Value Partners would have gained $1.13 million more by choosing the Bitcoin ETF over MicroStrategy, according to Benzinga’s calculations.
The investment decision comes against the backdrop of strong cryptocurrency market performance, with Bitcoin surging 13.34% from $90,107 to $102,134 during the same period.
All major Bitcoin ETFs, including offerings from Fidelity Wise Origin Bitcoin Fund FBTC, Grayscale Bitcoin Trust ETF GBTC, ARK 21Shares Bitcoin ETF ARKB, and Bitwise Bitcoin ETF BITB, have outperformed MicroStrategy, posting gains between 14-16%.
Why It Matters: The move follows a family legacy of Bitcoin investment. Bill Miller III, the founder’s father and renowned investor, made headlines for his early Bitcoin adoption in 2012, purchasing the cryptocurrency at around $700.
The elder Miller, known for beating the S&P 500 Index for 15 consecutive years at Legg Mason Value Trust, has been a vocal advocate for Bitcoin as a hedge against financial instability.
“Bitcoin is an insurance policy against financial catastrophe, against inflation,” the senior Miller said in August, recommending investors allocate 1% of their liquid assets to the cryptocurrency.
Miller Value Partners currently manages approximately $290 million in assets through its Miller Income mutual fund and two ETFs, focusing on value investment strategies across various asset classes.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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