Legendary investor Bill Miller doubled down on his crypto conviction and bought Coinbase in the 2nd quarter of 2021
- Date: 18-Aug-2021
- Source: Business Insider
- Sector:Financial Markets
- Country:Middle East
Legendary investor Bill Miller doubled down on his crypto conviction and bought Coinbase in the 2nd quarter of 2021
Legendary fund manager and bitcoin bull Bill Miller took a position in cryptocurrency exchange during the second quarter of 2021, a recent 13F filing shows. Miller Value Partners scooped up 121,185 shares of Coinbase worth roughly $30 million in the quarter. Coinbase is currently down nearly 24% from the close on its IPO day in April. Miller has been a longtime bitcoin bull as he started buying the cryptocurrency around $200 to $300 a coin. In a recent interview, he said his average cost into bitcoin was about $500. Bitcoin is currently trading around $45,000, suggesting Miller has scored a roughly 9000% gain on his investment. The fund manager lost roughly 90% of his net worth during the financial crisis, but has have propelled him to billionaire status. Miller Value Partners also took up a $130 million stake in software company Splunk in the second quarter. It's one of the largest holdings in the fund, behind more notable names including Amazon and Alibaba.