Veteran investor Bill Miller’s hedge fund has gained 46% in the first half of this year, partly due to a sharp rise in bitcoin (BTC) price during the period.
Bloomberg reported the news on Thursday, saying that the hedge fund, launched three years ago, had top positions in Amazon, security system firm ADT, beauty company Avon Products and bitcoin.
Bitcoin, the world’s largest cryptocurrency, reached an 18-month high in June, rising above $13,000. Currently, it is trading at about $9,755.
Miller’s hedge fund had about 50% of the money in bitcoin, according to a 2017 CNBC piece. He said at the time: “It won’t be 50 percent of the fund for that much longer, which does not mean necessarily that we’re going to be selling it.”
The hedge fund has assets of $126 million, and in total, Miller oversees $2.3 billion at his firm, per the Bloomberg report.
Join Genesis now and continue reading, Bitcoin rally helped Bill Miller’s hedge fund deliver 46% return in H1!