- Legendary fund manager
Bill Miller scooped up shares of newly publicCoinbase in the second quarter. - The bet likely hasn't fared well yet, as Coinbase is down nearly 24% since going public.
- $4Miller is a longtime bit
coin bull and has said he began buying the coin at $200.
Legendary fund manager and bitcoin bull Bill Miller took a position in cryptocurrency exchange $4 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 $4 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.