Legendary investor Bill Miller doubled down on his crypto conviction and bought Coinbase in the 2nd quarter of 2021

• Legendary fund manager Bill Miller scooped up shares of newly public Coinbase in the second quarter.
• The bet likely hasn't fared well yet, as Coinbase is down nearly 24% since going public.
• Miller is a longtime bitcoin 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 Coinbase 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 said that his early bets on both Amazon and bitcoin 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.