Bitcoin rally helped Bill Miller’s hedge fund deliver 46% return in H1

Bitcoin • July 26, 2019, 6:20AM EDT
UPDATED: July 26, 2019, 8:53AM EDT
The Block

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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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