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Miller Value Partners, led by Bill Miller IV, acquired 50,250 shares of MicroStrategy Inc. (NASDAQ:MSTR) during the third quarter of 2024, a move that has yielded lower returns compared to Bitcoin (CRYPTO: BTC) exchange-traded funds, according to 13F regulatory filings with U.S. Securities and Exchange Commission and market data.
What Happened: The investment firm’s $8.47 million position in MicroStrategy has generated approximately $213,504 in gains since Nov. 14, representing a 2.52% return.
In contrast, investing the same amount in the iShares Bitcoin Trust ETF (NASDAQ:IBIT) would have grown to approximately $1.34 million, reflecting a 15.78% return. This means Miller Value Partners would have gained $1.13 million more by choosing the Bitcoin ETF over MicroStrategy, according to Benzinga’s calculations.
The investment decision comes against the backdrop of strong cryptocurrency market performance, with Bitcoin surging 13.34% from $90,107 to $102,134 during the same period.
All major Bitcoin ETFs, including offerings from Fidelity Wise Origin Bitcoin Fund (BATS:FBTC), Grayscale Bitcoin Trust ETF (NYSE:GBTC), ARK 21Shares Bitcoin ETF (BATS:ARKB), and Bitwise Bitcoin ETF (NYSE:BITB), have outperformed MicroStrategy, posting gains between 14-16%.
Why It Matters: The move follows a family legacy of Bitcoin investment. Bill Miller III, the founder’s father and renowned investor, made headlines for his early Bitcoin adoption in 2012, purchasing the cryptocurrency at around $700.
The elder Miller, known for beating the S&P 500 Index for 15 consecutive years at Legg Mason Value Trust, has been a vocal advocate for Bitcoin as a hedge against financial instability.
“Bitcoin is an insurance policy against financial catastrophe, against inflation,” the senior Miller said in August, recommending investors allocate 1% of their liquid assets to the cryptocurrency.
Miller Value Partners currently manages approximately $290 million in assets through its Miller Income mutual fund and two ETFs, focusing on value investment strategies across various asset classes.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
