Bill Miller's Firm Slashed MicroStrategy Stake By 70%: The Move That Dodged A Costly Hit
Miller Value Partners, led by Bill Miller IV, reduced its MicroStrategy Inc. (NASDAQ:MSTR) holdings by 70% to 15,250 shares from 50,250 shares in the fourth quarter of 2024, according to a 13F-HR filed with the U.S. Securities and Exchange Commission on Feb. 14.
What Happened: With MicroStrategy’s stock declining 7.69% from $337.73 to $312.54 as of Apr. 2, the investment firm avoided potential losses of approximately $881,650 by selling 35,000 shares.
The firm had initially purchased 50,000 MSTR shares at $327.67 on Nov. 14, building an $8.47 million position. This investment yielded considerably lower returns compared to Bitcoin (CRYPTO: BTC) ETFs in the third quarter.
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Why It Matters: This 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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