The crypto analytics platform Arkham Intelligence asserts it has identified on-chain addresses tied to the Grayscale Bitcoin Trust. This disclosure arrives amid the ongoing dispute between asset management company Grayscale and the United States Securities and Exchange Commission (SEC) concerning the transition of the Bitcoin Trust into a spot exchange-traded fund (ETF).
The Grayscale Bitcoin Trust, identified by the ticker GBTC, serves as an investment vehicle that provides investors with exposure to Bitcoin without necessitating direct purchase or custody of the cryptocurrency. Following its recent legal win against the SEC, the asset manager is exploring – and may have the capacity – to adapt its GBTC offering into a spot ETF.
On Wednesday, September 6th, Bitcoinist stated that Grayscale’s legal representatives reached out to the Securities and Exchange Commission, compelling the regulatory agency to rethink its position on the transformation of Grayscale Bitcoin Trust into an exchange-traded fund after the latest court ruling.
Each Wallet Contains Under 1,000 BTC, According to Arkham
In a series of updates on the X (formerly Twitter) platform, Arkham Intelligence disclosed that Grayscale Bitcoin Trust’s assets are dispersed across more than 1,750 wallet addresses. Each address reportedly holds under 1,000 BTC (approximately $25.7 million).
Though Arkham did not release a complete list of the GBTC-related addresses, it identified certain wallets in the disclosed transaction data. The data dashboard of the platform further indicates that the asset manager holds 627,779 BTC (valued in excess of $16 billion).
It is important to note that this figure corresponds with the total claimed on Grayscale’s website, suggesting that the firm maintains adequate Bitcoin to accommodate withdrawals – should the situation arise. Furthermore, the disclosed assets position Grayscale Bitcoin Trust as the second-largest Bitcoin holder in the globe.
While Grayscale publicly shares the company’s balances, it has consistently declined to reveal the on-chain addresses of its Bitcoin Trust. However, it seems that Arkham’s discovery could potentially put an end to long-standing speculations regarding the security measures of the crypto asset manager.
What Other Cryptocurrencies Is Grayscale Hoarding?
Earlier in September, Arkham revealed that the Grayscale Ethereum Trust is the second-largest ETH entity globally, with its assets spread across over 500 addresses. According to the platform’s data dashboard, Grayscale possesses 3.026 million ETH valued at roughly $4.95 billion.
Related Reading: BREAKING: ARK Invest Files For First Ethereum Spot ETF
In addition to the two leading cryptocurrencies in the marketplace, the asset management firm seems to be accumulating other crypto tokens, such as Chainlink (LINK), Polygon (MATIC), Uniswap (UNI), Avalanche (AVAX), Synthetix (SNX), and Curve (CRV).
Significantly, LINK ranks following Ethereum and Bitcoin in Grayscale’s most valuable crypto holdings inventory. The company possesses approximately 301,488 LINK tokens appraised at $1.9 million according to the current market valuation.
The total market capitalization of the cryptocurrency on the daily timeframe | Source: CRYPTOCAP chart on TradingView
Featured image from Business Wire, chart from TradingView
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