Grayscale Revealed to Be the 2nd-Largest Bitcoin Whale
Grayscale holds more than $16 billion in bitcoin.
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Grayscale’s Bitcoin Trust (GBTC) has been identified across 1,750 wallets, holding 627,000 BTC worth $16.1 billion, according to an analysis by on-chain intelligence firm Arkham Intelligence.
Breaking: Arkham has identified the Grayscale Bitcoin Trust’s holdings on chain.
It is the 2nd largest BTC entity globally, holding >$16B of BTC.
— Arkham (@ArkhamIntel) September 6, 2023
These holdings rank Grayscale as the second-largest Bitcoin holder, lagging behind Binance’s $14.8 billion and ahead of Robinhood’s $5 billion in Bitcoin assets, according to Arkham data.
As of Wednesday, Grayscale has not publicly commented on these holdings.
Grayscale refused to reveal GBTC’s wallet addresses in the past due to security concerns. However, they disclosed a cryptographic Proof-of-Reserve (PoR) to demonstrate GBTC reserves, allowing auditors and the public to verify Grayscale’s asset amount without disclosing sensitive data, such as wallet addresses.
This disclosure comes on the heels of Grayscale’s recent victory against the SEC last week, where they secured a court ruling in their bid to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF).
Bitcoin’s price is flat at -0.2% over the last 24 hours, according to CoinGecko.