Arkham Intelligence, a blockchain intelligence firm, has reportedly identified Grayscale Bitcoin Trust’s holdings on the blockchain, asserting that it is distributed across a substantial number of wallets.
It reports that it is the second largest Bitcoin holder globally, with more than $16 billion in holdings.
Grayscale Bitcoin Trust Holdings Has A Staggering Total Value
In a recent X (formerly Twitter) post, Arkham Intelligence discloses that Grayscale Bitcoin Trust (GBTC) holdings are distributed across over 1,750 wallets. The research firm further reports that Grayscale has a total Bitcoin quantity of 627,779.
It further reports that each wallet holds “no more than 1,000 BTC.” This signifies that none of the wallets holds a value exceeding $257.7 million. At the time of publication, Bitcoin’s price is $25,787. Within the same portfolio, it also holds several other cryptocurrencies, such as Ethereum ($4.93 billion) and Chainlink ($1.85 million).
Arkham asserts that Grayscale has not identified the wallet on its own. “Though Grayscale publicly reports balances, they have refused to identify the on-chain addresses of the trust,” it notes.
This development coincides with Grayscale’s proactive push to secure approval for the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF).
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Most recently the US Court of Appeals sided with Grayscale in a legal battle against the SEC. The judge affirmed that the SEC had erred in rejecting its conversion application. Grayscale wasted no time in requesting a meeting with the SEC to bring the matter to a close.
On September 6, Grayscale’s legal team dispatched a letter to the SEC, requesting a meeting to expedite the approval process.
“We would appreciate the opportunity to meet with the staff of the Securities and Exchange Commission as soon as practical,” the letter stated.
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