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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Arkham Intelligence Says Grayscale Bitcoin Trust’s Wallets Hold Over $16B in BTC – CoinsMegaNews

Arkham Intelligence Says Grayscale Bitcoin Trust’s Wallets Hold Over $16B in BTC

2 years ago CryptoExpert
GBTC Reaches All-Time Low Discount of -35%

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Blockchain analytics firm Arkham Intelligence has found that on-chain wallets tied to the Grayscale Bitcoin Trust (GBTC) hold more than $16 billion in BTC.

In a recent tweet, the crypto data tracking platform said that the trust’s issuer, Grayscale Investments, is the second largest global bitcoin holder, with the assets spread across more than 1,750 different addresses.

Grayscale Holds Over $16B in BTC

Arkham noted that Grayscale has refused to identify GBTC’s on-chain addresses for security reasons, although the digital currency asset management company publicly reports its balances. The analytics firm said each wallet holds no more than 1,000 BTC, totaling $16.15 billion.

In November 2022, Grayscale disclosed that all digital assets underlying its products are in the custody of leading American crypto exchange Coinbase and that the trading platform often validates the on-chain addresses. However, making such on-chain wallets and confirmation information available to the public through cryptographic proof-of-reserve methods could expose them to malicious actors.

While GBTC’s holdings are worth over $16 billion, Grayscale just won a legal tussle with the United States Securities and Exchange Commission (SEC). Recall that the investment management firm sued the SEC in 2022 after the regulator rejected its application to turn the trust into a spot exchange-traded fund. The agency said Grayscale failed to prove it would prevent market manipulation in the application.

However, the U.S. Court of Appeals instructed the SEC to review Grayscale’s application to turn the GBTC into an ETF, insisting that its reason for declining the request was insufficient. The news sent waves through the crypto community and across digital assets as the trust narrowed its discount by more than 20%.

Solidifying Grayscale’s Claims

In addition to the $16 billion worth of BTC, Grayscale also holds over 3 million ether (ETH) worth roughly $4.95 billion, 301,000 LINK worth $1.89 million, and $1.78 million worth of MATIC. Altogether, Grayscale’s addresses hold over $21 billion in digital assets.

It is worth mentioning that Arkham’s findings align with Grayscale’s claims on its website. This nullifies speculation that the asset manager may not have as many bitcoins as it claims.

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