Grayscale’s Bitcoin Holdings Revealed: Second-Largest BTC Player With $16 Billion
According to their findings posted on X (formerly Twitter) on September 6, GBTC comprises more than 1,750 addresses collectively holding over $16 billion worth of Bitcoin. This revelation solidifies the company’s position as a major player in the cryptocurrency space.
Despite Grayscale’s attempts to keep the trust’s on-chain addresses confidential, Arkham Intelligence managed to uncover the distribution of funds across these addresses, with each holding 1,000 BTC or less.
Its official website corroborates this information, reporting total assets of $16.009 billion under its BTC trust.
The Grayscale Bitcoin Trust is currently in a legal battle with the U.S. Securities and Exchange Commission (SEC) as it seeks to convert into an exchange-traded fund (ETF). This move signifies the company’s ongoing efforts to adapt to the evolving regulatory landscape surrounding cryptocurrencies.
Notably, Arkham Intelligence previously discovered 500 crypto wallets linked to the Grayscale Ethereum Trust, positioning it as the second-largest Ethereum entity globally, with assets under management (AUM) of $4.9 billion.
This trust is currently trading at a 30% discount to its net asset value (NAV), down from a 55% discount in June.
Arkham Intelligence’s research also revealed Robinhood as the holder of the third-largest Bitcoin wallet and the fifth-largest Ethereum wallet. Grayscale faced scrutiny in the past regarding the transparency of its Bitcoin holdings, but its custodial partner, Coinbase, later released a detailed report addressing these concerns.
As the crypto market continues to grow, investors are increasingly seeking regulated and secure financial products, contributing to the rise of entities like Grayscale and the ongoing ETF discussions within the industry.
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