Grayscale’s Bitcoin Trust: Second Largest BTC Holder Revealed
Have you ever wondered who holds the most Bitcoin in the world? Well, according to Arkham Intelligence, a blockchain analytical firm, Grayscale’s Bitcoin Trust is the second-largest BTC entity globally. This trust, with over $16 billion worth of Bitcoin, is distributed among more than 1700 addresses. Despite Grayscale’s efforts to keep these addresses secret, Arkham Intelligence managed to uncover this information and share it with the world.
Transparency and Security Concerns
Grayscale publicly reports the balances of its trust, but it has never disclosed the on-chain addresses associated with it. Last year, after the FTX exchange collapse, there was speculation about Grayscale’s Bitcoin balance. For security reasons, Grayscale chose not to publish the on-chain wallet information. However, its custodial partner, Coinbase, later released a report detailing the assets held on behalf of Grayscale.
Arkham Intelligence: The Pioneer of Address Identification
Arkham Intelligence has proven to be a pioneer in identifying specific addresses associated with cryptocurrency funds. They previously identified Grayscale’s Ethereum Trust as the second-largest holder of Ethereum. Furthermore, they identified Robinhood as the holder of the third-largest Bitcoin wallet and the fifth-largest Ethereum wallet.
GBTC’s Discount and Recent Court Victory
Despite bearish sentiments affecting BTC’s price, Grayscale’s Bitcoin Trust (GBTC) has maintained a discount of less than 20%. This discount reached its lowest levels in two years after Grayscale’s court victory against the SEC. The court ruled in favor of Grayscale, stating that the SEC acted arbitrarily and capriciously in rejecting the firm’s ETF conversion attempt.
Hot Take: Grayscale’s Bitcoin Trust, a Powerhouse in the Crypto Market
Grayscale’s Bitcoin Trust continues to solidify its position as a major player in the crypto market. Its significant holdings and ability to maintain a discount despite market conditions demonstrate its resilience and influence. As the crypto landscape evolves, Grayscale’s trust and its impact on the industry are worth monitoring closely.
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