The Tracking of Grayscale Bitcoin Trust Wallets
Arkham Intelligence, a blockchain analytics platform, has successfully tracked over 1,750 wallets that are believed to be linked to Grayscale Bitcoin Trust. In the interest of security, Grayscale has always kept its on-chain addresses hidden, even though it publicly discloses its Bitcoin balances. However, Arkham’s exploration of the trust’s entity page has exposed that it holds a staggering 627,779,000 BTC, which is valued at over $16 billion.
The Confirmation of Grayscale’s Bitcoin Dominance
Despite facing criticism on social media platforms, such as X (formerly Twitter), where users accused Grayscale of owning fewer Bitcoins than reported, Arkham’s findings confirm that Grayscale is indeed a significant BTC whale. The wallets associated with Grayscale hold a collective amount of $16.1 billion in BTC, establishing Grayscale as the second-largest Bitcoin entity worldwide. Additionally, Arkham also disclosed that Grayscale occupies the second position among Ethereum entities, with holdings worth $5 billion in Ethereum.
Revealing Grayscale’s Wallet Addresses
Through a search on Arkham for “Grayscale Bitcoin Trust,” five connected wallet addresses have been identified. The first three wallets hold approximately $51 million worth of BTC, while the remaining two wallets do not possess any funds. However, their on-chain activity can be traced back to Grayscale, further solidifying the connection.
Grayscale’s Battle with the SEC
Apart from this recent revelation, Grayscale has also achieved a significant victory against the U.S. Securities and Exchange Commission (SEC). An appellate court has ordered the SEC to revoke its decision to reject Grayscale’s Bitcoin ETF application. In light of this development, Grayscale has written to the SEC, requesting a meeting to discuss the next steps following the court’s ruling.
The SEC’s Concerns and Grayscale’s Pursuit
Although the SEC has approved Bitcoin futures ETFs based on a market surveillance agreement with the Chicago Mercantile Exchange (CME), it has been reluctant to grant a similar setup to Grayscale’s spot Bitcoin ETF. The SEC’s primary concern revolves around potential market manipulation. Nonetheless, Grayscale remains persistent in its pursuit of a spot Bitcoin ETF.
Hot Take: Grayscale’s Dominance and Regulatory Challenges
Arkham’s tracking of Grayscale Bitcoin Trust wallets confirms its status as a major player in the cryptocurrency market, holding billions of dollars worth of BTC and Ethereum. While Grayscale faces regulatory hurdles from the SEC, its recent legal victory indicates its determination to establish a spot Bitcoin ETF. The outcome of this battle between Grayscale and the SEC will significantly impact the future of cryptocurrency investment and regulation.
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