Identifying Grayscale Bitcoin Trust’s Holdings on the Blockchain
A blockchain intelligence firm called Arkham Intelligence has recently discovered and analyzed the holdings of Grayscale Bitcoin Trust (GBTC) on the blockchain. According to their findings, the trust’s holdings are spread across a significant number of wallets, making it the second-largest Bitcoin holder globally with a total value exceeding $16 billion.
The Staggering Total Value of Grayscale Bitcoin Trust Holdings
In a recent post on X (formerly Twitter), Arkham Intelligence reveals that GBTC’s holdings are distributed among more than 1,750 wallets. The research firm also reports that Grayscale possesses a substantial quantity of Bitcoin, totaling 627,779. Each wallet contains no more than 1,000 BTC, which means that none of them holds a value surpassing $257.7 million. Additionally, the trust holds other cryptocurrencies in its portfolio, including Ethereum ($4.93 billion) and Chainlink ($1.85 million).
Despite Grayscale’s public reporting of balances, it has chosen not to disclose the on-chain addresses of the trust, as noted by Arkham Intelligence.
Grayscale’s Battle With the SEC
Notably, Grayscale is actively pursuing approval to convert its GBTC into a Bitcoin exchange-traded fund (ETF). Recently, the US Court of Appeals ruled in favor of Grayscale in a legal dispute against the Securities and Exchange Commission (SEC), acknowledging the SEC’s error in rejecting the conversion application. Seizing the opportunity, Grayscale promptly requested a meeting with the SEC to resolve the matter expeditiously.
On September 6, Grayscale’s legal team sent a letter to the SEC, expressing their desire for a meeting to accelerate the approval process.
Hot Take:
Grayscale’s immense holdings and its ongoing battle with the SEC highlight the growing significance and acceptance of cryptocurrencies in the financial landscape. As the world of digital assets continues to evolve, regulatory clarity and institutional participation will play a crucial role in shaping the future of cryptocurrencies like Bitcoin.
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