Grayscale Bitcoin Trusts Holdings Surpass $16 Billion

Grayscale Bitcoin Trusts Holdings Surpass $16 Billion

Identifying Grayscale Bitcoin (BTC) Trust’s Holdings on the Blockchain

A blockchain intelligence firm was known Arkham Intelligence has recently realized  and analyzed the holdings of Grayscale Bitcoin (BTC) Trust (GBTC) on the blockchain. According to their findings, the trust’s holdings are spread across a whole lot of number of wallets, making it the second- largest Bitcoin (BTC) holder universally with a total value exceeding $16 billion.

The Staggering Total Value of Grayscale Bitcoin (BTC) Trust Holdings

In a recent post on X (formerly Twitter), Arkham Intelligence outlines that GBTC’s holdings are distributed between more than 1,750 wallets. The research firm likewise reports that Grayscale possesses a substantial quantity of Bitcoin, totaling 627,779. Each wallet contains no more than 1,000 BTC, which implies that none of them holds a value surpassing $257.7 Million. In addition, the trust holds other digital currencies in its portfolio, including Ethereum (ETH) ($4.93 billion) and Chainlink ($1.85 million).

Regardless of Grayscale’s public reporting of balances, it has chosen not to disclose the on-chain addresses of the trust, as noted by Arkham Intelligence.

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Grayscale’s Battle With the SEC

Notably, Grayscale is actively pursuing approval to transform its GBTC into a Bitcoin (BTC) exchange-traded fund (ETF). Recently, the United States 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 chance, Grayscale promptly requested a meeting with the SEC to resolve the matter expeditiously.

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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 enormous holdings and its ongoing battle with the SEC highlight the growing significance and acceptance of digital currencies in the financial landscape. As the world of digital assets continues  to evolve, regulatory clarity and institutional participation will play a critical role in shaping future of the digital currencies like Bitcoin.

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