Identifying Grayscale Bitcoinย (BTC) Trustโs Holdings on the Blockchain
A blockchain intelligence firm wasย known Arkham Intelligence has recently realizedย and analyzed the holdings of Grayscale Bitcoinย (BTC) Trust (GBTC) on the blockchain. According to their findings, the trustโs holdings are spread across a wholeย lotย of number of wallets, making it the second- largest Bitcoinย (BTC) holder universally with a total value exceeding $16 billion.
The Staggering Total Value of Grayscale Bitcoinย (BTC) Trust Holdings
In a recent post on X (formerly Twitter), Arkham Intelligence outlines that GBTCโs 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 impliesย that none of them holds a value surpassing $257.7 Million. Inย addition, the trust holds other digitalย currencies in its portfolio, including Ethereumย (ETH) ($4.93 billion) and Chainlink ($1.85 million).
Regardlessย of Grayscaleโs public reporting of balances, it has chosen not to disclose the on-chain addresses of the trust, as noted by Arkham Intelligence.
Grayscaleโs Battle With the SEC
Notably, Grayscale is actively pursuing approval to transform its GBTC into a Bitcoinย (BTC) exchange-traded fund (ETF). Recently, the Unitedย States Court of Appeals ruled in favor of Grayscale in a legal dispute against the Securities and Exchange Commission (SEC), acknowledging the SECโs error in rejecting the conversion application. Seizing theย chance, Grayscale promptly requested a meeting with the SEC to resolve the matter expeditiously.
On September 6, Grayscaleโs legal team sent a letter to the SEC, expressing their desire for a meeting to accelerate the approval process.
Hot Take:
Grayscaleโs enormous holdings and its ongoing battle with the SEC highlight the growing significance and acceptance of digitalย currencies in the financial landscape. As the world of digital assets continuesย to evolve, regulatory clarity and institutional participation will play a critical role in shaping futureย ofย the digitalย currencies like Bitcoin.
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