Grayscale Revealed as Second-Largest BTC Entity by Arkham Intelligence
In a September 6 thread on X, Arkham Intelligence, an on-chain analytics platform, asserted that Grayscale is the second-largest BTC entity worldwide with over 1,750 wallet addresses associated with the holdings of Grayscale Bitcoin Trust (GBTC).
Although each wallet contains less than 1,000 BTC (equivalent to $25.7 million), when aggregated, they amass approximately $16.1 billion in holdings, as highlighted by Arkham in their social media post.
This aligns closely with the quantity stated on Grayscale's official website, suggesting that it possesses sufficient Bitcoin to accommodate withdrawal requests.
The location of Grayscale's extensive BTC holdings has been a subject of speculation among Bitcoin community members.
Despite requests, Grayscale has chosen not to disclose the addresses of its wallets, citing "security concerns."
Grayscale wrote in its recent X thread,
"Coinbase frequently performs on-chain validation. Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure."
Some X users have expressed skepticism towards Grayscale for not disclosing its Bitcoin addresses, suspecting that it may hold less than it asserts.
It's important to note that while Arkham doesn't offer a complete list of addresses for GBTC, it does distinctly mark each Grayscale address as part of the transaction history for each wallet.
The Grayscale Bitcoin Trust holds an additional 3.03 million ETH valued at $4.9 billion.
Grayscale also possesses $1.86 million in Chainlink (LINK), 1.74 million in Polygon (MATIC), and other altcoin assets.
Grayscale's assets exceed $20.9 billion based on current
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