Blockchain analytics platform Arkham Intelligence has reportedly identified the addresses of the Grayscale Bitcoin Trust, revealing that it holds over $16 billion worth of Bitcoin. In a recent thread on X (formerly Twitter), Arkham claimed that Grayscale is the second-largest BTC entity globally. The trust is made up of more than 1,750 addresses, and despite public reporting of balances, Grayscale has refused to disclose the on-chain addresses of the trust. This revelation comes as Grayscale continues its battle with the U.S. Securities and Exchange Commission (SEC) in its efforts to convert the trust into an exchange-traded fund (ETF).
The Bitcoin community has long been speculating about the location of Grayscale’s substantial BTC holdings. Grayscale has previously cited security concerns as the reason for not providing the addresses of its wallets. However, this lack of transparency has led to criticism from some Twitter users who claim that Grayscale may not hold as much Bitcoin as it claims.
Arkham Intelligence’s search for “Grayscale Bitcoin Trust” within its platform unveiled five addresses associated with the trust. While the last two addresses held no funds, they did show transactions from other Grayscale Bitcoin Trust addresses. The first three addresses, on the other hand, held approximately $51 million worth of Bitcoin. Unfortunately, Arkham did not provide a complete list of addresses for the Grayscale entity, but it did clearly label each Grayscale address as part of the transaction history of each wallet.
The entity page of Grayscale on Arkham revealed that it holds a staggering 627,779,000 BTC, equivalent to over $16 billion. This aligns with the information provided on Grayscale’s official website, indicating that the trust has enough Bitcoin to fulfill potential withdrawals.
Arkham Intelligence, however, has faced criticism for its disclosure of private information about blockchain users. Some Twitter users have labeled the platform a “snitch-to-earn” platform. Nevertheless, the CEO of Arkham defended the company, stating that their objective is to level the playing field by providing information that smaller players would otherwise lack in comparison to larger institutions.
Despite the controversy surrounding Arkham’s methods, the identification of Grayscale Bitcoin Trust’s addresses provides valuable insights into the holdings of one of the largest BTC entities globally. As Grayscale continues its pursuit of converting the trust into an ETF, the disclosure of its on-chain addresses may play a role in shaping the ongoing regulatory discussions surrounding cryptocurrency investments.
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