- Arkham has identified the world’s second-largest BTC holder.
- The revealed wallet addresses are connected to Grayscale Bitcoin Trust.
- Grayscale was also reported to be the world’s second-largest Ethereum holder.
Blockchain analytics platform Arkham Intelligence has tracked over 1,750 wallets believed to be connected to Grayscale Bitcoin Trust.
While Grayscale publicly reports its Bitcoin (BTC) balances, the trust has always obscured its on-chain addresses for security reasons. The trust’s entity page on Arkham reveals that it holds 627,779,000 BTC, valued at over $16 billion.
The Second Largest Bitcoin Entity
Although users on social platform X (formerly Twitter) have often criticized Grayscale for hiding its on-chain activity, claiming that the trust owned fewer Bitcoins than it reported, the revelation by Arkham affirms that Grayscale is indeed a BTC whale.
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The revealed wallet addresses hold $16.1 billion in BTC, making Grayscale the second-largest Bitcoin entity globally. On September 1, Arkham revealed that Grayscale is also the second-largest Ethereum entity globally, with $5 billion in Ethereum.
A search of “Grayscale Bitcoin Trust” on Arkham reveals five wallet addresses connected to the trust, with the first three holding about $51 million worth of BTC. While the last two don’t hold any funds, their on-chain activity traces back to Grayscale.
Grayscale vs. SEC
Arkham’s revelation comes on the heels of Grayscale’s recent triumph against the U.S. Securities and Exchange Commission (SEC), where an appellate court ordered the regulator to vacate its decision on rejecting the trust’s Bitcoin ETF application.
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Grayscale is relentlessly pursuing a spot Bitcoin ETF and has since written to the SEC, calling for a meeting to discuss a way forward following the court’s decision.
While the SEC has approved Bitcoin futures ETFs based on a market surveillance agreement with the Chicago Mercantile Exchange (CME), the commission has denied granting a similar setup to Grayscale’s spot Bitcoin ETF, citing market manipulation concerns.
Read why Ripple believes Grayscale’s win against the SEC sets an industry precedent:
Ripple’s General Counsel Celebrates Grayscale’s Victory Against SEC
What would Grayscale do if the trust fails in its spot Bitcoin ETF pursuit? Read this article to find out:
Grayscale Might Consider Tender Offer If It Fails to Convert GBTC Fund into ETF
