Unveiling a sensational revelation on September 6, Arkham Intelligence, an expert on-chain analytics outfit, announced that Grayscale is the world’s second-largest BTC entity, boasting over 1,750 wallet addresses connected to the Grayscale Bitcoin Trust (GBTC) holdings. Despite each wallet possessing less than 1,000 BTC (around $25.7 million), when combined, they hold an eye-watering $16.1 billion, a notion reinforced by Arkham in their social media post. This figure aligns closely with numbers on Grayscale’s official website, implying the firm has sufficient Bitcoin stocks to satisfy withdrawal requests.
Grayscale’s extensive BTC vault location has sparked heated speculation among Bitcoin followers, but the company has so far declined to shed light on the addresses of its wallets, citing “security concerns”. While the firm refrains from providing on-chain wallet information and public cryptographic confirmation through Proof-of-Reserve, some sectors of the crypto community are growing suspicious. They express doubts over whether Grayscale indeed possesses as much Bitcoin as it claims.
Moreover, alongside BTC, Grayscale also accommodates a substantial 3.03 million ETH (approx. $4.9 billion) in its Bitcoin Trust. Add to that $1.86 million in Chainlink (LINK), 1.74 million in Polygon (MATIC), and other altcoin assets, Grayscale’s total asset base surpasses $20.9 billion at current market rates, with BTC and ETH forming the lion’s share.
Meanwhile, the firm is in the legal crosshairs of the U.S. Securities and Exchange Commission over its plans to convert the trust into an exchange-traded fund. In a recent twist, Grayscale’s lawyers countered the Commission’s previous position, asserting that “there is no available rationale that would distinguish a bitcoin futures ETP from a spot bitcoin ETP.”
Simultaneously, controversy surrounds Arkham Intelligence. While some critics label it a “snitch-to-earn” platform, accusing it of disclosing private information about blockchain users, the firm insists its aim is to level the field between major institutions and smaller players who wouldn’t otherwise have access to the information.
In one recent reveal, Arkham Intelligence claimed a wallet owned by Robinhood contained over $2.5 billion in ETH, making it the fifth-largest wallet of its kind. Previous assertions had pinpointed Robinhood as the owner of the third-largest Bitcoin (BTC) address, housing 118,300 BTC ($3 billion). Armed with this data, it’s evident that the crypto world is not only booming but also filled with fascinating secrets ripe for discovery.
Source: Cryptonews
