Blockchain analysis firm Arkham Intelligence revealed on Wednesday that Grayscale's Bitcoin Trust (GBTC) is the world's second-largest Bitcoin (BTC) entity, with over $16 billion worth of the digital asset. The GBTC product holds a total of 627,779 BTC on behalf of its investors. This finding aligns with Grayscale's own disclosure, which indicates that the total assets under its BTC trust are $16.009 billion.
According to Arkham, GBTC's holdings are distributed across more than 1,750 addresses, each containing no more than 1,000 BTC. These addresses were identified despite Grayscale's decision to keep the trust's on-chain addresses confidential due to security concerns. This move by Arkham positions it as a pioneering firm in identifying the specific addresses associated with the GBTC fund.
In addition to its Bitcoin holdings, Grayscale also has substantial assets in other cryptocurrency trusts. The Ethereum Trust (ETHE), for instance, is identified by Arkham as the second-largest Ethereum (ETH) holder, with roughly $5 billion worth of ETH.
Despite bearish market sentiments that have kept BTC under $26,000 for most of the current month, GBTC's discount has remained under 20%, according to data from Ycharts. The discount saw a significant drop to its lowest level within the last two years following Grayscale's legal victory over the U.S. Securities and Exchange Commission (SEC) in August. The court ruled that the SEC had acted "arbitrarily and capriciously" in rejecting Grayscale's attempt to convert its trust into an exchange-traded fund.
The disclosure of GBTC's holdings comes at a time when cryptocurrencies are gaining increased recognition and acceptance as investment assets. As the world of digital currencies continues to evolve, such insights into the distribution and ownership of these assets will be crucial for both investors and regulators alike.
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