Arkham Identifies Grayscale As Second Largest Bitcoin Holder

The blockchain analytical firm Arkham Intelligence has Grayscale’s Bitcoin Trust as the second largest holder of Bitcoin (BTC), distributed among over 1700 addresses.

The revelation comes despite Grayscale’s attempts to keep the trust’s on-chain addresses under wraps.

Grayscale Bitcoin Trust Second-Largest BTC Holder

Arkham Intelligence made the disclosure on X (formerly Twitter) in a post on the 6th of September. The firm revealed that the Grayscale Bitcoin Trust is the second largest BTC entity in the world, with the fund containing more than $16 billion of the world’s largest and most popular cryptocurrency. This checks out with Grayscale’s website, which states that the total assets under the firm’s Bitcoin trust are over $16 billion.

“Breaking: Arkham has identified the Grayscale Bitcoin Trust’s holdings on chain. It is the 2nd largest BTC entity globally, holding >$16B of BTC. Though Grayscale publicly reports balances, they have refused to identify the on-chain addresses of the trust.”

Although Grayscale publicly declares all balances, it has never identified the trust’s on-chain addresses.

BTC Distributed Among Over 1750 Addresses

Arkham also revealed that the Bitcoin is distributed among over 1750 different addresses. Each of these addresses holds about 1000 BTC or less. The addresses were identified despite Grayscale’s continued efforts to keep all of the trust’s on-chain addresses under wraps. Last year, Grayscale faced considerable speculation and scrutiny about its Bitcoin balance following the collapse of the FTX exchange.

At that time, Grayscale had cited several security concerns as the reason why it was not publishing or disclosing any of the on-chain addresses associated with it.

“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 proc

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Author: Amara Khatri

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