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Grayscale Bitcoin Trust Holdings Spread Across 1,750 Wallets: Arkham

2 mins
Updated by Kyle Baird
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In Brief

  • Arkham Intelligence reveals Grayscale Bitcoin Trust holdings, valued over $16 billion, are spread across 1,750+ wallets.
  • Grayscale is the second-largest Bitcoin holder globally, with each wallet holding no more than 1,000 BTC.
  • Grayscale is pushing for approval to convert its Bitcoin Trust into a Bitcoin exchange-traded fund (ETF).
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Arkham Intelligence, a blockchain intelligence firm, has reportedly identified Grayscale Bitcoin Trust’s holdings on the blockchain, asserting that it is distributed across a substantial number of wallets.

The firm further reports that it ranks as the world’s second-largest Bitcoin holder, with a total of over $16 billion.

Grayscale Bitcoin Trust’s Staggering Total Value

In a recent X (formerly Twitter) post, Arkham Intelligence discloses that Grayscale Bitcoin Trust (GBTC) holdings are distributed across over 1,750 wallets. The research firm further reports that Grayscale has a total Bitcoin quantity of 627,779.

Grayscale Wallet Screenshot. Source: Arkham Intelligence
Grayscale Wallet Screenshot. Source: Arkham Intelligence

It further explains that each wallet holds “no more than 1,000 BTC.”

This signifies that none of the wallets holds a value exceeding $257.7 million. At the time of publication, Bitcoin’s price is $25,779.

Bitcoin Price Chart in USD. Source: BeInCrypto
Bitcoin Price Chart in USD. Source: BeInCrypto

Within the same portfolio, it also holds several other cryptocurrencies, such as Ethereum ($4.93 billion) and Chainlink ($1.85 million).

Arkham asserts that Grayscale has not identified the wallet on its own. “Though Grayscale publicly reports balances, they have refused to identify the on-chain addresses of the trust,” it notes.

To learn more about Bitcoin, read BeInCrypto’s guide: What Is Bitcoin? A Guide to the Original Cryptocurrency

Grayscale’s Battle With The SEC

This development also coincides with Grayscale’s proactive push to secure approval for the conversion of the GBTC into a Bitcoin exchange-traded fund (ETF).

Recently, the US Court of Appeals sided with Grayscale in a legal battle against the United States Securities and Exchange Commission (SEC). The judge affirmed that the SEC had erred in rejecting its conversion application.

Grayscale wasted no time in requesting a meeting with the SEC to bring the matter to a close.

On September 6, Grayscale’s legal team dispatched a letter to the SEC, requesting a meeting to expedite the approval process. The letter stated,

“We would appreciate the opportunity to meet with the staff of the Securities and Exchange Commission as soon as practical.”

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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