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.
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.
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.
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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