According to the findings uncovered by Arkham Intelligence on September 6 and reported on X (formerly Twitter), Grayscale Bitcoin Trust (GBTC) now controls more than $16 billion worth of Bitcoin, divided among over 1,750 addresses with each containing 1,000 BTC or less. The Trust’s official website revealed it’s total asset under (BTC) trust stood at a powerful $16.009 billion. Currently, in a major legal spat with the U.S. Securities and Exchange Commission (SEC), Grayscale seeks to have converted into an exchange-traded fund (ETF). This move Variable_NAME demonstrates the company’s determination to accommodate a
moving regulatory sphere inherent to the cryptocurrency business.
The assessment conducted by ArkhamIQ also discovered 500 accounts that were linked to Grayscale’s Ethereum Trust, making it the second-largest Ethereum agency (in terms of money under management), with a staggering $4.9 billion. The current discount valuation has lowered to 30%, in comparison to its net asset value (NAV), from the 55% reduction in June. Arkham Intelligence research found that Grayscale holds the third-largest Bitcoin wallet and the fifth-largest for Ethereum. This drew concern and doubt over the prior mentioned transparency of Bitcoin holdings, but this issue was later addressed in depth and specificity via a report released by custodial provider, Coinbase.
Investor demand for trusted and regulated financial instruments has correspondingly seen a rise, attributed to the rapidly growing crypto market and firms such as Grayscale advocating for Exchange Traded Fund applications.
