Grayscale has refused to identify GBTC’s on-chain addresses for security reasons.
Blockchain analytics firm Arkham Intelligence has found that on-chain wallets tied to the Grayscale Bitcoin Trust hold more than $16 billion in BTC.
In a recent tweet, the crypto data tracking platform said that the trust’s issuer, Grayscale Investments, is the second largest global bitcoin holder, with the assets spread across more than 1,750 different addresses.Arkham noted that Grayscale has refused to identify GBTC’s on-chain addresses for security reasons, although the digital currency asset management company publicly reports its balances. The analytics firm said each wallet holds no more than 1,000 BTC, totaling $16.15 billion.
In November 2022, Grayscale disclosed that all digital assets underlying its products are in the custody of leading American crypto exchange and that the trading platform often validates the on-chain addresses. However, making such on-chain wallets and confirmation information available to the public through cryptographic proof-of-reserve methods could expose them to malicious actors.over $16 billion, Grayscale just won a legal tussle with the United States Securities and Exchange Commission .
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