“The holdings of Grayscale’s digital asset products are safe and secure,” Grayscale said on Friday. Bitcoin GBTC
“Each of Grayscale’s digital asset products is set up as a separate legal entity: an investment trust for single asset products, and limited liability company for diversified products,” Grayscalein an update on Friday. “The laws, regulations, and documents that define Grayscale’s digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered.
All digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company, LLC — To be perfectly clear: the [bitcoin] underlying Grayscale Bitcoin Trust are owned by [GBTC and GBTC] alone. Grayscale further added that Coinbase frequently confirms onchain validation, but the company has never publicly disclosed onchain addresses to the general public. “Due to security concerns,” Grayscale said. “We do not make such [onchain] wallet information and confirmation information publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure.
The firm noted that it understands that not sharing proof-of-reserves may be “a disappointment to some,” but Grayscale further stressed, “panic sparked by others is not a good enough reason to circumvent complex security arrangements that have kept our investors’ assets safe for years.”
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