How did Grayscale ascend to become the second-largest Bitcoin holder on the globe?
Read on to uncover these details and more, including their recent legal victory in converting GBTC to a physical Bitcoin ETF.
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Overview of Grayscale's Massive Bitcoin Holdings
Blockchain analytics firm Arkham Intelligence revealed on September 7, 2023, that they have identified the on-chain holdings of Grayscale Bitcoin Trust (GBTC).
According to the report by Arkham Intelligence, Grayscale's Bitcoin investment trust is the "second largest BTC entity in the world," managing over $16 billion worth of BTC.
The report also discloses that the assets of GBTC are "distributed across more than 1,750 addresses."
It further explains that "each address manages less than 1,000 BTC."
Arkham Reports on Ethereum Holdings as Well
On September 2, 2023, Arkham also reported on the assets of Grayscale Ethereum Trust (ETHE).
In this report, the firm stated that it is the "second largest ETH entity in the world," managing over $5 billion worth of ETH.
It was also noted that "these assets are distributed across more than 500 addresses, each managing less than $30 million."
In recent studies, Arkham Intelligence has also identified the "mysterious third largest BTC whale" in the world.
This address has been reported to belong to Robinhood.
Grayscale has been attracting attention for its application to convert GBTC to a physical Bitcoin ETF.
Recently, it was reported that "Grayscale won a lawsuit against the U.S. SEC regarding the ETF conversion."
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Rising Global Interest in Bitcoin: Surge in "Buy" Searches on Google
Discover why global interest in Bitcoin is skyrocketing, with a remarkable 826% increase in "Buy Bitcoin" Google searches in the UK. Learn what's fueling this surge and how it's reflected worldwide.
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