Grayscale Bitcoin Trust (GBTC) Holds $16.1 Billion in BTC Across 1,750 Wallets, Ranks as Second-Largest BTC Entity
Introduction
Crypto data tracking platform Arkham Intelligence has identified more than 1,750 wallet addresses linked to holdings of the Grayscale Bitcoin Trust (GBTC). Each of these wallets holds less than 1,000 BTC, totaling approximately $16.1 billion in assets. This revelation establishes the Grayscale Bitcoin Trust as the second-largest BTC entity globally, according to Arkham.
Grayscale Bitcoin Trust and Its Holdings
The Grayscale Bitcoin Trust offers investors a way to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. Historically, the fund has often traded at a discount relative to the value of the actual Bitcoin it holds. Currently, the discount has reached its lowest level this year, as there is speculation that Grayscale may be able to convert the product into a spot Exchange-Traded Fund (ETF).
The Grayscale Bitcoin Trust also holds around 3.03 million ETH, valued at $4.9 billion, in addition to its Bitcoin holdings.
Significance of the Discovery
This discovery sheds light on the significant presence of institutional investment in the cryptocurrency space, with Grayscale's GBTC holding a substantial portion of the total Bitcoin supply. It highlights the growing interest and trust of institutional investors in cryptocurrencies as they seek exposure to digital assets through trusted financial products like the Grayscale Bitcoin Trust.
Grayscale's Ethereum Trust
Arkham Intelligence had previously reported that the Grayscale Ethereum Trust is the second-largest Ethereum (ETH) entity globally, identifying wallets containing nearly 3 billion ETH, further emphasizing Grayscale's influence in the cryptocurrency market.
