Arkham reveals Grayscale Foundation wallets with more than $16 billion worth of bitcoins

Each of the wallets holds less than a thousand bitcoins worth about $25 million each

The Arkham Intelligence platform has uncovered 1,750 addresses associated with the Grayscale Bitcoin Trust (GBTC) that hold bitcoins (BTC) totaling more than $16 billion.

According to the platform, each of the wallets holds less than 1,000 BTC (about $25 million at the exchange rate at the time of publication). Overall, the portfolio is valued at more than $16 billion, making the trust the second-largest holder of Bitcoin among companies, Arkham said in a statement. The company's analysts estimate that the wallets of the largest crypto exchange Binance hold $17.1 billion worth of bitcoins.

GBTC is a trust of Grayscale Investments. It allows clients to invest in Bitcoin without buying and storing the cryptocurrency itself.

On August 29, the court granted Grayscale's lawsuit challenging the regulator's refusal to approve its application to launch a bitcoin-ETF. The company filed a lawsuit against the main U.S. exchange regulator back in 2021.

At the same time, Grayscale said the SEC has no grounds to deny the transfer of the GBTC trust into a bitcoin-ETF. If there was any distinction between bitcoin-ETFs and futures products, it would have already been reflected in one of the regulator's rulings, the company said.

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