Arkham identifies Grayscale’s Ethereum Trust as the second-largest holder of Ethereum (ETH). This news highlights the significant impact of Grayscale’s Ethereum Trust in the cryptocurrency market. Investors and enthusiasts can gain valuable insights into the ownership and potential influence of this trust on the price and stability of Ethereum.
Arkham Intelligence Discovers Grayscale’s Ethereum Trust as the Second-Largest ETH Holder
In a recent tweet, Arkham Intelligence, a renowned blockchain intelligence and analytics firm, revealed that Grayscale’s Ethereum Trust holds the second-largest amount of Ethereum (ETH) globally. According to Arkham, the trust currently manages a massive fund of $5 billion worth of ETH, although the exact amount is likely closer to $4.9 billion.
Arkham further disclosed that Grayscale’s Ethereum holdings are spread across more than 500 addresses, with each address containing $30 million or less. This information was determined through careful analysis of activity and cross-referencing with the balances reported publicly by Grayscale on their official website.
Interestingly, while Arkham claims to be the first to identify the specific addresses associated with the Ethereum Trust, Grayscale’s own reports indicate that the trust manages nearly $5.0 billion in assets. This suggests that Arkham’s discovery primarily revolves around the identification of addresses, rather than the determination of the fund’s total balance.
It is worth noting that there seems to be a significant disparity between Arkham’s data and Grayscale’s official reports regarding their other cryptocurrency funds. While Grayscale asserts that its Bitcoin Trust holds $16.3 billion, Arkham’s analysis reveals a considerably lower figure of $92.1 million in Bitcoin holdings. Additionally, Arkham’s profile for Grayscale includes various other cryptocurrency assets.
Arkham’s Track Record and Another Court Victory for Grayscale
Arkham Intelligence has a reputation for identifying prominent cryptocurrency holders, having previously unveiled Robinhood as the owner of the third-largest Bitcoin wallet and the fifth-largest Ethereum wallet. However, these discoveries are distinct from the recent revelation about Grayscale, as they revolve around single crypto wallets rather than complex fund structures.
Meanwhile, Grayscale achieved a significant legal victory earlier this year. The courts overturned an initial rejection from the U.S. Securities and Exchange Commission (SEC), requiring the SEC to review but not necessarily approve Grayscale’s proposal to convert its GBTC fund into a spot Bitcoin exchange-traded fund (ETF). This legal outcome marks an important step in Grayscale’s pursuit of establishing a Bitcoin ETF.
It is worth mentioning that Grayscale appears to have abandoned its plans for an Ethereum futures ETF, as reported by Bloomberg in May. The company may have shifted its focus and resources solely towards the potential launch of a Bitcoin ETF.
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