Arkham identifies Ethereum Trust Grayscale as the second-largest holder of ETH
Date: 2023-09-03 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Ethereum Trust Grayscale was the second holder of Ether (ETH), after Arkham Intelligence identified it in a tweet on September 1st.
According to the company, the trust is “the second largest ETH company in the world” and that the fund consists of $5 billion (about 4.9 billion) of ETH.
Arkham said the funds are spread across more than 500 addresses, each containing $30 million or less. Arkham said it identified these addresses by analyzing activity and matching them to balances that Grayscale has made public.
While Arkham claims that these assets were never identified and were managed independently, the Grayscale website shows that its Ethereum Trust manages over $5.0 billion in assets. Unfortunately, Arkham was not the first to discover the balance of the fund. He was only one of the first to be called upon to identify specific addresses associated with the foundation.
It is noticeable that to some extent there is a discrepancy between the Arkham data and Grayscale's own report regarding other crypto funds. Arkham reports that Grayscale only holds $92.1 million in bitcoin and claims 16% power to its Bitcoin Trust. There are also other crypto assets in the Arkham profile that are listed in Grayscale.
As previously stated, Arkham has identified Robinhood as the holder of the third largest Bitcoin wallet ($3 billion) and the fifth largest Ethereum wallet (containing $2.5 billion). These discoveries will not affect crypto wallets in any way, unlike Grayscale.
Judicial news comes with victory in court.
On August 29, the court recognized Grayscale's legal victory, after which the SEC's earlier denial was overturned. Until there is a legal outcome, the SEC must agree or reject Grayscale's proposal to convert their GBTC fund into a spot bitcoin ETF.
Grayscale appears to have abandoned plans to create an Ethereum futures ETF (ET F) in May, according to Bloomberg reports at the time.
