Grayscale Bitcoin Trust’s alleged wallet addresses released by Arkham

Blockchain analytics platform Arkham Intelligence claims to have identified the addresses of the Grayscale Bitcoin Trust. The trust consists of more than 1,750 addresses holding a total of over $16 billion worth of Bitcoin (BTC), according to a Sept. 6 thread on X (formerly Twitter). Arkham claimed that Grayscale is “the 2nd largest BTC entity globally.”

Breaking: Arkham has identified the Grayscale Bitcoin Trust’s holdings on chain.

It is the 2nd largest BTC entity globally, holding >$16B of BTC.

Though Grayscale publicly reports balances, they have refused to identify the on-chain addresses of the trust. https://t.co/uEN4kNldpm pic.twitter.com/p9GfrthoKR

— Arkham (@ArkhamIntel) September 6, 2023

The Grayscale Bitcoin Trust holds over $16 billion in BTC. Its issuer, Grayscale, is currently battling with the U.S. Securities and Exchange Commission (SEC) as it attempts to transform the trust into an exchange-traded fund (ETF).

Members of the Bitcoin community have long speculated about where Grayscale keeps its huge stockpile of BTC. Grayscale has so far refused to provide the addresses of its wallets, citing “security concerns.” Some Twitter users have criticized Grayscale for not releasing the addresses, accusing them of carrying less Bitcoin than they claim.

A search for “Grayscale Bitcoin Trust” within Arkham on Sept. 9 revealed the following five addresses:

16vd2YfcGK9mw3GZXzL5o23m7gdBGXKHNz1GRGfd3TtBA2vMjoHH3hVpE6CRx5nZ1YJp15gioFeKnUjerTQ9LYNreW3Bt9kn9xrTU41DtdMtJL2zggkoFPDbEbM2Ja1EYH8LeH9B1CU9gusmCCfCjsmGatxbzvXLqoisgnaV9n

The first three addresses hold roughly $51 million worth of Bitcoin in total, according to Arkham. The last two hold no funds but do show transactions coming from other Grayscale Bitcoin Trust addresses, including 1L8k2SD9sdTTzdDxA19QdobLbUyKyV2RVi and 1CS1M4oVbcFnZjZ5hU5bk6vLi2Q5VSsmpX. Arkham does not provide a full list of addresses for the Grayscale entity, but it does label each Grayscale address clearly as part of the transaction history of each wallet.

Related: Vivek Ramaswamy: Grayscale win ‘clears a path’ for Bitcoin innovation

Grayscale’s entity page on Arkham shows it is carrying 627,779,000 BTC valued at over $16 billion.

This is similar to the amount claimed on Grayscale’s website, implying that it does have enough Bitcoin to satisfy withdrawals. 

Arkham has often come under criticism for revealing private information about blockchain users, as some Twitter users have labeled it a “snitch-to-earn” platform. However, the platform’s CEO has argued the company is only trying to even the playing field between big institutions and smaller players who would otherwise lack information.