Independent researcher confirms Grayscale holds 633,000 BTC

As of November 23, the Bitcoin Trust (GBTC) from Grayscale Investments, a digital-asset manager, held about 633,000 BTC on Coinbase Custody wallets. The conclusion was reached by Ergo, an analyst at The OXT Research.

The Grayscale G(BTC) Coins Part 2

In this analysis we use additional on-chain forensics to CONFIRM the approximate 633k BTC balance held by G(BTC) at Coinbase Custody.

Which begs the question, why does Grayscale refuse to disclose their on-chain holdings? https://t.co/lj7KH5thIf pic.twitter.com/pGMzgomFCp

— 🏴∴Ergo∴🏴 (@ErgoBTC) November 23, 2022

“A question arises: what prevents Grayscale from disclosing its digital assets?” — asked the specialist.

A user going by the handle skyquake-1 noted that, according to the Bitcoin Trust’s filing with the SEC from January 2017, the custodian “cannot disclose such [public] keys to the sponsor, the trust, or any other natural or legal person.”

Turns out it was part of the $GBTC prospectus. They’re simply not allowed to tell you lolhttps://t.co/8inudjBWUe pic.twitter.com/WxlWjjAkmP

— illiquidity providoooor (@skyquake_1) November 22, 2022

Ergo based his analysis on Grayscale’s shift from Xapo to Coinbase Custody as custodian. This allowed him to attribute the GBTC-owned 317,705 BTC to 432 addresses.

To locate the remaining bitcoins held by the company, Ergo had to “scan the blockchain” and identify additional addresses that match the profile of those previously discovered.

He acknowledged that his analysis “undoubtedly includes false positives and false negatives,” but the discovered addresses contain almost the same remaining number of coins that should belong to GBTC.

In the wake of collapse of FTX, many industry players decided to publish Proof-of-Reserve to confirm their cryptocurrency holdings. The initiative was proposed by Binance, and was supported by Crypto.com, OKX, Gate.io and Huobi.

18 ноября Grayscale Investmentsrefused предоставить отчет о прозрачности своих резервов из «соображений безопасности».

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