Arkham Intelligence finds Grayscale Ethereum Trust holds around $5 billion ETH making it the second largest ETH holder in the world. By Coingape Staff 6 hours ago Updated 6 hours ago
In its latest report, Arkham Intelligence found that Grayscale has accumulated Ethereum worth around $5 billion. Grayscale seems to have hit all the right notes in its crypto symphony as it nears the launch of its spot Bitcoin ETF after winning the lawsuit against the Securities and Exchange Commission (SEC).
It might not come as a surprise as Grayscale’s Ethereum Trust Fund is among the top-rated crypto funds in the industry. Grayscale’s $4.7 billion ETH holdings make Ethereum Trust Fund second-largest Ethereum Entity on the planet. The Ethereum price has slumped since Grayscale’s investment causing a slight correction in the initial investment worth $5 billion dollars.
Also Read: Breaking: Grayscale Wins US SEC Lawsuit On Spot Bitcoin ETF
Other Information About Grayscale Ethereum Trust
Arkham scanned over 500 wallets and thoroughly checked all activity linked to Grayscale in order to identify the on-chain activity. Each wallet holds less than $30 million, as per the report. Grayscale also has nearly $1.7M worth of Link tokens in the Grayscale Chainlink Trust and $1.1M worth of UNI tokens.
According to Arkham’s report, Grayscale’s Bitcoin holdings are much less, amounting to about $92.1 million. However, according to Grayscale’s official website, the Grayscale Bitcoin Trust, otherwise known as GBTC, manages over $16 billion worth of Bitcoin.
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Will Victory Against The SEC Improve Grayscales Holdings?
Grayscale holds nearly $60 million in its Bitcoin Cash Trust and about $179 million in the Ethereum Classic Trust. The Grayscale Litecoin Trust is another massive fund with about $94.2 million. As the list goes on, these holdings are just the tip of the Iceberg in the Grayscale portfolio.
Considering Grayscale’s victory against the SEC, it is bound for the Asset Management Firm to start accumulating more Bitcoin and other cryptocurrencies in its holdings.
The SEC still has 40 days to appeal the loss it faced against Grayscale in the Washington D.C court or move to the Supreme Court. However, till the SEC makes any move it is all speculation about how the major asset management firms will strategize their ETF applications.
Also Read: Bitcoin ETF: Here’s Key Hurdle Ahead for Potential Grayscale ETF
