{"id":70577,"date":"2022-11-25T10:59:36","date_gmt":"2022-11-25T08:59:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70577"},"modified":"2025-09-08T03:07:17","modified_gmt":"2025-09-08T00:07:17","slug":"independent-researcher-confirms-grayscale-holds-633000-btc","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/independent-researcher-confirms-grayscale-holds-633000-btc\/","title":{"rendered":"Independent researcher confirms Grayscale holds 633,000 BTC"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Grayscale G(BTC) Coins Part 2<\/p>\n<p>In this analysis we use additional on-chain forensics to CONFIRM the approximate 633k BTC balance held by G(BTC) at Coinbase Custody.<\/p>\n<p>Which begs the question, why does Grayscale refuse to disclose their on-chain holdings? <a href=\"https:\/\/t.co\/lj7KH5thIf\">https:\/\/t.co\/lj7KH5thIf<\/a> <a href=\"https:\/\/t.co\/pGMzgomFCp\">pic.twitter.com\/pGMzgomFCp<\/a><\/p>\n<p>\u2014 \ud83c\udff4\u2234Ergo\u2234\ud83c\udff4 (@ErgoBTC) <a href=\"https:\/\/twitter.com\/ErgoBTC\/status\/1595504799016841216?ref_src=twsrc%5Etfw\">November 23, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cA question arises: what prevents Grayscale from disclosing its digital assets?\u201d<\/em> \u2014 asked the specialist.<\/p>\n<\/blockquote>\n<p>A user going by the handle skyquake-1 noted that, according to the Bitcoin Trust&#8217;s filing with the <span data-descr=\"US Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> from January 2017, the custodian \u201ccannot disclose such [public] keys to the sponsor, the trust, or any other natural or legal person.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Turns out it was part of the <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a> prospectus. They\u2019re simply not allowed to tell you lol<a href=\"https:\/\/t.co\/8inudjBWUe\">https:\/\/t.co\/8inudjBWUe<\/a> <a href=\"https:\/\/t.co\/WxlWjjAkmP\">pic.twitter.com\/WxlWjjAkmP<\/a><\/p>\n<p>\u2014 illiquidity providoooor (@skyquake_1) <a href=\"https:\/\/twitter.com\/skyquake_1\/status\/1595039462144487425?ref_src=twsrc%5Etfw\">November 22, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ergo based his analysis on Grayscale&#8217;s shift from Xapo to Coinbase Custody as custodian. This allowed him to attribute the GBTC-owned 317,705 BTC to 432 addresses.<\/p>\n<p>To locate the remaining bitcoins held by the company, Ergo had to \u201cscan the blockchain\u201d and identify additional addresses that match the profile of those previously discovered.<\/p>\n<p>He acknowledged that his analysis \u201cundoubtedly includes false positives and false negatives,\u201d but the discovered addresses contain almost the same remaining number of coins that should belong to GBTC.<\/p>\n<p>In the wake of<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\"> collapse of FTX<\/a>, many industry players decided to publish Proof-of-Reserve to confirm their cryptocurrency holdings. The initiative was proposed by <a href=\"https:\/\/u1f987.com\/en\/news\/binance-discloses-details-of-its-cryptocurrency-reserves\">Binance<\/a>, and was supported by <a href=\"https:\/\/decrypt.co\/114248\/crypto-com-holds-20-of-its-reserves-in-shib\">Crypto.com<\/a>, <a href=\"https:\/\/twitter.com\/star_okx\/status\/1590211222976466944\">OKX<\/a>, <a href=\"https:\/\/twitter.com\/gate_io\/status\/1590081823530708993\">Gate.io<\/a> and <a href=\"https:\/\/mobile.twitter.com\/HuobiGlobal\/status\/1590186880162988036\">Huobi<\/a>.<\/p>\n<p>18 \u043d\u043e\u044f\u0431\u0440\u044f Grayscale Investments<a href=\"https:\/\/grayscale.com\/safety-security-and-transparency\/\">refused<\/a> \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u0438\u0442\u044c \u043e\u0442\u0447\u0435\u0442 \u043e \u043f\u0440\u043e\u0437\u0440\u0430\u0447\u043d\u043e\u0441\u0442\u0438 \u0441\u0432\u043e\u0438\u0445 \u0440\u0435\u0437\u0435\u0440\u0432\u043e\u0432 \u0438\u0437 \u00ab\u0441\u043e\u043e\u0431\u0440\u0430\u0436\u0435\u043d\u0438\u0439 \u0431\u0435\u0437\u043e\u043f\u0430\u0441\u043d\u043e\u0441\u0442\u0438\u00bb.<\/p>\n<p> \u0427\u0438\u0442\u0430\u0439\u0442\u0435 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-\u043d\u043e\u0432\u043e\u0441\u0442\u0438 ForkLog \u0432 \u043d\u0430\u0448\u0435\u043c <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442, \u043a\u0443\u0440\u0441\u044b \u0438 \u0430\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of November 23, the Grayscale Investments-managed Bitcoin Trust (GBTC) held about 633,000 BTC across Coinbase Custody wallets. The conclusion was drawn by Ergo, an analyst at The OXT Research.<\/p>\n","protected":false},"author":1,"featured_media":70578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1214,943,167],"class_list":["post-70577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-bitcoin-trust","tag-grayscale-investments","tag-research"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70577"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70577\/revisions"}],"predecessor-version":[{"id":70579,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70577\/revisions\/70579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70578"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}