Grayscale holds 635K BTC as Coinbase Custody reveals holdings

Hull Invest

In the wake of recent uncertainties regarding the future of Grayscale Bitcoin Trust, its custodian partner, Coinbase, report Details of assets held on behalf of Grayscale Bitcoin Trust.

The letter clarified that the holdings were segregated from other funds. However, the on-chain address is not published in the documentation.

“Each Grayscale product’s underlying digital asset has its own on-chain address as we use per-client custody isolation.”

Bitcoin holdings of the trust are valued at around $10 billion at the time of writing. At the height of the bull market, this figure would have put him closer to $43.8 billion. Grayscale also holds 3,056,833 ETH worth $3.3 billion in Grayscale Ethereum Trust. Both BTC and ETH are held in small amounts within Grayscale Digital large cap funds that appear to be separate from the main trust.

Grayscale BTC

Grayscale recently declined to release evidence of its reserves to follow the trend seen in centralized exchanges after the collapse of FTX. The company cited “security concerns” as justification for its decision not to publish on-chain addresses.

However, grayscale provides Link To SEC filing on the website for off-chain verification, as per legal requirements. We also ensure that each trust is registered as a separate legal entity, emphasizing that each product is separate from the main fund.

The discount rate for bitcoins within Grayscale Bitcoin Trust reached 45.8% on November 18, indicating that the base value of each bitcoin held is just $9,300.

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