Grayscale holds 635,000 BTC as Coinbase custody | The Financial Express

Grayscale holds 635,000 BTC as Coinbase custody

Cryptoslate further noted that following a trend observed across centralised exchanges following the demise of FTX

Grayscale holds 635,000 BTC as Coinbase custody
As required by law, Grayscale does provide links to SEC filings on its website for off-chain validation.

Following recent ambiguity regarding the Grayscale Bitcoin Trust’s future, its custodian partner Coinbase published a report outlining the assets held on the trust’s behalf, as reported by Cryptoslate.

According to the letter, holdings are kept apart from other funds. On-chain addresses, however, were not disclosed in the document. As of the time of publication, the trust’s Bitcoin was worth about $10 billion. The amount would have been more in line with $43.8 billion at the height of the bull market. Grayscale also has 3,056,833 ETH in the Greyscale Ethereum Trust, which is worth $3.3 billion. Additionally, the Grayscale Digital Large Cap Fund, which seems to be separate from the primary trust, holds smaller amounts of both BTC and ETH, Cryptoslate noted.

Cryptoslate further noted that following a trend observed across centralised exchanges following the demise of FTX, Grayscale recently refused to release proof of reserves. The business justified its choice not to publish on-chain addresses by citing “security concerns”.

As required by law, Grayscale does provide links to SEC filings on its website for off-chain validation. In order to emphasise that each product is separated from the main fund, it also confirmed that each trust is registered as a separate legal entity.

(With insights from Cryptoslate)

Also Read: FTX Japan to resume withdrawals by 2023: Report

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First published on: 22-11-2022 at 14:59 IST