Arkham Intelligence, an on-chain analytics platform, acknowledged it had traced Grayscale’s Bitcoin holdings across the blockchain and confirmed the entity to be the second-largest holder of BTC.

In an X put up on Wednesday, Arkham claimed to believe identified greater than 1,750 addresses belonging to the Grayscale Bitcoin Trust (GBTC), every of which contained no longer as much as 1,000 BTC.

“Though Grayscale publicly experiences balances, they’ve refused to title the on-chain addresses of the belief,” acknowledged Arkham, referring to a November tweet from Grayscale, the build the firm declined to manufacture its on-chain pockets files citing security concerns.

Arkham’s platform exhibits that Grayscale holds 627,779 BTC, which in the period in-between portions to over $16 billion. The reported settle is additionally in step with what Grayscale claims is GBTC’s recent sources below administration on its web web page online.

Grayscale has been pushing to convert GBTC into a plot Bitcoin substitute-traded fund (ETF). After a success a lawsuit against the U.S. Securities and Substitute Price (SEC) final week, the firm is now in the hunt for a assembly with the securities regulator to assign its case for why its application must be permitted.

In a letter addressed to the SEC on Tuesday, Grayscale’s attorneys acknowledged that the court docket of appeals ruling made it sure that “there’s no accessible rationale that might maybe well distinguish a bitcoin futures ETP from a plot bitcoin ETP” because the Price had beforehand argued.

Meanwhile, the SEC has delayed its resolution on six other plot Bitcoin ETF applications to October. The listing of applicants comprises BlackRock, Fidelity WisdomTree, Bitwise, VanEck, Invesco Galaxy and Valkyrie.