Grayscale, the renowned cryptocurrency asset manager, has long been recognized as a major holder of Bitcoin. However, a recent report by crypto analytics platform Arkham Intelligence has shed light on its significant Ethereum holdings, positioning Grayscale as the second-largest entity in terms of Ethereum ownership.

Uncovering Grayscale’s Impressive Ethereum Portfolio

In a tweet, Arkham announced a breakthrough revelation, identifying the Grayscale Ethereum Trust on-chain. This discovery has propelled Grayscale to the forefront as the “second largest ETH entity,” amassing an impressive sum of nearly $5 billion (approximately $4.88 billion at the time of writing) in Ether.

Arkham’s report further indicates that Grayscale’s Ethereum holdings are distributed across over 500 addresses, with no single address possessing more than $30 million. This fragmented distribution posed a challenge to Arkham during their investigation into Grayscale’s ETH holdings.

In its pursuit of validating the findings, Arkham cross-referenced the data with the publicly reported balances on Grayscale’s website. Remarkably, the total assets under management (AUM) specified for the Grayscale Ethereum Trust on Grayscale’s website align closely with the information unearthed by Arkham, lending credibility to their discovery.

Discrepancies and Interests at Play

However, it is worth noting that slight discrepancies exist between Arkham’s report and Grayscale’s online records regarding the overall holdings of Grayscale. For instance, Arkham lists Grayscale’s Bitcoin holdings at $92.5 million, whereas Grayscale’s website states a staggering AUM of nearly $16 billion for its Grayscale Bitcoin Trust (GBTC).

Grayscale’s Pivotal Role in Shaping Ethereum’s Future

Grayscale has emerged as a key player with ambitions in both the Bitcoin and Ethereum ETF markets. In its quest to tap into these markets, Grayscale has submitted applications to the US Securities and Exchange Commission (SEC) for the launch of its Grayscale Ethereum Futures ETF and a Spot Bitcoin ETF.

The launch of Grayscale’s ETH futures ETF is anticipated to have a substantial impact on Ethereum’s price, potentially igniting a surge that could surpass the $2,000 mark. This belief stems from the expectation that the introduction of ETH futures ETF would lead to increased trading volume and consequentially drive up the price of the cryptocurrency.

Furthermore, Grayscale’s recent triumph against the SEC presents valuable insights into how the crypto market, including Ethereum, might respond to significant milestones in the industry. Following the victory, Ethereum experienced an upswing, surpassing $1,700 in value, even though it was not the asset under consideration in the lawsuit.

Consequently, the approval of Grayscale’s ETH futures application, alongside other pending applications, holds immense significance for Ethereum and the broader crypto market.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.