An independent analyst has confirmed that GBTC owns approximately 633,000 Bitcoin held by its custodian – Coinbase Custody. This comes as Grayscale, the asset manager running the world’s largest bitcoin fund, revealed that it won’t share its proof of reserves with customers.
According to the analyst, there could be two reasons explaining Grayscale’s reluctance. One, there could be a non-disclosure policy enforced by Coinbase Custody, or it could be a deliberate obfuscation by Grayscale itself.
Confirming Grayscale’s Proof of Reserves
An OXT Research analyst, who is pseudonymously known as Ergo, has confirmed the existence of Grayscale’s on-chain holdings with the help of on-chain forensics.
In total, they were able to attribute 432 addresses with a total balance of about 317,705 BTC to likely GBTC TXOs held by Coinbase Custody. The figure is approximately 50% of GBTC’s reported current holdings.
The reliability of centralized crypto exchanges to serve as stewards for cust
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