Blockchain analytical firm Arkham Intelligence identified Grayscale’s Bitcoin Trust as the second-largest Bitcoin (BTC) holder in a Sept. 6 post on X, formerly Twitter.

The company said that the trust is the “second largest BTC entity globally” and that the fund contains over $16 billion of the flagship digital asset. This is in tandem with Grayscale’s website, which shows that the total assets under its BTC trust are $16.009 billion.

Arkham revealed that the funds are distributed among more than 1,750 addresses, each holding 1,000 BTC or less. The wallets were identified despite Grayscale’s decision to keep the trust’s on-chain addresses confidential.

Last year, Grayscale faced heavy speculations about its Bitcoin balance after the collapse of FTX. At the time, the crypto investment funds cited “security concerns” as why it decided not to publish on-chain addresses associated with it. Nonetheless, its custodial partner, Coinbase, later released a report detailing the assets it held on behalf of the investment firm.

Arkham’s disclosure positions it as the pioneering firm in identifying the specific addresses associated with the GBTC fund.

Arkham previously identified Grayscale’s  Ethereum Trust as the second-largest Ethereum (ETH) holder, with addresses associated with the fund holding around $5 billion worth of ETH. The firm had also identified Robinhood as the holder of the third-largest Bitcoin wallet and the fifth-largest Ethereum wallet.

GBTC discount under 20%

GBTC’s discount has remained under 20% despite the bearish sentiments that have kept BTC under $26,000 for most of the current month, according to Ycharts data.

The discount had rapidly dropped to its lowest level within the last two years after Grayscale secured a victory over the U.S. Securities and Exchange Commission (SEC) in August. The court had ruled that the financial regulator acted “arbitrarily and capriciously” in rejecting its attempt to convert its trust into an exchange-traded fund.