With digital asset management firm Grayscale refusing to provide proof of reserves for its Grayscale Bitcoin Trust (GBTC), an independent analyst has spent days combing through the blockchain to independently verify its holdings.
The OXT Research analyst, Ergo, used on-chain forensics to confirm that as of Nov. 23 that the GBTC owns approximately 633,000 Bitcoin (BTC) held by its custodian, Coinbase Custody.
The Grayscale G(BTC) Coins Part 2
In this analysis we use additional on-chain forensics to CONFIRM the approximate 633k BTC balance held by G(BTC) at Coinbase Custody.
— ∴Ergo∴ (@ErgoBTC) November 23, 2022
Since the collapse of FTX, there has been increasing pressure on other exchanges and digital asset managers to prove they hold