Published on September 01, 2023 20:20 GMT+00:00edited on September 01, 2023 20:24 GMT+00:00

Arkham Intelligence identified Grayscale’s Ethereum Trust as the second-largest Ethereum (ETH) holder in a tweet on Sept. 1.

The company said that the trust is the “second largest ETH entity globally” and that the fund contains $5 billion of ETH (seemingly rounding up from $4.9 billion).

Akrham said those funds are divided across more than 500 addresses, each containing $30 million or less. Arkham said it identified those addresses by analyzing activity and cross-referencing with balances that Grayscale reported publicly.

Though Arkham claims that these holdings have never been identified, Grayscale’s own website reveals that its Ethereum Trust has nearly $5.0 billion in assets under management. As such, it seems that Arkham is the first to identify the particular addresses tied to the …