Crypto data platform Arkham Intelligence identified over 500 wallet addresses tied to the Grayscale Ethereum Trust.
The wallets do not hold more than $30 million in assets, Arkham wrote on social media, which "makes the identification process more difficult."
"We were able to identify the addresses by analyzing activity and cross-referencing with Grayscale's publicly reported balances," the platform added.
In all, Grayscale holds nearly 3 billion ETH, which Arkham claims makes it the second largest ETH entity globally.
Arkham also said that the Grayscale Ethereum Trust holds 3,590 BTC worth $92.7 million.
Grayscale's Ethereum Trust
The Grayscale Ethereum Trust provides investors passive exposure to the price of ether and was first formed in December of 2017. The Trust experienced a -60% discount at the beginning of 2023, but that has recently lessened to -30%, The Block's Data Dashboard shows.
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