### The crypto community might be able to breathe a sigh of relief. Grayscale Bitcoin Trust most likely holds over 600,000 BTC as reserves. 

Independent Crypto Researcher Ergo has concluded that the Grayscale Bitcoin Trust actually holds about 633,000 BTC.

<blockquote class="twitter-tweet">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. Which begs the question, why does Grayscale refuse to disclose their on-chain holdings? <a href="https://t.co/lj7KH5thIf">https://t.co/lj7KH5thIf</a> <a href="https://t.co/pGMzgomFCp">pic.twitter.com/pGMzgomFCp</a>&mdash; 🏴∴Ergo∴🏴 (@ErgoBTC) <a href="https://twitter.com/ErgoBTC/status/1595504799016841216?ref_src=twsrc%5Etfw">November 23, 2022</a></blockquote> 

<blockquote class="twitter-tweet">Grayscale GBTC Trust, the largest legal holder of BTC, refuses to provide any Proof of Reserve. To begin a community lead effort at transparency for the GBTC holdings, we have taken steps to ID likely GBTC addresses and balances based on public info and blockchain forensics. <a href="https://t.co/WFtOyoCEay">pic.twitter.com/WFtOyoCEay</a>&mdash; 🏴∴Ergo∴🏴 (@ErgoBTC) <a href="https://twitter.com/ErgoBTC/status/1594308379182305280?ref_src=twsrc%5Etfw">November 20, 2022</a></blockquote> 

The reason for Grayscale Bitcoin Trust's refusal to provide proof of reserves is likely due to the limitations in their own government filing:

![pageone](https://cfrimages.sgp1.cdn.digitaloceanspaces.com/Screenshot%202022-11-25%20at%204.10.12%20PM.png)

![docs of gbtc](https://cfrimages.sgp1.cdn.digitaloceanspaces.com/Screenshot%202022-11-25%20at%204.07.58%20PM.png)

You can find the entire document [here](https://www.sec.gov/Archives/edgar/data/1588489/000119312517013693/d157414ds1.htm).

The above limitation was pointed out on Twitter by @skyquake_1:


<blockquote class="twitter-tweet">Turns out it was part of the <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a> prospectus. They&#39;re simply not allowed to tell you lol<a href="https://t.co/8inudjBWUe">https://t.co/8inudjBWUe</a> <a href="https://t.co/WxlWjjAkmP">pic.twitter.com/WxlWjjAkmP</a>&mdash; illiquidity providoooor (@skyquake_1) <a href="https://twitter.com/skyquake_1/status/1595039462144487425?ref_src=twsrc%5Etfw">November 22, 2022</a></blockquote>

The crypto community might soon breathe a sigh of relief. Grayscale Bitcoin Trust likely holds over 600,000 BTC as reserves, according to independent research. 

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