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Grayscale
The original crypto trust — GBTC, ETHE and a basket beyond · @Grayscale
Grayscale was the institutional on-ramp before ETFs existed. GBTC's conversion to a spot ETF made this one of the largest, and steadiest-bleeding, holdings on-chain.
The desk's read
Unlike the newer ETFs that only accumulate, Grayscale's trusts have seen years of outflows as holders rotate to cheaper products. The balance here is still enormous, but its trend has been the mirror image of IBIT.
Beyond BTC and ETH, the entity holds a real spread. A meaningful ether stack, a zcash position, and altcoin trust holdings that show up as LINK and others. It's the closest thing to an institutional index in one wallet.
The read: Grayscale is the supply side of the ETF story. Coins leaving here and arriving at BlackRock is the rotation that has defined this cycle's flows.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| BTC | bitcoin | $15.04B |
| ETH | ethereum | $224.5M |
| LINK | ethereum | $6.5M |
| DOGE | dogecoin | $1.0M |
| AVAX | avalanche | $974K |
| LPT | ethereum | $859K |
| UNI | ethereum | $315K |
How to read a row → BTC · bitcoin · $15.04B: this entity's largest position is $15.04B of BTC held on bitcoin. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| bitcoin | $15.04B |
| ethereum | $232.4M |
| dogecoin | $1.0M |
| avalanche | $974K |
How to read a row → bitcoin · $15.04B: $15.04B of the holdings live on bitcoin. Chains are ranked by value, so the top row is where most of the money sits.
Source: balances read directly from public chain RPCs, priced via DeFiLlama. USD-denominated, so they move with price as well as with flows. Updated 23 Aug 2026.
Other fund / institution: BlackRock · Strategy · Bitwise · Twenty One Capital
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent, some never move.