According to Cointelegraph, blockchain analytics platform Arkham Intelligence claims to have identified the addresses of the Grayscale Bitcoin Trust. The trust consists of more than 1,750 addresses holding a total of over $16 billion worth of Bitcoin (BTC). Grayscale is currently battling with the U.S. Securities and Exchange Commission (SEC) as it attempts to transform the trust into an exchange-traded fund (ETF).

Grayscale has so far refused to provide the addresses of its wallets, citing security concerns. However, a search for Grayscale Bitcoin Trust within Arkham on Sept. 9 revealed five addresses. The first three addresses hold roughly $51 million worth of Bitcoin in total, according to Arkham. The last two hold no funds but do show transactions coming from other Grayscale Bitcoin Trust addresses.

Grayscale's entity page on Arkham shows it is carrying 627,779,000 BTC valued at over $16 billion. This is similar to the amount claimed on Grayscale's website, implying that it does have enough Bitcoin to satisfy withdrawals. Arkham has often come under criticism for revealing private information about blockchain users, but the platform's CEO has argued the company is only trying to even the playing field between big institutions and smaller players who would otherwise lack information.