GBTC Reveals Reserve Evidence That Analyst Grayscale Did Not Disclose

Proof of reserve has been a trending topic in the cryptocurrency market following the FTX crisis, and analysts seem to step in when firms are unwilling to provide it. While digital asset management firm Grayscale refused to provide proof of reserve for the Grayscale Bitcoin Trust (GBTC), an independent analyst spent days scanning the blockchain to independently verify its holdings.
OKT Research analyst Ergo conducted on-chain forensics research to confirm that as of November 23, there are approximately 633.000 Bitcoins held by GBTC’s guardian. Since the collapse of FTX, there has been increasing pressure on exchanges and digital asset managers to prove they hold the funds they demand.
A GBTC collapse or liquidation of assets would be a serious black swan event. Given that both are subsidiaries of venture capital firm Digital Currency Group, concerns are mounting over Grayscale’s affiliation with embattled cryptocurrency lender Genesis Global Trading.
Source: https://www.barrons.com/articles/ftx-collapse-crypto-bitcoin-51668807605