Grayscale Moves $35.6 Million Worth of BTC to Coinbase Prime

IconCryptoNewsTerminal Staff11 Jun, 2024

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Grayscale Moves $35.6 Million Worth of BTC to Coinbase Prime

Grayscale Investments made a significant cryptocurrency transaction recently, sending 529.587 Bitcoin (BTC) worth approximately $35.6 million to Coinbase Prime. This transfer was discovered by Arkham Intelligence, a blockchain analytics firm. The funds were transferred from a Grayscale shadow address, a type of address associated with the company but not publicly disclosed. The same shadow address had previously transferred 833.425 BTC ($56.03 million) to a new address. It is unclear why Grayscale moved these funds, but it could be part of the company's ongoing restructuring efforts. Grayscale is currently facing regulatory scrutiny, and it has been exploring various options to unlock its Grayscale Bitcoin Trust (GBTC) for investors.

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