According to Arkham, the firm has identified the ethereum owned by Grayscale for the Ethereum Trust fund. The fund’s shares are based on a fraction of ether, and each share represents 0.00963214 ETH on September 1, according to Grayscale’s web portal. Grayscale’s Ethereum Trust was initially introduced in December 2017, and Arkham believes the company is now the second-largest holder of ETH. “Arkham has identified the Grayscale Ethereum Trust onchain,” the firm posted to the social media platform X.