Grayscale Teams Up With Banking Giant BNY Mellon in Bid for Bitcoin ETF

Crypto investment giant Grayscale is teaming up with the Bank of New York Mellon Corporation (BNY Mellon) as it awaits approval of its proposed Bitcoin exchange-traded fund (ETF).

The crypto asset manager says in a press release that the New York-headquartered bank will provide fund accounting and administration services for GBTC starting in the fourth quarter.

BNY Mellon will also provide additional services for GBTC if and when the trust becomes an ETF.

“Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration effective October 1, 2021. Additionally, it is anticipated that BNY Mellon will provide transfer agency and ETF Services for the Grayscale Bitcoin Trust upon its conversion to an ETF.”

The CEO of Grayscale, Michael Sonnenshein, says that contracting BNY Mellon as a service provider is “an important milestone” and will assist in “converting Grayscale Bitcoin Trust into an ETF.”

The press release claims that BNY Mellon is the “world’s largest asset servicer” and has over $1 trillion in ETF assets.

About three months ago, Grayscale affirmed its commitment to transforming the Grayscale Bitcoin Trust into an ETF, five years after it submitted its first ETF application. Grayscale expressed confidence in its current discussions with the US Securities and Exchange Commission (SEC).

The Grayscale Bitcoin Trust is already an SEC-reporting company and provides investors with quarterly and annual reports.

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Featured Image: Shutterstock/Mia Stendal

Source: https://dailyhodl.com/2021/07/15/grayscale-teams-up-with-banking-giant-bny-mellon-in-bid-for-bitcoin-etf/