BNY Mellon to Assist Grayscale in Converting the Bitcoin Trust into a BTC ETF

2 weeks ago

BNY Mellon reaffirms its involvement with the cryptocurrency space by agreeing to be the asset service provider for Grayscale’s BTC Trust.

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The world’s largest digital asset manager, Grayscale Investments, has partnered with America’s oldest bank BNY Mellon. As a result, the banking giant will provide the Grayscale Bitcoin Trust with fund accounting and administration starting later this year.

  • The announcement from Grayscale states that as of October 1st, 2021, BNY Mellon will become an official partner with several services oriented towards the company’s largest fund.

  • Namely, the oldest US bank will “provide the Grayscale Bitcoin Trust with fund accounting and administration.”

  • Additionally, the banking institution will assist the asset manager’s endeavors to covert the BTC Trust into an exchange-traded fund. Grayscale recently reaffirmed its plans to file with the SEC to have its own Bitcoin ETF.

  • BNY Mellon will provide transfer agency and ETF Services if the Securities and Exchange Commission approves Grayscale’s application.

  • Thus, the bank’s “market-leading platform” will enhance the asset manager’s “scalability, resiliency, and automation.”

  • “Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. BNY Mellon has a long-standing reputation as a trusted provider and has established one of the first teams dedicated to servicing the growing digital currency asset class.” – noted Grayscale’s CEO – Michael Sonnenshein.

  • The New York-based bank dipped its toes in the cryptocurrency space earlier this year by launching BTC custody services for its institutional clients.

  • Since then, the organization has openly praised the primary cryptocurrency and only reaffirmed its policy. Most recently, it expanded its digital asset products to Ireland and filed with the SEC to become the service provider of SkyBridge Capital’s Bitcoin ETF.

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