Crypto investment giant Grayscale is partnering with Bank of New York Mellon Corporation (BNY Mellon) while awaiting approval of its proposed Bitcoin Exchange Traded Fund (ETF).
The crypto asset manager says in a press release that the New York-based bank will provide fund accounting and administration services to GBTC from the fourth quarter.
BNY Mellon will also provide additional services to GBTC when the trust becomes an ETF.
“With this agreement, BNY Mellon will provide the Grayscale Bitcoin Trust with the accounting and administration of the fund with effect from October 1, 2021. ”
Grayscale CEO Michael Sonnenshein says hiring BNY Mellon as a service provider is “an important milestone” and will help “convert Grayscale Bitcoin Trust into an ETF”.
The press release claims that BNY Mellon is the “World’s Largest Asset Manager,” with over $ 1 trillion in ETF assets.
About three months ago, Grayscale reiterated its commitment to converting the Grayscale Bitcoin Trust into an ETF, five years after filing its first ETF application. Grayscale has expressed confidence in its recent talks 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