Breaking: Grayscale Selects BNY Mellon as ETF Service Provider for Upcoming Bitcoin ETF

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Grayscale, the world’s largest digital asset manager today announced BNY Mellon, the oldest custody bank as its ETF service partner when it would convert its popular institutional Bitcoin product GBTC into a Bitcoin ETF. BNY Mellon would act as the asset servicing provider that would offer fund accounting and administration for GBTC until it gets converted to an ETF. The service period would start from October 1st, 2021.

The digital asset manager had announced its plans of converting its very popular Bitcoin trust $GBTC into a Bitcoin ETF a few months ago.

Michael Sonnenshein, CEO of Grayscale Investments said BNY Mellon is one of the industry leaders in asset management and beleive their partnership is a key milestone in the company’s roadmap to achieve its ETF goals. He said,

“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. We are pleased that BNY Mellon will join a group of Grayscale’s best-in-class service providers, helping us deliver a seamless, industry-leading investment experience.”

Grayscale Continue to Build Regulatory Bridges in Run Up to the BTC ETF

Grayscale’s Bitcoin Trust and other crypto offerings have become a go-to option for institutional investors in the US in absence of regulated crypto ETF products. Investors buy shares of crypto funds offered by Grayscale and then sell them after a fixed period to make profits. However, many institutional investors continue to keep a safe distance due to a lack of regulatory clarity around it.

Grayscale is actively working to make its products more compliant and a safer investment option. This is the reason they have decided to convert their popular Grayscale Bitcoin Trust into a Bitcoin ETF by next year. Grayscale also received SEC clearance for its Digital Large Cap Fund ($GDLC) making it an SEC reporting company and the third Grayscale product to get an SEC reporting clearance.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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