Grayscale Investments is arguably one step closer to converting its Bitcoin Trust into what may become America’s first Bitcoin ETF.
The world’s largest digital asset manager has teamed up with America’s oldest bank BNY Mellon. BNY will act as an asset service provider to Grayscale on its journey to converting its Bitcoin trust into an exchange-traded fund (ETF).
In a Tuesday announcement, Grayscale disclosed that it will officially begin its partnership with BNY Mellon on October 1, 2021. In addition to accounting and administrative services, BNY Mellon will also provide transfer agency and ETF services if the Securities and Exchange Commission approves Grayscale’s application. Michael Sonnenshein, Chief Executive Officer of Grayscale Investments, 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.
On its part, BNY Mellon has made a foray into the cryptocurrency industry. As reported by BTC PEERS, the leading financial institution launched a crypto unit in Ireland last month.