Grayscale Investments, a company that manages cryptocurrency investment funds, has announced it selected BNY Mellon as an asset servicing provider for its Bitcoin Trust (GBTC).
The New York-based holding company will provide Grayscale with fund accounting and administration starting from October 1, 2021, the company said in a press release. Grayscale emphasized that BNY Mellon will also provide transfer agency and services related to an exchange traded fund for GBTC.
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"Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF," said Michael Sonnenshein, Grayscale Investments CEO,
Grayscale claims the partnership "reinforces commitment" to converting the trust into an ETF. The move comes after Grayscale's Digital Large Cap Fund became a reporting product to the US Securities and Exchange Commission.
The company announced it has also filed three additional Registration Statements on Form 10 with the SEC on behalf of Bitcoin Cash Trust, Ethereum Classic Trust, and Grayscale Litecoin Trust. In April this year, said it remains committed to converting Grayscale Bitcoin Trust (GBTC) into an exchange traded fund (ETF). However, the company emphasized the timing will be driven by the "regulatory environment."
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