Grayscale Investments has forged a deal with BNY Mellon which will see the global investments company act as the service provider for the crypto firm’s flagship product, the Grayscale Bitcoin Trust (GBTC.)
Starting from October 1, BNY Mellon, the world’s largest asset services company, will provide Grayscale Bitcoin Trust with fund accounting and administration services. Once plans to convert GBTC into an exchange-traded fund (ETF) come to fruition, BNY Mellon will then provide transfer agency and ETF services for the new product.
Today’s announcement demonstrates that Grayscale is forging ahead with its ETF plans, announced in April.
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF,” said Michael Sonnenshein, CEO of Grayscale Investments, LLC, in a statement.
By operating its GBTC as a Bitcoin ETF, Grayscale would be able to charge lower management fees and it would be easier to move money in and ou
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