Grayscale Investments has chose BNY Mellon to serve as the asset servicing provider for the Grayscale Bitcoin Trust as per the announcement, BNY Mellon will offer fund accounting and administration to Grayscale Bitcoin Trust as part of this arrangement, which will come into effect on October 1, 2021.
BNY Mellon’s market-leading platform, which includes BNY’s proprietary ETF Center, that delivers technology intended to support digital asset ETFs will provide Grayscale with greater scalability, resiliency, and efficiency as part of the deal.
Michael Sonnenshein, CEO 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. 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.
BNY Mellon is also expected to offer transfer agency and ETF services for the Grayscale Bitcoin Trust once it is converted to an ETF. This partnership with BNY Mellon supports Grayscale Bitcoin Trust’s long-term success, owing to its unique fund structures and leadership in bringing capital to the digital currency asset class.
Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon
Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation. It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the center of everything we do.
BNY Mellon’s engagement with Grayscale strengthens the Bank’s footprint in the digital asset arena, with over $1 trillion in ETF assets and the market-leading servicer of commodities exchange-traded products.
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