Grayscale takes another step toward converting GBTC into a Bitcoin ETF and has partnered with BNY Mellon as an ETF service provider.
In a just-published press release, Grayscale Investments states that it has inked a partnership with global wealth management company BNY Mellon to provide Bitcoin Trust with asset servicing and ETF services as well.
The press release was shared by Barry Silbert, head of Grayscale’s parent company, Digital Currency Group.
Grayscale keeps targeting a Bitcoin ETF
Grayscale has spread the word about partnering with BNY Mellon, a U.S.-based asset manager, to provide asset servicing to the company’s most popular product on the market: the Bitcoin Trust (GBTC).
As of Oct. 1, BNY will begin to provide Grayscale with fund accounting and administration services. Besides, BNY Mellon will be a provider of ETF services to Grayscale as the company continues working on converting its Bitcoin Trust into a Bitcoin exchange-traded fund.
As part of the agreement, Grayscale Bitcoin Trust will see multiple improvements via BNY, including its ETF Center that supports ETFs based on cryptocurrencies.
Earlier this year, Grayscale announced its intention to convert GBTC into a full-scale Bitcoin ETF and has been working on it since then, making it a strategic goal for the company.
Grayscale has hired BoNY to do servicing for $GBTC. Another step towards trying to convert $GBTC and build out ETF operation (curr looking to hire like 10ppl). Altho not clear if/when they will be able to convert. Via @cfb_18 pic.twitter.com/CC7exdJ5NG
— Eric Balchunas (@EricBalchunas) July 13, 2021