Grayscale Partners With BNY Mellon to Prepare for a Bitcoin ETF

Kavya  |  Jul 14, 2021

Grayscale Investments, the world's biggest digital asset management, has partnered with BNY Mellon, America's oldest bank. As a result, beginning later this year, the banking behemoth will offer fund accounting and administration to the Grayscale Bitcoin Trust.

Grayscale Partners With BNY Mellon

The firm, which manages more than $30 billion in digital assets, said on Tuesday that beginning October 1st, 2021, BNY Mellon would become an official partner with numerous services aimed at the company's largest fund.

Specifically, the oldest US bank will “provide fund accounting and administration to the Grayscale Bitcoin Trust.”

The new agreement lays the foundations for BNY Mellon's involvement in Grayscale's efforts to prepare GBTC into a Bitcoin ETF.

"Involving BNY Mellon is a key milestone in our goal to transforming Grayscale Bitcoin Trust into an ETF," Sonnenshein stated in a news statement. "BNY Mellon has a long history of being a reliable supplier, and it was one of the first to develop a staff devoted to servicing the expanding digital currency asset class."

On an edition of The Scoop, Sonnenshein first revealed Grayscale's ambitions to convert its GBTC product into an ETF.

About Grayscale

As of July 9, 2021, Grayscale Investments was the world's largest digital currency asset manager, with more than $30 billion in assets under management. 

Grayscale's range of investment products gives access to and exposure to the digital currency asset class in the form of security, avoiding the difficulties of directly purchasing, storing, and safeguarding digital currencies. 

Grayscale's products operate inside current regulatory frameworks, providing investors with secure and compliant exposure. 

They have a solid track record and unparalleled experience. Genesis Global Trading, Inc. (FINRA/SIPC member and MSRB registered) distributes grayscale goods.

About BNY Mellon

BNY Mellon is a worldwide investment firm committed to assisting its clients in managing and servicing their financial assets. BNY Mellon has $41.7 trillion in assets under custody and/or administration as of March 31, 2021, and $2.2 trillion in asset management.

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