Stamford-headquartered leading digital currency asset manager Grayscale, reported that it will offload fund account and administration functions for the Grayscale Bitcoin Trust to BNY Mellon in October.
Related: Grayscale Adds Cardano (ADA) To Its Digital Large Cap Fund
Thus, the company aims to turn its GBTC into a BTC ETF.
We have selected @BNYMellon as an asset servicing provider for Grayscale #Bitcoin Trust, an important milestone as part of our commitment to converting $GBTC into an #ETF. Learn more here. #BitcoinETF https://t.co/lItCbk7NFX pic.twitter.com/Gq6sCK3RHH
— Grayscale (@Grayscale) July 13, 2021
GrayScale CEO Michael Sonnenshein mentioned that cooperation with BNY Mellon is an important step towards realizing the intention. He noted BNY Mellon’s good reputation and also the fact that the bank's team was among the first ones that were ready to deliver digital currency-related services.
In February, BNY Mellon started providing crypto storage services. GrayScale was established in 2013. According to the latest update, it manages around $30 B assets under management, $22 B of which comes from GBTC. The first time the company talked about its intention to convert its Bitcoin trust to an ETF was this April.