Grayscale Partners with BNY Mellon to Release a BTC ETF

by in Cryptocurrency News

Grayscale and BNY Mellon Bitcoin ETF

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.

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.