Grayscale Investments has announced that it has selected BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust (OTCQX: GBTC), the flagship product of Grayscale Investments LLC (Grayscale).
Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration effective October 1, 2021. Additionally, it is anticipated that BNY Mellon will provide transfer agency and ETF Services for the Grayscale Bitcoin Trust upon its conversion to an ETF.
The agreement will offer Grayscale improved scalability, resiliency, and automation through BNY Mellon’s market-leading platform, including BNY’s proprietary ETF Center, which offers technology specifically designed to support digital asset ETFs.
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF,” says Michael Sonnenshein, CEO of Grayscale Investments, LLC.
“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.”
The announcement reinforces Grayscale’s commitment to converting Grayscale Bitcoin Trust into an ETF in accordance with the firm’s strategic product pipeline. Through its innovative fund structures and leadership in attracting capital to the digital currency asset class, this relationship with BNY Mellon ensures Grayscale Bitcoin Trust is positioned for long-term success.
“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,” says Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. “It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the centre of everything we do.”