Grayscale, the world’s largest digital asset manager today announced BNY Mellon, the oldest custody bank as its ETF service partner when it would convert its popular institutional Bitcoin product GBTC into a Bitcoin ETF. BNY Mellon would act as the asset servicing provider that would offer fund accounting and administration for GBTC until it gets converted to an ETF.
The digital asset manager had announced its plans of converting its very popular Bitcoin trust $GBTC into a Bitcoin ETF a few months ago.
Michael Sonnenshein, CEO of Grayscale Investments said BNY Mellon is one of the industry leaders in asset management and beleive and called their partnership a key milestone in the company’s roadmap to achieve its ETF goals. He said,
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. 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.”
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