Grayscale Investments selected BNY Mellon to be its asset service provider. This is a Grayscale preparation step to convert its Bitcoin Trust into an ETF.
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Grayscale continues to convert GBTC into Bitcoin ETF and is now partnered with BNY Mellon ETF service provider.
Grayscale published a press release stating that BNY will provide Grayscale funds accounting and administration services starting October 1. BNY Mellon will also offer ETF services to Grayscale as part of Grayscale’s ongoing efforts to transform Bitcoin trust into an exchange-traded fund (ETF).
BNY Mellon is active in the cryptocurrency industry over recent months. In February, they started offering Bitcoin storage, claiming that crypto is mainstream. They also invested in Fireblocks, the industry’s most trusted digital asset storage, and settlement platform.
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Grayscale Announced:
“BNY Mellon was selected as the service provider for Grayscale Bitcoin Trust. This is a significant milestone in our efforts to convert GBTC into an 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
Michael Sonnenschein, Grayscale Investments CEO, stated:
“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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SEC recently approved Grayscale as an SEC-reporting company for its large-cap Digital Fund of Bitcoin and Ethereum, Bitcoin Cash, Ethereum Classic, and Litecoin.
As an SEC-reporting company, a lock-up period for trust shares is reduced from twelve to six months. The Trust will need to provide quarterly and annual filings via Forms 10-K, 10-Q, and 8-K. Grayscale shareholders and management are required to report beneficial ownership according to sections 13 and 16 of 1934’s Securities Act.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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