Grayscale Bitcoin Trust adds BNY Mellon as service provider awaiting etf approval

Grayscale has chosen BNY Mellon as an asset service provider for the bitcoin trust, which it wants to soon turn into an ETF.
The grayscale asset manager today announced that it has selected bny Mellon as an asset service provider for its flagship product, the Grayscale bitcoin trust (GBTC). BNY Mellon will provide GBTC Funds Management and management from October 1, 2021, increasing the trust’s intention to become an exchange traded fund (ETF).
“Hiring BNY Mellon is an important milestone as part of our commitment to turning a Grayscale bitcoin Trust into an ETF,” said Michael Sonnenschain, chief executive of grayscale, according to the announcement. “BNY Mellon has a long-standing reputation as a reliable seller and has built one of the first teams dedicated to protecting a growing asset class in the digital currency. We are pleased that Bny Mellon has joined a group of best-in-class grayscale service providers, which will help us deliver a seamless, industry-leading investment experience.”
The company that brought BNY Mellon home is drawing up future plans as it expects regulatory approvals to soon turn GBTC into an ETF. The intention, announced by the company in April, marks the fourth and final phase of the trust’s life cycle.
If the Grayscale plans are implemented, BNY Mellon would be expected to use its own “Etf hub” to provide transfer agency and ETF services to GBTC, including technology designed to support such a proposal. However, the successful conversion is subject to approval from the U.S. Securities and Exchange Commission (SEC).
Although the Bitcoin-based ETF race has erupted this year, the SEC has yet to approve it. So it is not clear when or if GBTC will be converted into an ETF. But an ETF analyst recently claimed that the regulator could be on the eve of such a product being adopted in the US due to the unprecedented level of corporate bitcoin acceptance observed in 2021. And the former head of commodities last week

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