Grijstinten BNY Mellon voor Bitcoin ETF diensten

Grayscale Investments has signed a deal with BNY Mellon in which the global investment company will act as a service provider for the Crypto Company’s flagship product, Grayscale bitcoin trust (GBTC).

As of October 1, bny Mellon, the world’s largest asset services company, is a Grayscale bitcoin trust that provides fund accounting and management services. After plans to convert GBTC into an exchange-traded fund (ETF) are implemented, BNY Mellon will transfer agency and ETF services for the new product.

Today’s announcement shows that gray scale is showing progress in implementing ETF plans announced in April.

“The interesting BNY Mellon is an important milestone as part of our efforts to resolve the issue of Bitcoin Trust’s grayscale etf,” Michael Sonnenschain, chief executive of Grayscale Investments, LLC, said in a statement. 

Using GBTC as a BITCOIN ETF, grayscale will be able to charge lower business fees and it will be easier to get the money in and out of the fund. Currently, the asset manager charges a solid annual operating fee of 2%, and institutions must lock their bitcoins for at least six months, meaning their investment is not very liquid.

This is important because, as a rule, the trust’s shares are traded at a premium to the bitcoin price, but have recently also been traded at a discount. 

BITCOIN ETF on the horizon
The U.S. Securities and Exchange Commission (SEC) has not yet approved the bitcoin ETF, but many applications have been made. 

Greyson made its first application in 2016, but withdrew it the following year in anticipation of rejection. 

On Monday, Craig Salm, the company’s vice president of legal affairs, told decrypt that the etf approval process could take until 2022, but could come sooner. Yesil added that the SEC was ready to convert existing trust stocks into etf stocks as soon as it gave the green light. 

Grayscale large scale digital fund is now an Sec reporting company
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