BNY Mellon help in converting GBTC to Bitcoin ETF

Grayscale investments announced selecting BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust, the flagship product of Grayscale Investment LLC.

Grayscale announced on Twitter:

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

According to the agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration which will come into effect from 1st October 2021. According to the official announcement:

“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.”

This agreement will offer Grayscale offer BNY’s proprietary ETF Center, which offered technology specifically designed to support digital asset ETFs. Michael Sonnenshein, CEO of Grayscale Investment LLC stated:

“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF.”

Grayscale has been preparing for the launch of an ETF for a while now and this engagement reaffirms its commitment to converting GBTC into an ETF. Interestingly, Grayscale has not enrolled an application for an ETF yet.

This bugged a few users as they were becoming impatient. One Twitter user @CarloFerrante31 stated:

“They are just stalling to put in an application for an ETF. They want your 2% fee! They should have been 1st in line. Instead, they are not even in line! Been in since $4.72 (28 months). I’m Fn pissed of their non action!”