Grayscale Investment has engaged the New York Bank, BNY Mellon, to provide asset servicing for its bitcoin trust. The bank will also provide ETF services for the Grayscale Bitcoin Trust upon its conversion to an ETF.
Grayscale Investment announced Tuesday that it had selected BNY Mellon to provide asset servicing for Grayscale Bitcoin Trust (OTCQX: GBTC), the flagship product of Grayscale Investments LLC (Grayscale).
BNY Mellon will handle accounting and administrative services for GBTC starting in October 2021. “The agreement will offer Grayscale improved scalability, resiliency and automation through BNY Mellon’s market leading platform,” the company claims.
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF,” said Michael Sonnenshein, CEO of Grayscale Investment, LLC.
“Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon.
Also Read: Grayscale Digital Large Cap Fund Becomes an SEC Reporting Firm
“It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the center of everything we do,” he added.
The U.S BNY Mellon is a global investments company with a presence in 35 countries. As of March 31, BNY Mellon had $41.7 trillion in assets under custody and administration, $2.2 trillion in assets under management.
