Largest Bitcoin Fund Boosts ETF Ambitions through New Agreement with Bank of New York Mellon Corp.
Grayscale Investments LLC will use BNY Mellon for exchange-traded fund services after the hoped-for conversion of its $ 21.5 billion Grayscale Bitcoin Trust (ticker GBTC), according to a statement on Tuesday. Beginning October 1st, BNY Mellon will also begin fund administration services for GBTC in its current form.
“Our company has taken all possible initiatives to prepare this product for an ETF conversion,” said Michael Sonnenshein, CEO of Grayscale Investments, in an interview. “We want the cohort of service providers around this product to all work with the product and be ready for this ETF conversion.”
The company announced in early April that it had “100% committed” to converting GBTC into an ETF as soon as US regulators allow it. This may take a while, however, as the U.S. Securities and Exchange Commission continues to raise concerns about the lack of oversight of crypto exchanges and has postponed deadlines for approving applications.
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