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Grayscale Investments has engaged the oldest bank in the U.S., BNY Mellon, to provide asset servicing for its bitcoin trust. The bank will also provide ETF services for the bitcoin trust upon its conversion to an exchange-traded fund (ETF).

Grayscale Teams up With BNY Mellon

Grayscale Investments announced Tuesday that it has selected the Bank of New York Mellon (BNY Mellon) as an asset servicing provider for Grayscale Bitcoin Trust (OTCQX: GBTC). The announcement explains:

Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration effective October 1, 2021. 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.

“The agreement will offer Grayscale improved scalability, resiliency, and automation through BNY Mellon’s market-leading platform,” the company claims.

Michael Sonnenshein, CEO of Grayscale Investments, commented: “Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF.”

The oldest bank in the U.S., BNY Mellon is a global investments company with a presence in 35 countries. As of March 31, the bank had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management, according to its website. BNY Mellon set up a crypto unit to offer bitcoin services in February.

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Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, opined Tuesday: “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.” He added:

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.

What do you think about Grayscale choosing BNY Mellon to provide asset servicing and ETF services for its bitcoin trust? Let us know in the comments section below.

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