Grayscale Investments LLC said that the company has tied up with BNY Mellon, which will work as the service asset providing company for Grayscale’s Bitcoin Trust, its flagship product. Bitcoin Trust by Grayscale will get funds for administration and accounting from BNY Mellon beginning 1st October 2021. BNY Mellon is also expected to offer the agency and services like ETF for the Bitcoin Trust by Grayscale if converted to ETF.
Michael Sonnenshein, CEO of Grayscale Investments, mentioned as company’s promise to transform Grayscale Trust Bitcoin into ETF. BNY Mellon has a history of being a reliable partner, and it was a leading bank to build up a team devoted to the rising digital currency. BNY will work with the group of Grayscale’s top service suppliers, which the company is excited about.
Grayscale’s commitment to turn its Bitcoin Trust to ETF as a part of its strategic product stability is reaffirmed by this announcement. This partnership with BNY Mellon assures Grayscale Bitcoin Trust’s success, thanks to its unique fund structures and leadership in drawing the money to the digital currency asset class.
BNY Mellon continues to expand its ability to provide solutions and to fulfill customers’ digital asset demands in a safe and regulatory compliant way as a trusted supplier of investment services and the world’s biggest asset servicer.
BNY Mellon’s cooperation with Grayscale increases the Bank’s reach in the digital asset arena and has about $1 trillion in ETF assets and the traded commodities exchange products.
About Grayscale Investments
Grayscale Investments, currently the largest digital coin fund company, has around $30 billion assets under its management. Grayscale’s investment products give complete exposure to the crypto coin as a security, avoiding the difficulties of purchasing, storing, and safeguarding digital currencies.
Grayscale’s products operate as per the regulatory frameworks, providing investors with secured exposure. They have a solid track record and unparalleled experience.
About BNY Mellon
BNY Mellon, one of the leading investment firms, is committed to assisting customers with managing their finance through suitable investment options for the long term. BNY Mellon provides smart investing and managing wealth for over 35 countries, institutions, businesses, or individual investors.