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Grayscale Partners with BNY Mellon to Service GBTC and Its Bitcoin ETF

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Tue, 07/13/2021 - 12:53
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Yuri Molchan
Grayscale takes another step toward converting GBTC into a Bitcoin ETF and has partnered with BNY Mellon as an ETF service provider
Grayscale Partners with BNY Mellon to Service GBTC and Its Bitcoin ETF
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In a just-published press release, Grayscale Investments states that it has inked a partnership with global wealth management company BNY Mellon to provide Bitcoin Trust with asset servicing and ETF services as well.

The press release was shared by Barry Silbert, head of Grayscale's parent company, Digital Currency Group.

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Grayscale keeps targeting a Bitcoin ETF

Grayscale has spread the word about partnering with BNY Mellon, a U.S.-based asset manager, to provide asset servicing to the company's most popular product on the market: the Bitcoin Trust (GBTC).

As of Oct. 1, BNY will begin to provide Grayscale with fund accounting and administration services. Besides, BNY Mellon will be a provider of ETF services to Grayscale as the company continues working on converting its Bitcoin Trust into a Bitcoin exchange-traded fund.

As part of the agreement, Grayscale Bitcoin Trust will see multiple improvements via BNY, including its ETF Center that supports ETFs based on cryptocurrencies.

Earlier this year, Grayscale announced its intention to convert GBTC into a full-scale Bitcoin ETF and has been working on it since then, making it a strategic goal for the company.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.