The largest Bitcoin fund is ramping up its ETF ambitions through a new agreement with Bank of New York Mellon Corp.
Grayscale Investments LLC will use BNY Mellon for exchange-traded fund services upon the hoped-for conversion of its $21.5 billion Grayscale Bitcoin Trust (ticker GBTC), according to a statement on Tuesday.
Starting Oct. 1, BNY Mellon will also begin fund administration services for GBTC in its current form.
“Our business has been undertaking any and all initiatives we possibly can to ready this product for an ETF conversion,” said Michael Sonnenshein, chief executive officer of Grayscale Investments, in an interview. “We want the cohort of service providers surrounding this product to all be working with the product, ready for that ETF conversion.”
The company said in early April that it’s “100% committed” to converting GBTC into an ETF as soon as U.S. regulators allow.
Still, that may be a while, as the U.S. Securities and Exchange Commission continues to express concerns about the lack of oversight in crypto exchanges, and has pushed back the deadlines for approving applications.