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BNY Mellon to Provide Grayscale With ETF Services After 'Anticipated' GBTC Conversion

The world’s largest custodian bank will begin handling accounting and administration services for the Grayscale Bitcoin Trust in October.

Jul 13, 2021 at 1:34 p.m. UTC
Updated Sep 14, 2021 at 1:24 p.m. UTC

Grayscale Investments further signaled its intent to turn its bitcoin fund (GBTC) into an exchange-traded fund (ETF) Tuesday when the crypto assets manager tapped BNY Mellon for a series of key backend roles.

Per the agreement, BNY Mellon will handle accounting and administrative services for GBTC starting in October. That relationship will eventually morph into transfer agent and ETF services provider for a converted GBTC ETF, a future the pair said “is anticipated” without giving a date. 

The partnership is the latest sign that Grayscale is moving forward with converting its massive bitcoin trust product – at press time GBTC held $22 billion in assets – into a far more widely available ETF. Such a product would need the types of backend services that this deal locks in.

CoinDesk is owned by Grayscale parent company Digital Currency Group.

BNY Mellon, the world’s largest custodian bank, has a similar deal lined up for the proposed First Trust Skybridge Bitcoin ETF.

Getting a bitcoin ETF to the U.S. market is hardly assured, however. 

Any product would need the blessing of the hyper-skeptical Securities and Exchange Commission. The U.S. markets regulator has never signed off on a bitcoin ETF application, though it had many opportunities to do so.

Grayscale Bitcoin Trust remains a popular crypto-exposure method on Wall Street despite its high fees and tendency to trade at premiums and discounts to its underlying bitcoin. It would face a stiff challenge from any bitcoin ETF that clears the regulatory bar.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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