Grayscale has agreed with the world-famous bank BNY Mellon to prepare the Bitcoin (BTC) fund for the ETF.
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Grayscale, which manages over $30 billion in digital assets, announced that it will hand over the fund account and administration functions for the Grayscale Bitcoin Trust to BNY Mellon in October. According to the information given by the CEO of the company, Michael Sonnenshein, these functions are currently carried out within the company.
With the new consensus, BNY Mellon will assist Grayscale’s plans to convert GBTC into a Bitcoin ETF.
Sonnenshein used the following words in her press release:
Sonnenshein first mentioned Grayscale’s plan to upgrade GBTC artifact to an ETF in an episode of The Scoop.
Grayscale is in the middle of firms attempting to get Bitcoin ETF approval from US regulators. Despite the recent drop in Crypto prices and AUM, the company continues to manage more than $20 billion for its Bitcoin Trust product.