BNY Mellon Chosen by Grayscale for Bitcoin Asset Servicing

BNY Mellon has taken a further step in the increasingly competitive race to provide traditional custodial services to the digital assets industry by being chosen as the asset servicing provider for the Grayscale Bitcoin Trust.

The bank will provide fund accounting and administration effective October 1, 2021, it is anticipated, the firms say, that BNY Mellon will also provide transfer agency and ETF services for the Trust upon its conversion to an ETF.

The agreement will offer Grayscale improved scalability, resiliency, and automation through BNY’s proprietary ETF Centre, which offers technology specifically designed to support digital asset ETFs.

“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF,” says Michael Sonnenshein, CEO of Grayscale Investments. “BNY Mellon has a long-standing reputation as a trusted provider and has established one of the first teams dedicated to servicing the growing digital currency asset class.”

Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, adds, “Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation. It’s another critical milestone in our rapidly growing digital asset capabilities.”