BNY Mellon to provide ETF services for Grayscale’s Bitcoin Trust

Grayscale Investments has engaged the oldest bank in the U.S., BNY Mellon, to provide asset servicing for its bitcoin trust. The bank will also provide ETF services for the bitcoin trust upon its conversion to an exchange-traded fund (ETF). Grayscale Teams up With BNY Mellon Grayscale Investments announced Tuesday that it has selected the Bank of New York Mellon (BNY Mellon) as an asset servicing provider for Grayscale Bitcoin Trust (OTCQX: GBTC). The announcement explains: Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration....

Grayscale has selected BNY Mellon as the asset servicing provider for its bitcoin trust, which it wants to convert into an ETF soon.

As authorities in the EU are still discussing union-wide cryptocurrency regulations, a major U.S. bank has reportedly lobbied the Irish government to adopt its own rules for the space. BNY Mellon launched its digital asset business in Ireland this year to provide custodian services to institutional investors. Banking Giant BNY Mellon Calls for Irish Crypto Regulations U.S. banking corporation BNY Mellon, which established a crypto unit in Ireland this spring, has urged the country’s finance ministry to introduce crypto regulations while the EU rules for the space are....

The bank will store private keys and provide bookkeeping services equivalent to those offered to fund managers in traditional assets. BNY Mellon has launched a digital custody platform to safeguards select clients' Ether and Bitcoin holdings on Oct. 11, making the America's oldest bank the first large bank in the country to offer custody of digital assets and traditional investments on the same platform. According to a statement, the bank will store private keys to access the funds and provide the same bookkeeping services offered to fund managers in other assets, such as stocks and bonds.....

The discount brokerage has seen a steep decline in crypto-related revenue over the past 12 months as retail traders exited the market. Digital asset manager Grayscale has made its flagship Bitcoin (BTC) and Ether (ETH) products available on Robinhood, the popular trading app open to millions of retail users. Beginning on Friday, Robinhood users will be able to trade Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly through the app. Shares of GBTC provide investors with direct exposure to Bitcoin in the form of a security without having to buy or store the digital asset....