Grayscale Investments convert bitcoin

Asset manager Grayscale Investments has signed an agreement with Bank of New York Mellon (BNY Mellon) under which the financial holding company will act as custodian of the Grayscale Bitcoin Trust (GBTC).

Asset manager Grayscale Investments has signed an agreement with Bank of New York Mellon (BNY Mellon) under which the financial holding company will act as custodian of the Grayscale Bitcoin Trust (GBTC).

https://twitter.com/Grayscale/status/1414926741244719106

According to the press release, BNY Mellon will take over the accounting and administration of the bitcoin trust from 1 October 2021. The holding will also act as a transfer agent and take over the ETF once GBTC is converted into an exchange-traded fund.

   "The involvement of BNY Mellon is an important milestone as part of our commitment to transform Grayscale Bitcoin Trust into an ETF," said the firm's CEO Michael Sonnenschein.

In March, Grayscale opened nine openings mentioning the exchange-traded fund.

A month later, the company announced plans to convert the Bitcoin Trust into an ETF based on the first cryptocurrency.

Earlier, documents to launch a bitcoin ETF were sent to the US Securities and Exchange Commission (SEC) by VanEck, WisdomTree, NYDIG, Bitwise, Valkyrie Digital Assets, SkyBridge Capita and First Trust Advisors, as well as ARK Invest and 21Shares.

The regulator later postponed the decision deadlines for applications from WisdomTree to 14 July 2021, Kryptoin Investment Advisor to 27 July, Valkyrie Digital Assets and SkyBridge Capital to 10 and 25 August respectively.

Recall that SEC Commissioner Hester Pearce said in July that the agency would have long ago approved exchange-traded digital gold products, applying a standard approach to their review.

The Bitcoin Profit works with an intelligent algorithm run by robots. The software detects and monitors favorable prices of cryptocurrency.

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