Grayscale Partners with banking giant BNY Mellon to plan Bitcoin ETF
Grayscale fund manager linked up with BNY Mellon, which is a banking giant service. The main goal of their partnership is to convert GBTC into a Bitcoin ETF.
ETF ( Exchange Trade Fund ) plan by Grayscale was expected to launch since long time but no official statement came out from Any official of Grayscale fund manager. But now they confirmed through this partnership.
Firm managed a $30 billion fund in digital assets. And now they are ready to offload their fund and move their administration function to Grayscale to BNY Mellon by October.
On 13 July, they announced their link-up plan with Grayscale fund manager.
Michael Sonnenshein, firm CEO, said that all the functions currently executed in house. This deal will allow BNY Mellon’s role to convert GBTC from Grayscale to Bitcoin ETF.
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. It 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.”
Sonnenshein is the first person who officially on episode of The Scoop revealed the plan of Grayscale for Bitcoin ETF from their GBTC.
It should be noted here, Grayscale has better reputation and better trust at global level. But still they have no permission yet from U.S. authorities to start Bitcoin ETF. But still most of the financial institutions believe that Grayscale will get U.S approval for set-up a Bitcoin ETF.
Even in the price situation crypto market value declined but still Grayscale has the largest amount of funds with better management in comparison with other fund manager companies. So here these are indications that Grayscale will get help from these facts.
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