Grayscale Investment LLC is partnering with the Bank of New York Mellon Corp. to use the bank’s exchange-traded fund services, according to Bloomberg.
The ETF ambitions will materialize upon the conversion of the $21.5 billion Grayscale Bitcoin Trust.
BNY Mellon will also start GBTC fund administration services on October 1.
Grayscale hinted, in April, that it is committed to converting GBTC into an ETF upon approval by US regulators.
The conversion of GBTC into an ETF could be delayed by SEC’s concerns about the lack of regulation for crypto exchanges, with the agency already delaying approving applications. GBTC is down -0.019%, BK: NYSE is down -0.98%