Grayscale has partnered with banking giant BNY Mellon as it ramps up efforts to turn its Bitcoin fund into an exchange-traded fund (ETF)

Leading cryptocurrency asset management firm Grayscale has partnered with banking giant BNY Mellon as it looks set to turn its Bitcoin Fund into a Bitcoin ETF. The firm announced this yesterday, stating that BNY Mellon will play the role of an asset service provider for the Grayscale Bitcoin Trust (OTCQX: GBTC).

Grayscale explained that “Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration effective October 1, 2021. Additionally, it is anticipated that BNY Mellon will provide transfer agency and ETF services for the Grayscale Bitcoin Trust upon its conversion to an ETF“.

CEO Michael Sonnenshein said the role of an asset servicing provider is currently executed in-house. However, by collaborating with BNY Mellon, Grayscale is ready to convert its GBTC into a Bitcoin ETF.

In a press release, the CEO said, “Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. 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”.

BNY Mellon, on its part, is excited to be a part of Grayscale’s journey to launch a Bitcoin ETF. The agreement is expected to offer Grayscale improved scalability, resiliency and automation. Grayscale rolled out its plans to turn its GBTC fund into a Bitcoin ETF earlier this year.

The firm will need to file with the US Securities and Exchange Commission (SEC). So far, the SEC is yet to approve a single Bitcoin ETF application. It has postponed its decision on four Bitcoin ETFs so far this year, with the regulator dealing with nine Bitcoin ETF and two Ether ETF proposals.

This post was originally published on Coinlist.