New York, July 13, 2021 (GLOBE NEWSWIRE) -- Grayscale Investments announced today that it has selected BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust (OTCQX: GBTC), the flagship product of Grayscale Investments LLC (Grayscale). 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.

The agreement will offer Grayscale improved scalability, resiliency, and automation through BNY Mellon’s market-leading platform, including BNY's proprietary ETF Center, which offers technology specifically designed to support digital asset ETFs.

“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF,” said Michael Sonnenshein, CEO of Grayscale Investments, LLC. “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. We are pleased that BNY Mellon will join a group of Grayscale's best-in-class service providers, helping us deliver a seamless, industry-leading investment experience.”

The announcement reinforces Grayscale’s commitment to converting Grayscale Bitcoin Trust into an ETF in accordance with the firm’s strategic product pipeline. Through its innovative fund structures and leadership in attracting capital to the digital currency asset class, this relationship with BNY Mellon ensures Grayscale Bitcoin Trust is positioned for long-term success.

“Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. “It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the center of everything we do.”

As a trusted provider of investment services and the world’s largest asset servicer, BNY Mellon continues to extend its capabilities for solutions to meet clients’ digital assets needs in a safe, secure, and regulatory compliant manner. With over $1T in ETF assets, including being the market-leading servicer of commodities exchange traded products, BNY Mellon’s collaboration with Grayscale expands the Bank’s footprint in the digital asset space. For more information, visit BNY Mellon ETF Services. 

About Grayscale Investments® 
Grayscale Investments is the world’s largest digital currency asset manager, with more than $30B in assets under management as of July 9, 2021. Through its family of investment products, Grayscale provides access and exposure to the digital currency asset class in the form of a security without the challenges of buying, storing, and safekeeping digital currencies directly. With a proven track record and unrivaled experience, Grayscale’s products operate within existing regulatory frameworks, creating secure and compliant exposure for investors. Grayscale products are distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRB Registered). For more information, please visit grayscale.com and follow @Grayscale.

About BNY Mellon 
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.