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Grayscale has announced a new agreement with BNY Mellon to be a servicing provider for the Grayscale Bitcoin Trust. BNY Mellon will provide the trust with fund accounting, administration services and also help in the trust's eventual conversion to an ETF when regulations permit.

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Grayscale's press release says the new 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."

The CEO of Grayscale, Michael Sonnenshein, said that the new agreement with BNY Mellon is a step forward for the company's efforts in making the Grayscale Bitcoin Trust into an ETF.

“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF," said Sonnenshein. 

"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.”

Grayscale has made clear that it intends on converting its trusts into ETFs when possible and the new partnership with BNY Mellon reflects that. But the CEO of Asset Servicing and Head of Digital at BNY Mellon, Roman Segelman, says that Grayscale can help them too.

“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 Regelman.

“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.”

This story is developing.