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Grayscale Takes a Step Toward Becoming a Bitcoin ETF Giant
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investopedia.comGrayscale Investments has appointed New York-based custodian BNY Mellon to provide accounting and administrative services starting in October for Grayscale Bitcoin Trust (GBTC), the world’s biggest publicly-traded Bitcoin fund. The move is intended to be a major step toward GBTC’s eventual conversion into an exchange-traded fund.
The move represents a coming together of two giants from their respective industries to provide services to crypto investors. GBTC, which trades in OTC markets, manages more than $20 billion worth of assets and has been cited by analysts as a key factor affecting Bitcoin's price.BNY Mellon is the world’s biggest custodian bank and has more than $2 trillion worth of assets under management.
“Engaging BNY Mellon is
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