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Cryptocurrencies

BNY Mellon joins Bitwise as transfer agent for proposed Bitcoin exchange-traded fund

Thursday 12 September 2019 | 12:20 PM CET

Bitwise has solicited Bank of New York Mellon to serve as the administrator and transfer agent for its proposed bitcoin exchange-traded fund (ETF).

The company filed an amendment to its Bitwise Bitcoin ETF S-1 form, listing BNY Mellon as the administrator and ETF custodian, Foreside Fund Services as the marketing agent, and Cohen & Co. as an auditor. The company has not yet named a Bitcoin custodian for the trust its ETF would be built on.

So far, BNY Mellon has taken an active role in the cryptocurrency space, according to CoinDesk. The bank has collaborated with Bakkt, the Intercontinental Exchange (ICE) subsidiary warehousing ICE’s Bitcoin futures contracts, to provide ‘geographically-distributed’ private key storage, and was more recently tapped to act as the administrator and transfer agent for shares of the VanEck SolidX Bitcoin Trust being sold to institutions.

Bitwise filed for the ETF with NYSE Arca in January 2019, hoping to provide the first such fund to US customers. However, the Securities and Exchange Commission (SEC), which oversees such products in the country, has long been hesitant to approve ETFs based around cryptocurrencies.

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