New York Mellon will soon be the administrating and transfer agent for the Bitcoin exchange-traded fund, otherwise known as ETF. It has been appointed by Bitwise Asset Management CEO, Hunter Horsely himself. Earlier this year, Bitwise had shocked the world after it applied to create this Bitcoin ETF within the crypto-currency industry. As Bitwise modified the S1 form and filed it with the Securities and Exchange Commission (SEC) on Wednesday, the name of the Wall Street giant has also popped up with it. The Bank of New York Mellon, as the administrating and transfer agent, has taken the responsibility to redeem shares and respond to the shareholders while also taking care of the maintenance of the accounts.
In addition to this, the Bank of New York Mellon has also been appointed as the custodian of ETF. This amendment between the Bitwise and Bank of New York Mellon has named the accounting firm Cohen & Company as an auditor while naming the Foreside Fund Services as its marketing agent.
However, so long Bitwise is yet to make a call on which company will act as the Bitcoin custodian so that they can keep the company’s digital assets safe and secured. Bitwise has filed to seek permission from SEC to launch Bitcoin, along with NYSE Arca in January. But due to several delays, the decision on the application of the firm is yet to taken by the market regulator. As of now, October 13, has been fixed as due by the SEC to make any decision. Along with the inclusion of the company names, Bitwise has also been proposing taxation like a grantor trust for its Bitcoin ETF. This implies that all of the Bitcoin ETF’s digital assets will have to be served as the property of taxation.
And ever since Bitwise is having trouble in getting permission from the SEC, a different route will be taken by VanEck SolidX to convince the regulator by offering Bitcoin ETF’s only to the “institutional qualified buyers.” Although, the association of Bitwise and Bank of New York Mellon isn’t the first time Bitwise has stepped into the crypto-currency as they have previously partnered with International Exchange backed-Bakkt.