Bitwise Asset Management has appointed Bank of New York Mellon to be the administrator and transfer agent for its proposed Bitcoin exchange-traded fund (ETF).
The name of the Wall Street giant has been freshly included as Bitwise amended the S1 form filed with the Securities and Exchange Commission (SEC) on Wednesday.
As a transfer agent, BNY Mellon will be responsible for redeeming shares and responding to the shareholders, along with the maintenance of accounts.
In addition, the banking giant has also been named as the ETF custodian.
The amendment also includes accounting firm Cohen & Company as auditor, while Foreside Fund Services has been named as the marketing agent.
Bitwise, however, is yet to decide on the name of a company to act as its Bitcoin custodian, for the safekeeping of the digital asset owned by the company.
A long and uncertain wait to receive the regulator’s nod
Bitwise along with NYSE Arca filed to seek the SEC’s permission to launch a Bitcoin ETF in January. However, after a number of delays, the market regulator is yet to decide on the application of the firm. The date for a decision by SEC’s is now due on October 13.
In addition to the inclusion of the company names, Bitwise also proposed that the Bitcoin ETFs should be taxed like a grantor trust, meaning the digital asset should be treated as a property for taxation.
The association of BNY Mellon with Bitwise is not its debut in the crypto industry as the bank has already partnered with Intercontinental Exchange-backed Bakkt to facilitate private key storage for its Bitcoin futures contracts.
While Bitwise is struggling to receive the SEC’s green light, VanEck SolidX has taken a different route to receive a quick nod of the regulator by offering Bitcoin ETFs only to “qualified institutional buyers.”
(Photo: BNY Mellon)