Bitcoin exchange-traded fund (ETF), which is suggested by Bitwise Asset Management has got a new transfer agent and administrator and it is none other than Bank of New York Mellon. The company filed an S-1 form to it’s Bitwise’s Bitcoin ETF on Wednesday and listed BNY Mellon as the controller and custodian of ETF. On the other hand, the company also listed for auditor position with the name of Cohen & Co. and for the marketing agency they listed Foreside Fund Service.
The company hasn’t disclosed the custodian of bitcoin for the trust it Exchanges Traded Fund would be created on. They submitted the form to the United States Securities and Exchange Commission (SEC). Now, these appointed roles will only be performed by the above-mentioned firms after the decision of the U.S. financial regulators.
The chief operating officer of Bitwise, Teddy Fusaro stated that
“an ETF’s service providers play a critical behind the scenes role in supporting any fund.”
He further added to his statement,
“We’re pleased to disclose experienced and professional service providers from the traditional ETF ecosystem we intend to work with to support the proposed product.”
Bitwise also filed its suggested rule alteration to the Securities Act of 1933 to register it’s Bitcoin ETF on the New York Stock Exchange Arca earlier this year in January. The ETF of the Bitwise has gone through several delays from the regulators since it’s filing, they are still extremely nervous about the strength of the market manipulation in the virtual currency market and how it would impact on their Bitcoin ETF. Also recently the regulators of SEC delayed their decision again on the Bitwise ETF towards the 13th October.
Despite these setbacks, the CEO Hunter Horsely of Bitwise is positive about its ultimate listing. Also in the interview in August, he said that the SEC has been very clear about its issues related with Bitcoin ETF, it also includes issues of proof of custody association.
Recently, the Chairman of SEC also stated he is able to see progress made by Bitcoin ETF, but still some issues are there for the concern of the SEC, he stated,
“There is work left to be done.”
On this statement, Fusaro stated,
“We continue to work towards answering all of the significant questions that the SEC needs answered before they are ready to approve a bitcoin ETF.”
It is not the first time working experience with cryptocurrency market for BNY Mellon, earlier the bank has alliances with Bakkt, which is the Intercontinental Exchange (ICE) and it was providing “geographically-distributed” personal key storage acting as an auxiliary warehouse for Bitcoin Futures contracts for ICE. Also, it recently serves as a controller and transfer agent for V-neck SolidX Bitcoin Trust’s share which is being traded to institutions.
The bank has around $33 trillion estates under its custody as of December last year and it is also been working with the blockchain technology since the year 2015.