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Digital Currency Revolution Series: Bitwise Seeks Custodian and Administrative Assistance From BNY Mellon For Proposed Bitcoin ETF
Bitwise Asset Management, a leading provider of crypto-asset index and beta funds, has appointed ‘BNY Mellon’ as the transfer agent, administrator and a custodian of its proposed bitcoin exchange-traded fund (ETF).
In a company’s filed amendment to its Bitcoin ETF S-1 form on Wednesday, the firm listed BNY Mellon as administrator, transfer agent and ETF custodian. In addition, Foreside Fund Services has been appointed as the marketing agent and Cohen & Co. as an auditor. The company is yet to choose a bitcoin custodian for the trust its ETF would be built on, that would be held responsible for safeguarding the bitcoin owned by the Bitwise Bitcoin ETF Trust, the ETF that will in turn issue shares that trade on the NYSE Arca, which is subject to regulatory approval.
Bitwise had filed for an initial registration statement on Form S-1 back in January with the U.S. Securities and Exchange Commission (SEC) relating to a new proposed physically held bitcoin exchange-traded fund (ETF).
The proposed Bitwise Bitcoin ETF would track the Bitwise Bitcoin Total Return Index, seeking to capture the full value of an investment in bitcoin, inclusive of meaningful hard forks. The index is produced by Bitwise Index Services, LLC, as per the company’s source.
Teddy Fusaro, Bitwise COO, while clarifying with CoinDesk, emphasized the critical role played by an ETF’s service providers and stated “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.”