BNY Mellon is set to provide exchange-traded funds (ETF) basket operations, order taking and fund accounting to the First Trust SkyBridge Bitcoin ETF Trust.
As part of this mandate, BNY Mellon will also provide fund administration and transfer agency services, once approved by the US Securities and Exchange Commission (SEC).
SkyBridge Capital and First Trust Advisors filed with the SEC for a bitcoin ETF on 19 March this year.
According to Alan Flanagan, global head of fund services, asset servicing at BNY Mellon, this marks another great example of bringing BNY Mellon’s strategy as a global orchestrator and innovator to life and highlights great work by the ETF services team.
"As the world's largest asset servicer, we take great pride in working with our clients to bring new, innovative products to market. The growing interest in digital assets presents a compelling opportunity to allow investors to explore cryptocurrency and we are proud to work with First Trust to bring their new bitcoin ETF to market,” Flanagan comments.
Last month, BNY Mellon announced its investment in Fireblocks, a platform delivering a secure infrastructure for moving, storing, and issuing digital assets, amid its development of enterprise solutions to service the rapidly evolving digital asset space.
