Bitwise Names BNY Mellon as Transfer Agent of Its Bitcoin ETF

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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term 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.”