BNY Mellon has been named as the fund administrator in the initial registration statement for a Bitcoin exchange traded fund (ETF) from US hedge fund Skybridge Capital.
SkyBridge Capital, which is headed by former White House communications director Anthony Scaramucci, has joined forces with First Trust Advisors to launch the ETF, according to a filing with the Securities and Exchange Commission (SEC).
The fund will seek to buy and sell Bitcoin “so that the total value of the Bitcoin held by the Trust is as close to 100% of the net assets of the Trust as is reasonably practicable to achieve,” according to the filling.
The First Trust SkyBridge Bitcoin ETF Trust is currently pending approval by the SEC.
It is expected that upon completion of definitive provider agreements and the SEC’s final approval of the ETF, BNY Mellon will provide services including ETF basket operations, order taking, fund accounting, fund administration and transfer agency services.
“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,” said Alan Flanagan, global head of fund services, asset servicing, BNY Mellon.
“This marks another great example of bringing our strategy as a global orchestrator and innovator to life and highlights great work by our market-leading ETF services team.”
Last month, State Street was selected by US asset manager VanEck to provide fund administration and transfer agency services for its inaugural Bitcoin ETF, one of the most hotly anticipated crypto-tracking ETFs following several attempts by the investment manager to launch the fund.
Similarly, CIBC Mellon – the Canadian asset servicing subsidiary for BNY Mellon – was named the fund administrator for the world’s first Bitcoin ETF, the Purpose Bitcoin ETF from Toronto-based Purpose Investments.