The firm will use BNY Mellon for ETF services and transfer agency upon the anticipated conversion of the $22 billion fund.
The new unit, State Street Digital, will be led by well-known securities services veteran Nadine Chakar, and seeks to address the industry-wide shift to a digital economy.
Overwhelming percentage believe digital assets will become dominant over time, while 63% of over 200 survey participants have already begun developing a strategy.
The mandate is the latest for State Street as it looks to carve a role in supporting digital asset uptake among institutional investors.
The remarks by the two custody giant CEOs follow the announcement of several initiatives by the two banks in the digital assets space this year.
Upon final regulatory approval of the ETF, BNY Mellon will provide ETF basket operations, order taking, fund accounting, fund administration and transfer agency services.
Apex has been mandated to provide trustee oversight services and back-office administration for the BTCE Bitcoin ETC.
The VanEck Bitcoin Trust is one of the most hotly anticipated crypto-tracking ETFs following several attempts by the investment manager to launch the fund.
The mandate for CIBC Mellon follows the recent announcement by its parent company, BNY Mellon, that it would set up a new Digital Assets unit.
The domino effect of institutional crypto custody is in full motion as BBVA becomes the latest custodian to launch services.