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Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) announced changes to its key service agreements, according to a press release statement based on a recent SEC filing.
On October 3, Grayscale Investments Sponsors, LLC, acting on behalf of Grayscale Bitcoin Trust ETF, entered into a new prime broker agreement with Coinbase, Inc. The agreement also involves Coinbase Custody Trust Company, LLC and Coinbase Credit, Inc. The new arrangement outlines the rights and responsibilities for custodial and prime broker services related to the trust’s bitcoin holdings, which are managed by Coinbase Custody as fiduciary.
This new agreement replaces the previous prime broker agreement dated December 29, 2023, which was terminated as of October 3. Coinbase Custody continues to serve as the trust’s custodian under the updated terms.
Separately, Grayscale’s sponsor engaged BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, to continue providing administrative and accounting services for the trust. The new fund administration and accounting agreement with BNY Mellon became effective Thursday. This agreement replaces the prior arrangement dated February 26, 2024, which was terminated as of Thursday. BNY Mellon remains the provider of these services under the new agreement.
All references in Grayscale Bitcoin Trust ETF’s annual reports and related filings to the previous prime broker and fund administration agreements are now considered to refer to the updated agreements.
The trust’s shares are listed on NYSE Arca under the ticker symbol GBTC. The information is based on a press release statement and details provided in the company’s SEC filing.
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