State Street named fund administrator and transfer agent for VanEck’s Bitcoin Trust ETF
State Street Corporation has been appointed as the fund administrator and transfer agent of the VanEck Bitcoin Trust, a new bitcoin exchange-traded fund (ETF) that is currently pending approval by the US Securities and Exchange Commission (SEC).
The Trust is proposed to be the first of its kind US listed ETF offering exposure to bitcoin. The Trust’s investment objective is to reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate less the expenses of the Trust’s operations.
“VanEck is committed to support financial innovation in the digital assets space. We believe that, when the ETF is approved, the Trust will improve both financial and digital asset markets by providing investors with a simple, efficient, and an institutionally-backed vehicle to gain access to the Bitcoin markets,” says Gabor Gurbacs, Director of Digital Assets Strategy at VanEck.
Pending approval by the SEC, State Street will continue to work closely with VanEck on all aspects of the launch and provide services including ETF basket operations, custody of the ETF shares, fund accounting, order-taking and transfer agency.
“We are pleased to continue expanding our relationship with VanEck to support their innovative advancements in the ETF market; including the VanEck Bitcoin Trust,” says Nadine Chakar, head of State Street Global Markets. “We see the implementation of digital assets as one of the most transformational forces affecting our industry over the next five years, and we are already very actively engaged with clients and partners in delivering solutions. The work we have underway with VanEck is another example of State Street continuing to deliver on our broader strategy of building out the crypto and digital assets ecosystem, which is focused on creating digital cash; custody and post trade services; trading; and token issuance for these new asset-types.”