<p>Grayscale is ramping up its efforts to get its flagship bitcoin fund ready for the ETF prime time. </p> <p>The firm — which manages over $30 billion in digital assets — announced Tuesday that it will offload fund account and administration functions for the Grayscale Bitcoin Trust to BNY Mellon in October. Those functions are currently executed in-house, according to CEO Michael Sonnenshein. </p> <p>The new deal sets the stage for BNY Mellon's role in Grayscale's plans to convert GBTC into a bitcoin ETF. </p> <p>"Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF," said Sonnenshein in a press release. "BNY Mellon has a long-standing reputation as a trusted provider and has established one of the first teams dedicated to servicing the growing digital currency asset class."</p> <p>Sonnenshein first unveiled Grayscale's plans to upgrade its GBTC product into an ETF on an <a href="https://www.theblockcrypto.com/post/95033/grayscales-ceo-details-hiring-plans-the-long-term-goal-of-a-bitcoin-etf">episode</a> of The Scoop. </p> <p>Grayscale is among several firms in the market hoping for bitcoin ETF approval from US regulators. Despite a recent slide in crypto prices and its AUM, it is still the largest cryptocurrency asset management with more than $20 billion under management for its Bitcoin Trust product. </p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/crypto-markets/structured-products/aum-of-the-grayscale-bitcoin-trust/embed" title="AUM of the Grayscale Bitcoin Trust" width="100%"></iframe></p>