State Street Named Fund Administrator and Transfer Agent for VanEck’s Bitcoin Trust ETF
March 02 2021 - 8:00AM
Business Wire
Collaboration Reinforces State Street’s Broader Strategy for
Cryptocurrency and Digital Assets
State Street Corporation (NYSE:STT) today announced that it has
been appointed as the fund administrator and transfer agent of the
VanEck Bitcoin Trust (‘The 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,” said 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,” said 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 5 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.”
State Street has been actively engaged in the digital asset
space for a number of years including working with Gemini since
2019 on a digital asset pilot, as well as being one of the
co-founders in Fnality, an industry consortium developing a
regulated wholesale payment system leveraging blockchain
technology. In 2018, State Street partnered with Lukka, a crypto
reference data provider, valuation and reconciliation tool, to
co-develop comprehensive digital asset fund administration
services. And in late 2020, State Street led Lukka’s series C
funding, signifying the growing importance of crypto assets in the
financial services industry.
VanEck began entrusting State Street with its Australia ETF
business in 2016. Since that time, it consolidated services for its
Ireland, Netherlands and US based ETFs to State Street. Today,
State Street remains the largest global ETF servicer, servicing
close to 70% of US ETF assets, and is the only provider serving all
major ETF regions.*
* Statistics compiled using ETFGI’s ETF Monthly Insights as-of
July 2020 and State Street’s internal research
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $38.8 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of December 31, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2020 includes
approximately $75 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2021 State Street Corporation - All Rights Reserved
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Brendan Paul BPaul2@statestreet.com +1 401 644 9182
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