GrayscaleBitcoin Trust (OTCMKTS:BCHG) Stock Slumps 54% in a Month: Here is Why

GrayscaleBitcoin Trust (OTCMKTS:BCHG) is down 54% in a month. Recently Grayscale Investments chose BNY Mellon to be the asset servicing provider of its leading product which isGrayscaleBitcoin Trust.Following the transaction , BNY Mellon will offer Grayscale Bitcoin Trust with funds administration and accounting starting October 1, 2021.

Equally, BNY Mellon will likely offer transfer agency as well as ETF Services once GrayscaleBitcoin finalizes conversion to an exchange traded fund (ETF). Most importantly, the agreement offers Grayscale enhanced scalability, automation, and resiliency through BNY Mellon’s market plating and novel ETF Center.

Recently, Grayscale Investments and CoinDesk Inc.’s CoinDesk Indexes launched Grayscale Decentralized Finance Fund and CoinDeskDeFi Index. The Fund offers investors exposure to a range of leading DeFi products in the market through a market-cap weighted portfolio that tracks the CoinDeskDeFi Index. Notably, GrayscaleDeFi Fund is the fifteenth investment product offered by Grayscale, and it is its second diversified fund offering. So, BCHG is a stock worth watching in months to come. On Monday, BCHG stock moved up 1.31% at $4.64 with more than 1.05 million shares, compared to its average volume of 184k shares. The stock had moved within a range of $4.5000 – 5.1500 after opening the trade at $4.89.