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Asset manager VanEck’s proposed bitcoin ETF is still before the U.S. Securities and Exchange Commission. On Tuesday, State Street announced that it had been appointed to a crucial role should the ETF move forward.

State Street would serve as fund administrator and transfer agent, according to a press statement. In this role, State Street will essentially provide the necessary back-office operations for the fund as well as investors. 

“We are pleased to continue expanding our relationship with VanEck to support their innovative advancements in the ETF market; including the VanEck Bitcoin Trust,” Nadine Chakar, head of State Street Global Markets, said in a statement.

VanEck submitted its most recent bitcoin ETF filing in December, a move that came after a previous withdrawal in 2019. Amidst growing chatter that the SEC might move to approval a bitcoin ETF — buoyed by successful launches in Canada — market operator Cboe submitted paperwork on Monday that formally started the approval process before the SEC. 

“Our filing builds on VanEck’s earlier S-1 filing from December 30 and represents the next steps in bringing what could be the first U.S. bitcoin ETF to market,” a spokeswoman for Cboe told The Block.

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