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Grayscale launches Stellar Lumens Trust and unveils new product names

Grayscale launches Stellar Lumens Trust and unveils new product names
Stellar is currently the sixth largest digital asset network as measured by market cap.

Digital Currency Group company Grayscale Investments, the New York-based operator of the Bitcoin Investment Trust officially announced today the launch of the Grayscale Stellar Lumens Trust. Stellar is a cross-border payments platform for exchanging money using blockchain technology and a native digital asset, known as Lumens (XLM).

Like the firm’s other single currency vehicles, Grayscale Stellar Lumens Trust is structured as a Delaware Grantor Trust and will solely and passively hold Stellar Lumens. Grayscale is raising assets for the Trust through a regular 506(c) private placement offering, whereby investors will be eligible to purchase shares at a daily NAV.  Grayscale Stellar Lumens Trust utilizes the XLMX reference rate from TradeBlock to strike its daily NAV and will carry a 2.5% annual fee (there is no upfront or performance fee).

The company reported that they intend to follow the same path set for Bitcoin Investment Trust (symbol: GBTC) and Ethereum Classic Investment Trust (symbol: ETCG) whereby they will pursue a public quotation when practicable so that investors may sell their shares into the public market after holding their shares for one year.

This is the 10th product in the Grayscale family, and with that, the team also announced changing the names for all products as seen below:

Grayscale Digital Large Cap Fund (DLC)
Grayscale Bitcoin Trust (BTC)
Grayscale Bitcoin Cash Trust (BCH)
Grayscale Ethereum Trust (ETH)
Grayscale Ethereum Classic Trust (ETC)
Grayscale Horizen Trust (ZEN)
Grayscale Litecoin Trust (LTC)
Grayscale Stellar Lumens Trust (XLM)
Grayscale XRP Trust (XRP)
Grayscale Zcash Trust (ZEC)

Source:Grayscale

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