Grayscale Investments, a digital asset management firm founded by DCG, has launched the Grayscale Stellar Lumens Trust, the first single-asset investment product that provides exposure to Lumens (XLM), the native asset of the Stellar network.
1/ We are excited to announce two big developments! First, today marks the launch of Grayscale Stellar Lumens Trust! Investors can now gain exposure to the price movement of XLM through a traditional investment vehicle. For more info go to https://t.co/izJooCsKwS
— Grayscale (@GrayscaleInvest) January 17, 2019
According to the announcement, the Stellar Lumens Trust is the ninth investment trust launched by the firm, joining Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), XRP (XRP) and Zcash (ZEC).
“We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources,” said Grayscale’s managing director Michael Sonnenshein. “Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”
Grayscale is now managing roughly $786 million in total assets, a significantly reduced value from its holdings in even late 2018 as the firm’s returns continue to suffer in the crypto bear market.
XLM is currently up 1.7% on the day to $0.10825, giving the project a $2.07 billion market cap and making it the 6th largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.