Stellar Tokens To Be Supported By New Grayscale Found
Grayscale Investments launched Grayscale Stellar Lumens Trust, which works exclusively with the Stellar (XLM) cryptocurrency, the company's website reports.
The new fund will allow investors to buy and sell securities whose value is pegged to XLM. Thus, traders will be able to play on the token rate swings without actually buying and storing the crypto.
This is the first fund globally that works with XLM as a single asset. Stellar Lumens Trust has become the ninth product in the company's portfolio among similar funds focused on bitcoin, ether, XRP, Zcash, and other cryptos.
Along with the news about the launch of the Stellar fund, the company announced that all products based on a single digital asset were renamed. Now these funds have unified names: Grayscale Bitcoin Trust, Grayscale Ethereum Trust, Grayscale Litecoin Trust, and so on.
Recall that last September the company launched a similar fund for tokens ZEN (Horizen, in the past — ZenСash). This allowed the project to receive funds from institutional and private investors through the sale of securities.
In addition, Grayscale Bitcoin Trust (GBTC) is today considered the holder of more than 200,000 bitcoins. Approximately 17.4 million bitcoins are currently in the market circulation, which means that GBTC owns 1% of all available BTC on behalf of investors, and this allows the company to occupy a leading position in the crypto industry.
It is also noted that at the end of December 2018, Grayscale Investments was managing assets for $825 million.
Previously, shares of Grayscale’s bitcoin fund fell below $1 billion.