Grayscale Stellar Lumens Trust (XLM), a cryptocurrency investment product, has reported the issuance of 11,700 new shares to accredited investors in private placement transactions, according to a recent SEC filing. These transactions, exempt from registration under the Securities Act of 1933, resulted in the aggregation of 1,017,251.2479052 XLM, equivalent to approximately $100,633.
The sales, conducted since the last report filed with the SEC, were facilitated by Grayscale Securities, LLC, which acted as the Authorized Participant. Following these transactions, the total number of shares issued and outstanding for the Trust as of today stands at 1,123,100.
Grayscale Securities, in its role of facilitating the creation of shares and acting as distributor and marketer, may be considered an "underwriter" as defined in the Securities Act. It is important to note that no underwriting discounts or commissions were paid in relation to these sales.
The Grayscale Stellar Lumens Trust enables investors to gain exposure to the price movement of XLM through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping XLM directly.
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