Grayscale Stellar Lumens Trust (XLM), a digital currency investment product, has announced the issuance of 68,600 new shares to accredited investors in private transactions. These shares were sold at varying prices based on the Trust's Net Asset Value (NAV) per Share, resulting in an aggregate of 5,924,778.6908229 XLM or approximately $561,746. The transactions, which took place since the last report, were exempt from the registration requirements of the Securities Act.
The Trust, which operates under the Delaware jurisdiction with Grayscale Investments, LLC as its sponsor, now has a total of 1,293,000 shares issued and outstanding as of today. The shares were distributed without any underwriting discounts or commissions to Grayscale Securities, LLC, the Authorized Participant that facilitated the transactions.
Grayscale Securities, by assisting in the creation and distribution of the shares, may be considered an "underwriter" according to the Securities Act. This status comes into play as the shares are created and issued periodically, potentially constituting a "distribution" as defined by the Securities Act.
This financial activity was reported in accordance with the Securities Exchange Act of 1934, with the report signed by Edward McGee, Chief Financial Officer of Grayscale Investments, LLC, on behalf of the Grayscale Stellar Lumens Trust. The information provided in this article is based on the contents of the trust's recent SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.