NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Giant Grayscale Bolster Institutional Offerings, Launches Stellar Lumens Trust

Nick Chong
Nick Chong
6 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

While Bitcoin (BTC) and a majority of cryptocurrencies, save for Augur’s REP, have remained in a mundane price lull to start 2019, this industry’s upstarts have forged ahead. Grayscale Investments, a self-proclaimed “global leader in digital asset management,” recently launched an investment vehicle centered around Stellar Lumens (XLM) in a seeming bid to spark Wall Street interest.

Related Reading: Bitcoin Startup BitGo May Spark Wall Street Participation In Crypto

Meet Grayscale’s Trust For “Ripple Competitor” Stellar Lumens

On Thursday, Grayscale, one of crypto conglomerate Digital Currency Group’s foremost branches, launched an in-house Stellar Lumens Trust, slated to centered around XLM, an asset often related to Ripple’s XRP.

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 (@Grayscale) January 17, 2019

For those who missed the memo, Stellar, backed by the fittingly named, Jed McCaleb-backed Stellar Development Fund, is a blockchain-based project focused on revolutionizing the global banking system from the ground up.

In a recent interview, as covered by NewsBTC, McCaleb, who founded Ripple Labs (formerly Opencoin) and Mt. Gox, claimed that the cryptocurrency he birthed “should” be used as a “universal payment network,” subsequently touching on the project’s ability to facilitate “cross-border payments and tokenizing value of any time.”

Grayscale’s newfangled offering is reminiscent of its investment trusts for BTC, XRP, among other leading cryptocurrencies. In fact, Grayscale’s XLM trust is the ninth of its kind.

In a company release, Michael Sonnenshein, the managing director at crypto startup, claimed that this novel instrument is a part of Grayscale’s push to offer investors exposure to “established blockchain projects with substantial traction and resources.”

Sonnenshein expanded on his firm’s rationale in an interview with Fortune’s “The Ledger” column. The Grayscale insider claimed that the launch of the Stellar Lumens Trust is a byproduct of client demand. Sonnenshein, formerly of J.P. Morgan, Barclays, and Bank of America, added that he’s optimistic about Stellar’s prospects in finance, especially in the subsectors of foreign exchange and cross-border processes. Referring to Stellar’s technology and proposed use cases, the managing director elaborated:

An American bank may be keeping large amounts of currencies in foreign banks, and to be able to bring those balances of foreign currencies onto a balance sheet as working capital is valuable… [With Stellar,] financial institutions won’t be required to hold balances all over the place. This will improve efficiency and shore up balance sheets for other uses.

Data from Grayscale’s website reveals that the Stellar Lumens Trust starts its life with $0.4 million under management, meaning that ~3,870,000 XLM is currently held by Grayscale’s most recently-launched offering.

The advent of Grayscale’s XLM fund comes months after the organization made a multi-million dollar bet on Horizen’s ZEN, a nascent privacy-centric digital asset for security-conscious investors. Per previous reports from NewsBTC,

According to the aforementioned press release, Grayscale has also changed the names of all of its “single-asset products.”

Grayscale Still Bullish On Wall Street Bitcoin Foray 

In the aforementioned Fortune interview, Sonnenshein also rebutted the sentiment that Wall Street has slowed its entree into cryptocurrencies and blockchain technologies.

Weeks ago, Bloomberg claimed that financial institutions have put their ventures into cryptocurrencies on the backburner. Later, The Block divulged that Coinbase has begun to pivot away from Wall Street due to waning interest.

However, the Grayscale head remarked that this is far from the case. Sonnenshein noted that shortcomings, like Bakkt’s delay, is a byproduct of innovators “trying to get it right.”

His comments come just days after the Winklevoss Twins, two industry insiders behind a preeminent Bitcoin ETF application, revealed that the delay of investment vehicles is acceptable. Twin Tyler noted that the SEC’s hesitance to green light products en-masse is logical, explaining that since a Bitcoin ETF will be the first of many crypto-backed vehicles, “we need to get it right.”

Regardless, in an evident testament to growing demand, Sonnenshein divulged that Grayscale’s asset under management figures continue to swell, attributing this theme to growing interest from “professional investors.”

And the publicly-available numbers corroborate this. In December, reports noted that Grayscale managed upwards of 203,000 BTC, more than 1% of all of the cryptocurrency currently in circulation.

Featured Image from Shutterstock
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Long-Term Bitcoin Holders Near Pain Point Last Seen In October 2024

According to CryptoQuant analyst Darkfost, long‑term Bitcoin holders are sitting on unrealized gains last seen during the October 2024 market...

Christian Encila 5 hours ago
Strategy

Michael Saylor’s Strategy Set To Yield $14 Billion Profit In Q2, Bloomberg

Strategy, formerly known as MicroStrategy, is on track to report an impressive $14 billion in unrealized gains from its extensive...

Ronaldo Marquez 6 hours ago
Bitcoin price news

Bitcoin Seasonality: Why Summer 2025 Will Catch Everyone Off Guard

A growing number of Bitcoin and crypto market participants have fallen victim to a dangerous assumption: that summer in the...

Jake Simmons 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Finds Support Above 50-Day SMA, But Next Direction Remains Uncertain

Godspower Owie 26 minutes ago
Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?

Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?

Sebastian Villafuerte 1 hour ago
Bitcoin

Public Firms Snag 131,000 BTC, Surpassing ETFs In Bitcoin Purchases

Ronaldo Marquez 4 hours ago

Premium Sponsors

Press Releases

  • Best Crypto Payment Gateway for Trading in 2025

    10 minutes ago
  • 仮想通貨プレセールで1.45百万ドル調達-人為的ミスを排除し次の100倍を目指す新鋭トークン

    ...

    4 hours ago
  • 仮想通貨おすすめ|2025年に注目のポートフォリオ向け有望銘柄4選とは?

    ...

    4 hours ago
  • 「壮大で美しい法案」成立も暗号資産税制救済なし、新しい仮想通貨が未来を切り開く

    ...

    5 hours ago
  • FUNToken

    FUNToken Now Listed on Poloniex, Strengthening Global Reach...

    5 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.