Stellar Lumens Trust (XLM) 的灰階檔案 10-K

該文件詳細說明了該信託持有 Stellar Lumens (XLM) 的目的及其作為特拉華州法定信託的運作。

Grayscale Stellar Lumens Trust (XLM) has filed its 10-K for the fiscal year ended September 30, 2024 with the SEC.

Grayscale Stellar Lumens Trust (XLM) 已向 SEC 提交了截至 2024 年 9 月 30 日的財年的 10-K。

The Trust, established as a Delaware Statutory Trust, aims to hold Stellar Lumens (XLM) and is authorized to issue shares periodically to accredited investors in exchange for deposits of XLM. The Trust's investment objective is for the value of the Shares to reflect the value of XLM held by the Trust, less the Trust's expenses and other liabilities. However, the Shares have historically traded at premiums and discounts to the Trust's NAV per Share, as disclosed in the filing.

該信託是特拉華州法定信託，旨在持有 Stellar Lumens (XLM)，並被授權定期向認可投資者發行股票以換取 XLM 存款。信託的投資目標是讓股份價值反映信託持有的 XLM 的價值，減去信託的費用和其他負債。然而，正如文件中所揭露的那樣，這些股票的交易價格歷來都高於信託每股資產淨值。

The Trust's XLM are held by Coinbase Custody Trust Company, LLCCOIN +3.04%.

該信託的 XLM 由 Coinbase Custody Trust Company, LLCCOIN +3.04% 持有。

The filing also highlights the risks associated with the Trust and the digital asset market, including extreme volatility in trading prices, regulatory changes, and the potential for digital assets to be classified as securities.

該文件還強調了與信託和數位資產市場相關的風險，包括交易價格的極端波動、監管變化以及數位資產被歸類為證券的可能性。

The Trust's expenses include a Sponsor's Fee, which is paid in XLM, and extraordinary expenses that may arise from regulatory or legal actions.

信託的費用包括以 XLM 支付的保薦人費用，以及監管或法律訴訟可能產生的特殊費用。

Furthermore, the filing discusses the potential impact of forks, airdrops, and similar occurrences on the Trust's holdings and operations.

此外，該文件還討論了分叉、空投和類似事件對信託持有和運營的潛在影響。

The Trust may be subject to additional regulations if XLM or transactions in XLM are deemed to be securities, which could result in extraordinary expenses or the termination of the Trust.

如果 XLM 或 XLM 中的交易被視為證券，則信託可能會受到額外法規的約束，這可能會導致額外費用或信託的終止。

The filing concludes with a summary of risk factors, highlighting the volatility of digital asset prices, regulatory risks, and the Trust's reliance on third-party service providers.

該文件最後總結了風險因素，強調了數位資產價格的波動性、監管風險以及信託基金對第三方服務提供者的依賴。

The Trust does not anticipate cash dividend payments to shareholders and highlights various factors that could impact the value of the Shares.

該信託預計不會向股東支付現金股息，並強調了可能影響股票價值的各種因素。