The well-funded Grayscale Investments LLC has launched the Stellar Lumens Trust, a single asset investment product with exposure to Lumens.
According to Fortune, the company’s Managing Director, Michael Sonnenshein, said the product was added due to investor demand. The New York based company reported investments of $330MM in 2018 from clients including: institutions, hedge funds, family offices and high worth individuals. The Stellar Lumens Trust product is the ninth single asset product out of Grayscale Invesments. They also offer Trust products for other cryptocurrencies such as Bitcoin, Ripple, Ethereum and others.
Grayscale plans to continue to provide its clients with access to established blockchain products. In a statement to Fortune, Sonnenshein said the launch of the Stellar fund is additional evidence of the reported decline in investor interest in the crypto markets being highly exaggerated. He rejected claims from the media that the crypto industry is finding it difficult to launch products on Wall Street. Citing climbing investment inflows into Grayscale’s cryptocurrency products, Sonnenshein attributed the growing interest from professional investors to the availability of crypto products that have regulatory safeguards required by institutions.
Responding to queries of the delays to recent cryptocurrency product launches such as ETFs, he said they are reflective of the crypto industry’s efforts to “try and get it right” with an eye to setting up long term framework.