Stellar Lumens Trust (XLM) 的灰度文件 10-K

该文件详细说明了该信托持有 Stellar Lumens (XLM) 的目的及其作为特拉华州法定信托的运营。

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 日的财年的 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.

该信托是特拉华州法定信托，旨在持有 Stellar Lumens (XLM)，并被授权定期向认可投资者发行股票以换取 XLM 存款。信托的投资目标是让股份价值反映信托持有的 XLM 的价值，减去信托的费用和其他负债。然而，正如文件中披露的那样，这些股票的交易价格历来都高于信托每股资产净值。

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

该信托的 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.

该文件还强调了与信托和数字资产市场相关的风险，包括交易价格的极端波动、监管变化以及数字资产被归类为证券的可能性。

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.

信托的费用包括以 XLM 支付的保荐人费用，以及监管或法律诉讼可能产生的特殊费用。

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

此外，该文件还讨论了分叉、空投和类似事件对信托持有和运营的潜在影响。

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 中的交易被视为证券，则信托可能会受到额外法规的约束，这可能会导致额外费用或信托的终止。

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.

该文件最后总结了风险因素，强调了数字资产价格的波动性、监管风险以及信托基金对第三方服务提供商的依赖。

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

该信托预计不会向股东支付现金股息，并强调了可能影响股票价值的各种因素。