Grayscale Stellar Lumens Trust (XLM)
Grayscale Stellar Lumens Trust (XLM) is a Delaware statutory trust that holds Stellar Lumens and issues shares designed to give investors economic exposure to XLM without directly owning the token. The trust is passive, has no operating employees, and its shares trade on OTCQX under the ticker GXLM. Its value is driven by the market price and liquidity of XLM, less trust expenses and liabilities.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueCommon shares representing fractional beneficial interests in the trust and its XLM holdings.
Holding Stellar Lumens in custody through the trust structure and its custodian arrangements.
Issuance of creation baskets against XLM deposits and, when available, redemptions of shares for XLM.
Customers
The trust’s investors are primarily accredited investors and market participants seeking a regulated, exchange-traded way to gain exposure to XLM. Secondary market buyers include traders and allocators using OTCQX liquidity rather than direct token ownership. The trust does not sell to end users of Stellar; it serves investors who want price exposure to the asset.
Buy shares in creation transactions to obtain indirect exposure to XLM through a securities wrapper.
Trade GXLM on OTCQX for short-term exposure, arbitrage, or liquidity access.
Use the trust as a portfolio instrument for digital asset exposure without direct custody.
Strategy
The trust’s strategy is to hold XLM passively and provide investors with a convenient, cost-effective vehicle for exposure to the token’s market value. It relies on creation baskets, fair-value accounting, and principal-market pricing rather than active trading or leverage. The trust also monitors the principal market annually and updates its reference rate methodology when needed.
The product’s appeal depends on tracking the token’s market value as closely as possible.
A passive trust structure reduces complexity and keeps the product focused on exposure, not active management.
Secondary market trading quality affects premiums/discounts and investor adoption.
Geography
The trust is organized in Delaware and operates from the United States, with shares quoted on OTCQX in the U.S. market. Its economic exposure is global because XLM is a decentralized digital asset traded on international platforms, but the trust itself is U.S.-based and regulated through U.S. securities and tax structures. No country-level revenue disclosure is provided because the trust does not operate a conventional geographic sales business.
Risks
The trust is exposed to XLM price volatility, liquidity changes, and the possibility that shares trade at persistent premiums or discounts to NAV. Because the trust depends on the Stellar Network and broader digital asset acceptance, protocol flaws, regulatory actions, or banking/service-provider restrictions could materially reduce demand for XLM. The trust also faces custody, valuation, and market-structure risks typical of digital asset vehicles.
- XLM market price volatilityImpact: HighLikelihood: Medium
The trust’s value is a direct function of the market price of XLM held in custody.
Exposure: NAV and secondary-market share price
- Protocol or cryptography failureImpact: HighLikelihood: Medium
A flaw in the Stellar Network or its cryptography could impair confidence, usability, or asset security.
Exposure: Underlying asset integrity
- Regulatory and banking access restrictionsImpact: HighLikelihood: Medium
AML, sanctions, or policy concerns can cause banks, custodians, or trading platforms to limit support for XLM.
Exposure: Market access and liquidity
- Premium/discount to NAVImpact: MediumLikelihood: Low
Shares may trade away from underlying value because OTCQX liquidity and digital-asset market hours do not always match.
Exposure: Secondary market pricing
Accounting
Judgemental itemsThe trust marks holdings to market, so valuation changes directly affect reported earnings and net assets.
Impact: Large swings in unrealized gains/losses
NAV depends on the market the trust identifies as principal or most advantageous.
Impact: Can change reported NAV per share
Creations are recorded on trade date and shares are issued only after receipt of XLM.
Impact: Affects period-end holdings and comparability
Fees paid in kind can create realized gains or losses under specific identification.
Impact: Impacts realized results and asset balances
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Last updated: 24/09/2026