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.

— Grayscale Stellar Lumens Trust (XLM)
%
Trust shares100% Common shares representing fractional beneficial interests in the trust and its XLM holdings.
Digital asset custody0% Holding Stellar Lumens in custody through the trust structure and its custodian arrangements.
Creation and redemption mechanism0% Issuance of creation baskets against XLM deposits and, when available, redemptions of shares for XLM.

The trust’s investors are primarily accredited investors and market participants seeking a regulated, exchange-traded...

  • Accredited investorsprimary

    Buy shares in creation transactions to obtain indirect exposure to XLM through a securities wrapper.

  • Secondary market tradersprimary

    Trade GXLM on OTCQX for short-term exposure, arbitrage, or liquidity access.

  • Institutional allocatorssecondary

    Use the trust as a portfolio instrument for digital asset exposure without direct custody.

The trust is organized in Delaware and operates from the United States, with shares quoted on OTCQX in the U.S. market...

  • •Delaware statutory trust organized in the United States
  • •Shares trade on OTCQX in the U.S. market
  • •XLM pricing is tied to global digital asset trading platforms
  • •Operational exposure is U.S.-centric, but token markets are global

The trust’s strategy is to hold XLM passively and provide investors with a convenient, cost-effective vehicle for...

01
Keep share value aligned with XLM holdingsshort-term

The product’s appeal depends on tracking the token’s market value as closely as possible.

02
Maintain operational simplicitymedium-term

A passive trust structure reduces complexity and keeps the product focused on exposure, not active management.

03
Support market access and liquiditymedium-term

Secondary market trading quality affects premiums/discounts and investor adoption.

The trust is exposed to XLM price volatility, liquidity changes, and the possibility that shares trade at persistent...

high

XLM market price volatility

The trust’s value is a direct function of the market price of XLM held in custody.

Scope
NAV and secondary-market share price
Materiality
high
high

Protocol or cryptography failure

A flaw in the Stellar Network or its cryptography could impair confidence, usability, or asset security.

Scope
Underlying asset integrity
Materiality
high
high

Regulatory and banking access restrictions

AML, sanctions, or policy concerns can cause banks, custodians, or trading platforms to limit support for XLM.

Scope
Market access and liquidity
Materiality
high
medium

Premium/discount to NAV

Shares may trade away from underlying value because OTCQX liquidity and digital-asset market hours do not always match.

Scope
Secondary market pricing
Materiality
high
Fair value measurement of XLM
Large swings in unrealized gains/losses
Principal market determination
Can change reported NAV per share
Creation transaction timing
Affects period-end holdings and comparability
Sponsor fee settled in XLM
Impacts realized results and asset balances

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: 28/04/2026