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
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.
| % | |
|---|---|
| Trust shares | 100% Common shares representing fractional beneficial interests in the trust and its XLM holdings. |
| Digital asset custody | 0% Holding Stellar Lumens in custody through the trust structure and its custodian arrangements. |
| Creation and redemption mechanism | 0% 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...
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
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
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
: 28.4.2026