Grayscale Stellar Lumens Trust
GXLM
Other OTC- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Dean C. Kehler
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 1325 Avenue of the Americas, 25th Floor New York NY United States of America 10019
- IPO Date
- Oct 20, 2021
- CIK
- 0001761325
- Website
- grayscale.com
- Similar Companies
- Business
- Grayscale Stellar Lumens Trust (XLM) (ticker: GXLM) is a Delaware Statutory Trust that holds Stellar Lumens (XLM), a digital asset native to the open-source Stellar Network designed for fast, low-cost cross-border payments, remittances, and decentralized exchange of tokenized assets; the Trust issues common units of fractional undivided beneficial interest (Shares) representing ownership in its XLM holdings, enabling investors to gain exposure to XLM through a regulated security structure without direct custody. Formed on October 26, 2018, with headquarters in Stamford, Connecticut, the Trust operates primarily in the United States, quoting Shares on OTC Markets (OTCQX) under the Alternative Reporting Standards and pursuing listing on NYSE Arca; it tracks the CoinDesk XLM CCIXber Reference Rate (formerly CoinDesk Stellar Lumens Price Index) for XLM valuation, with a total expense ratio of 2.50% paid in XLM; custody is provided by Coinbase Custody Trust Company, LLC, with Grayscale Investments Sponsors, LLC (an indirect subsidiary of Digital Currency Group, Inc.) serving as sponsor since a January 1, 2025 reorganization that transitioned from Grayscale Investments, LLC. The Trust's core activities include creating and redeeming Shares in Baskets (currently 10,000 Shares via cash orders facilitated by liquidity providers, with in-kind potential pending regulatory approval), holding XLM in cold storage, paying ongoing sponsor fees from XLM reserves (approximately 84.33 XLM per Share as of late 2025), and providing daily NAV calculations based on principal market fair value under GAAP; Shares do not generate dividends or yield, and the Trust does not engage in lending, staking, or derivatives. In recent developments, the Trust filed a Form S-1 registration statement on September 23, 2025, to enable continuous Share issuance/redemption and NYSE Arca listing under new generic standards approved by the SEC on September 17, 2025; on September 25, 2025, shareholders approved four Trust Agreement amendments via consent solicitation (concluding October 15, 2025), including revised basket creation/redemption procedures, daily sponsor fee payments, omnibus account holdings, and sponsor amendment rights with 20-day notice; net assets grew to $43.1 million as of September 30, 2025 (up 307% year-over-year), driven by XLM price appreciation from $0.10 to $0.37 and share issuances totaling 1,389,200 outstanding; the Trust acquired 35.8 million XLM over a recent 30-day period valued at $2.8 million, reflecting sponsor confidence amid Stellar's DeFi expansions like Protocol 23 upgrades boosting total value locked to $152 million. The Trust targets institutional and accredited investors seeking XLM exposure amid regulatory progress like the GENIUS and CLARITY Acts; it faces risks from XLM volatility, trading premiums/discounts to NAV (e.g., 36.4% premium in mid-2025), concentrated wallet holdings (top 100 control 61% of supply), and lacks ongoing redemption or in-kind mechanisms fully operational as of December 2025.