Here are the 10-K annual reports from Grayscale Stellar Lumens (GXLM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow GXLM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GXLM filings page.
Grayscale Stellar Lumens Trust (GXLM) is a Delaware statutory trust that holds Stellar Lumens (XLM) so that its shares represent fractional, indirect exposure to XLM. As of September 30, 2025, each share corresponded to approximately 84.3255 XLM, and the Trust held about 0.4% of XLM in circulation. Shares trade on OTCQX under ticker GXLM and are created in 100‑share baskets for accredited investors in exchange for XLM deposits.
The Trust does not currently operate a redemption program and can halt creations, so GXLM has often traded away from the XLM value it holds, with historical premiums up to 461% and discounts up to 35%; as of September 30, 2025 the shares traded at a 6% premium to NAV per share. The Trust carries XLM at fair value under U.S. GAAP, uses a CoinDesk index for non‑GAAP NAV, and relies on Coinbase Custody for cold‑storage safekeeping. In 2025 the sponsor structure was reorganized and the fiscal year‑end was changed from September 30 to December 31.