GXLM updates CoinDesk XLM index venues after itBit removal

Rhea-AI Filing Summary

Grayscale Stellar Lumens Trust (GXLM) reported that CoinDesk Indices, Inc., which maintains the benchmark used by the Trust, has updated the trading venues included in its reference rate for Stellar Lumens (XLM).

Effective November 18, 2025, the Index Provider removed the itBit XLM‑USD trading pair from the CoinDesk XLM CCIXber Reference Rate after that platform no longer met its inclusion conditions. The index now reflects XLM‑USD trading pairs from Bitfinex, Bitstamp by Robinhood, Crypto.com, Kraken, and OKX, and an XLM‑USDC trading pair from Bybit.

The Index Provider retains the ability to change constituent trading platforms or its calculation methodology at any time, including during scheduled monthly reviews that may add or remove venues based on its criteria.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 18, 2025

Grayscale Stellar Lumens Trust (XLM)

(Exact name of Registrant as Specified in Its Charter)

Delaware			000-56434	83-6545098
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut				06902
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 668-1427

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(g) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Grayscale Stellar Lumens Trust (XLM) Shares		GXLM		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On November 18, 2025, CoinDesk Indices, Inc. (the “Index Provider”) announced a change to the Digital Asset Trading Platforms used to calculate the Index Price (the “Constituent Trading Platforms”) for Grayscale Stellar Lumens Trust (XLM) (the “Trust”).

Effective November 18, 2025, the Index Provider removed itBit (XLM-U.S. Dollar (“USD”) trading pair) from the CoinDesk XLM CCIXber Reference Rate (the “Index”) due to the trading platform failing to meet the Index Provider’s conditions for inclusion, and did not add any Constituent Trading Platforms as part of its scheduled monthly review. As of the date of this current report, the Constituent Trading Platforms included in the Index Price are as follows:

•XLM-USD Trading Pairs: Bitfinex, Bitstamp by Robinhood, Crypto.com, Kraken, and OKX.

•XLM-U.S. Dollar Coin (“USDC”) Trading Pair: Bybit

The Index Provider may change the trading venues that are used to calculate an Index Price, or otherwise change the way in which an Index Price is calculated, at any time. For example, the Index Provider has scheduled monthly reviews, in which it may add or remove Constituent Trading Platforms that satisfy or fail the criteria described in “Item 1. Business—Overview of the XLM Industry and Market—The Index and the Index Price” in the Trust’s Annual Report on Form 10-K for the year ended September 30, 2024, as filed with the Securities and Exchange Commission on November 22, 2024.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Grayscale Investments Sponsors, LLC, as Sponsor of Grayscale Stellar Lumens Trust (XLM)
Date:	November 21, 2025	By:	/s/ Edward McGee
			Name: Edward McGee Title: Chief Financial Officer*

* The Registrant is a trust and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

FAQ

What did Grayscale Stellar Lumens Trust (GXLM) announce in this 8-K?

The Trust disclosed that CoinDesk Indices, Inc., which calculates its XLM reference index, has updated the trading platforms used to determine the Index Price, including removing one venue that no longer met its criteria.

Which trading platform was removed from the CoinDesk XLM reference index for GXLM?

The Index Provider removed the itBit XLM‑USD trading pair from the CoinDesk XLM CCIXber Reference Rate after the platform failed to meet its conditions for inclusion.

Which exchanges now contribute XLM-USD prices to the GXLM index?

The XLM‑USD component of the index now uses data from Bitfinex, Bitstamp by Robinhood, Crypto.com, Kraken, and OKX.

Is there an XLM-USDC trading pair used in the GXLM index, and on which platform?

Yes. The index includes an XLM‑USDC trading pair from Bybit as part of its Constituent Trading Platforms.

When did the change to the GXLM index constituents take effect?

The removal of the itBit XLM‑USD trading pair and the confirmation of the remaining venues became effective on November 18, 2025.

Can the trading venues in the GXLM index change again in the future?

Yes. The Index Provider states that it may change trading venues or the calculation method at any time, including during scheduled monthly reviews where venues may be added or removed based on its criteria.