Grayscale Stellar Lumens Trust: sponsor board change on 2025-10-13

Grayscale Stellar Lumens Trust (GXLM) reported a sponsor-related board change.

Rhea-AI Filing Summary

Grayscale Stellar Lumens Trust (GXLM) reported a sponsor-related board change. On October 13, 2025, at GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC (which wholly owns the Trust’s sponsor), Matthew Kummell stepped down as a director and Simon Koster was appointed to the Board.

Koster is Chief Strategy Officer at Digital Currency Group, overseeing investments in digital assets, subsidiaries, and 250+ early-stage companies across 35+ nations. He has served on the boards of Foundry and Luno since 2023, Fortitude since 2024, and Yuma since 2025, each affiliated with Grayscale.

Insights

Governance analyst

Routine sponsor-level board change; neutral for GXLM.

The filing discloses a director transition at GSO Intermediate Holdings, an entity atop the Trust’s sponsor structure. Matthew Kummell resigned and Simon Koster, DCG’s CSO, joined the Board on October 13, 2025.

Such governance updates at a sponsor affiliate typically do not alter the Trust’s day-to-day operations by themselves. The addition of a senior DCG executive underscores alignment within affiliated entities.

No financial terms or operational changes are listed; the disclosure centers on board composition. Any practical effects, if any, would be reflected in subsequent routine reports.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did GXLM disclose on its 8-K?

The Trust disclosed that at GSO Intermediate Holdings Corporation, Matthew Kummell stepped down as a director and Simon Koster was appointed.

When did the board changes occur for entities affiliated with GXLM?

The changes were approved on October 13, 2025.

Who is Simon Koster, newly appointed to the GSOIH board?

Koster is the Chief Strategy Officer at Digital Currency Group, leading investments in digital assets, subsidiaries, and 250+ early‑stage companies in 35+ nations.

Which affiliated boards has Simon Koster served on?

He has served on the boards of Foundry and Luno since 2023, Fortitude since 2024, and Yuma since 2025.

What is GXLM’s trading symbol and security class?

The Trust’s shares trade under GXLM; the class is Grayscale Stellar Lumens Trust (XLM) Shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 10/14/2025 - 04:11 PM Learn about SEC filing dates

0001761325false00017613252025-10-132025-10-13

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): October 13, 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 13, 2025, Grayscale Investments Sponsors, LLC (together with its affiliates as the context may require, “Grayscale”), the sponsor of the registrant, announced that GSO Intermediate Holdings Corporation (“GSOIH”), the sole managing member of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC (“GSIS”), announced that Matthew Kummell has stepped down as a Director of the Board of Directors (the “Board”) of GSOIH. Also on October 13, 2025, GSOIH has approved the appointment of Simon Koster as a Director of the Board.

Mr. Koster is the Chief Strategy Officer (“CSO”) at Digital Currency Group, Inc. (“DCG”), the most active investor and incubator in blockchain, digital assets, and other decentralized technologies. As CSO, Mr. Koster leads the investment team, managing the portfolio comprised of digital assets, wholly owned subsidiaries, and more than 250+ early-stage companies in over 35 nations across the world as of the date of this filing.

Prior to his current role, Mr. Koster was the CEO of Real Estate at DCG, spearheading both internal and external real estate ventures. Previously, he served as CEO of The Collective and brings a decade of real estate experience from JDS Development Group, where he was instrumental in the acquisition and development of top-tier residential, hospitality, and mixed-use projects in New York City and Miami. He is a graduate of Rutgers University (B.S.) and holds a Master’s degree in Engineering from the University of Michigan.

Mr. Koster has served on the board of directors of Foundry and Luno since 2023. He has served as a director of Fortitude since 2024 and as a director of Yuma since 2025. Each of Foundry, Luno, Fortitude and Yuma are affiliated with Grayscale.

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:	October 14, 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.