Welcome to our dedicated page for Grayscale Stella SEC filings (Ticker: GXLM), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings for Grayscale Stellar Lumens Trust (XLM) (GXLM) provide detailed insight into how the Trust holds XLM, values its Shares, and governs its relationship with shareholders and service providers. The Trust’s registration statement on Form S-1 describes it as a Delaware statutory trust issuing Shares that represent fractional undivided beneficial interests in its holdings of XLM, with an investment objective of reflecting the value of XLM held by the Trust, as determined by an Index Price, less expenses and liabilities.
On this page, you can review registration statements such as the S-1 filed on September 23, 2025, which explains the Trust’s structure, the role of the sponsor (Grayscale Investments Sponsors, LLC), and the responsibilities of the trustee, transfer agent, administrator, prime broker, and custodian. The S-1 also outlines how Shares are created and redeemed in Baskets of 10,000 Shares through Authorized Participants, and how the Trust intends to list its Shares on NYSE Arca under the symbol GXLM while continuing to be quoted on OTCQX.
Current reports on Form 8-K are a key source for understanding operational and governance developments. An 8-K dated September 26, 2025 describes the Trust’s transition to using the CoinDesk XLM CCIXber Reference Rate as its Index for valuing XLM, including the methodology for selecting Constituent Trading Platforms and calculating the Index Price. Another 8-K dated November 21, 2025 reports changes to the trading platforms included in the Index, illustrating how the Index Provider may add or remove venues over time.
Other 8-K filings focus on custody and prime brokerage arrangements. The 8-K dated October 9, 2025 summarizes the Coinbase Prime Broker Agreement, detailing how Coinbase Custody holds the Trust’s XLM in segregated cold storage (the Vault Balance), how a Settlement Balance may be used for operational purposes, and how the parties treat the Trust’s digital assets as financial assets under Article 8 of the New York Uniform Commercial Code. These disclosures help investors understand how XLM are safeguarded and how custodial risks are addressed.
Filings also cover governance and shareholder rights. The definitive proxy statement on Schedule 14A dated September 25, 2025, along with 8-K and 8-K/A filings on October 21 and October 23, 2025, detail a consent solicitation to amend the Trust Agreement. The proposals address alternative creation and redemption procedures, the timing of the sponsor’s fee, use of omnibus accounts in connection with prime brokerage services, and expanded authority for the sponsor to amend the Trust Agreement with notice. Voting results and deemed consents are reported in the 8-K and 8-K/A, providing a record of shareholder approval.
Additional 8-K filings report organizational changes at the sponsor level, such as the internal corporate reorganization described in the October 22, 2025 filing, where Grayscale Investments, Inc. became the sole managing member of Grayscale Operating, LLC and, indirectly, the sole member of the sponsor. Another 8-K dated October 14, 2025 discusses changes to the board of GSO Intermediate Holdings Corporation, which previously served as managing member of Grayscale Operating, LLC. These filings explain how oversight of the sponsor and, by extension, the Trust is structured.
Filings also address communications and information sources. An 8-K dated December 3, 2025 explains the sponsor’s presence on X (formerly Twitter) and the use of cashtags, emphasizing that third-party content linked via cashtags is not authorized, prepared, verified, or updated by Grayscale. The filing advises investors to rely on SEC filings for authoritative and up-to-date information about Grayscale and its products, including the Trust.
On this SEC filings page, Stock Titan surfaces GXLM’s 8-K, S-1, DEF 14A, and other relevant forms as they are filed with EDGAR. AI-powered summaries can help explain complex sections, such as index methodology, custody terms, or amendments to the Trust Agreement, by highlighting key points, definitions, and structural changes. Users can quickly locate disclosures related to valuation (Index Price and Constituent Trading Platforms), creation and redemption mechanics, governance amendments, sponsor reorganizations, and communications policies, all based on the Trust’s own regulatory documents.
Grayscale Stellar Lumens Trust (GXLM) reported preliminary results of a shareholder Consent Solicitation approving four amendments to its Trust Agreement. Based on estimated preliminary results and consent mechanics, shareholders consented to Proposal 1 at 97.74%, Proposal 2 at 97.21%, Proposal 3 at 97.69%, and Proposal 4 at 95.94%.
Proposal 1 adds alternative procedures for creating and redeeming Baskets (77,216 for; 31,434 against; 70 abstain). Proposal 2 makes the Sponsor’s Fee payable daily in arrears (69,786 for; 38,810 against; 124 abstain). Proposal 3 permits holding a portion of the Trust Estate in omnibus accounts to facilitate share creations and redemptions (76,486 for; 32,024 against; 210 abstain). Proposal 4 allows the Sponsor to make certain amendments with a 20‑day notice and others if specific tax‑qualification conditions are satisfied (48,662 for; 56,339 against; 3,719 abstain). The consent period concluded at 4:00 p.m., New York City time, on October 15, 2025.
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.
Grayscale Stellar Lumens Trust (XLM) has entered into a new Coinbase Prime Broker Agreement that will govern custody and prime brokerage for its XLM holdings once its shares begin trading on NYSE Arca as an exchange-traded product. Coinbase Custody will hold most XLM in segregated, offline “Vault Balance” wallets, while a smaller “Settlement Balance” may be held in omnibus cold and hot wallets or at connected venues to support basket creations and redemptions.
The agreement treats the Trust’s XLM as “financial assets” and the custody accounts as “securities accounts” under New York’s Article 8, with Coinbase entities agreeing not to lend or rehypothecate the assets. Insurance is provided under Coinbase Global policies, but the filing notes total crypto assets exceed insurance limits, and liability is capped, including a per-event ceiling tied to fees and asset value and a $100 million limit per cold storage address. The Sponsor also appointed BNY Mellon Asset Servicing to provide fund administration and accounting and will terminate the prior custodian agreement on the NYSE Arca uplisting date.
The filing describes the Index methodology used to price the Grayscale Stellar Lumens Trust (GXLM). The Index is a volume-weighted, real-time USD-denominated price that selects and weights constituent trading platforms by trailing 24-hour liquidity and applies FX normalization for stablecoin pairs. The methodology includes outlier detection (prices ±5% versus the latest Index are excluded), an inactivity adjustment that progressively de-weights a platform to near-zero within 25 minutes of no activity, and procedures to penalize stale data. The Index Provider applies qualitative and quantitative screens to choose constituent platforms and seeks manipulation resistance. If the primary real-time rate is unavailable, the Sponsor uses a Secondary Index, then a Tertiary Pricing Option, and finally the Sponsor’s good-faith estimate; the Sponsor’s good-faith assessments have no predefined criteria and are made at its sole discretion.
Grayscale Stellar Lumens Trust (GXLM) presents four shareholder proposals to amend the Trust Agreement. Proposal 1 would permit the Sponsor to authorize creations and redemptions of Baskets in cash from or to Authorized Participants, with specified settlement conditions and indemnities. Proposal 2 would change the Sponsor's Fee mechanics so the fee (set at an annual rate of 2.5% of XLM Holdings NAV Fee Basis Amount) accrues daily and is payable in XLM daily in arrears rather than monthly. Proposal 3 would permit a portion of the Trust Estate to be held in one or more omnibus (Settlement Balance) accounts, enabling use of prime brokerage services of an affiliate of the Custodian. Proposal 4 would allow the Sponsor, in its sole discretion, to restate, amend or supplement the Trust Agreement without prior shareholder consent for many changes, provided materially adverse amendments as determined by the Sponsor are not effective earlier than 20 calendar days after notice; certain amendments that could affect the Trust's grantor-trust tax status would require a counsel or tax advisor opinion or specified conditions. The filing also details creation/redemption procedures, definitions (e.g., Basket = 10,000 Shares), Sponsor indemnification and Sponsor-paid expenses, and confirms limitations designed to preserve grantor trust tax treatment.
Grayscale Stellar Lumens Trust (GXLM) filed an S-1 describing a spot XLM trust that holds actual Stellar Lumens (XLM) and intends to list Shares on NYSE Arca. The filing warns that XLM and the Shares have experienced and may continue to experience extreme price volatility, market-wide liquidity declines and negative publicity, any of which could materially reduce Share value. The Trust values XLM using a volume-weighted Index Price (primary markets include Coinbase, Crypto.com, Kraken and Bitstamp by Robinhood) and discloses fallback pricing rules using a Secondary Index and a principal market price.
The Trust stores XLM via Coinbase Custody using geographically distributed cold-storage private key shards and will pay a Sponsor fee in XLM daily. The filing lists operational, regulatory and custodial risks including possible forks, regulatory determinations that XLM is a security, money-transmitter or investment company status changes, Sponsor conflicts of interest, potential Custodian resignation without replacement, limited creation/redemption mechanics today and tax consequences when the Trust sells XLM to pay expenses. The filing also identifies specific thresholds that trigger additional reporting or compliance (e.g., $1.235 billion in annual revenues, issuance of >$1.0 billion non-convertible debt over three years, or becoming a large accelerated filer).
Grayscale Stellar Lumens Trust reported unregistered sales of its shares in a private placement to accredited investors. The Trust issued 15,000 Shares at prices based on net asset value, in exchange for approximately 1,283,889.5114356 Stellar Lumens representing $534,986.
The transactions were conducted under Rule 506(c) of Regulation D, exempt from Securities Act registration, with Grayscale Securities, LLC acting as Authorized Participant and distributor. As a result of these issuances, there were 1,389,200 Shares issued and outstanding as of September 17, 2025. No underwriting discounts or commissions were paid to Grayscale Securities for these sales.
Grayscale Stellar Lumens Trust (GXLM) preliminary proxy proposes four principal changes to the Trust Agreement focused on operational flexibility and sponsor mechanics. Proposal 1 would permit creation and redemption of Baskets in cash from Authorized Participants subject to specified settlement conditions and indemnities. Proposal 2 would change the Sponsor's Fee mechanics: the fee accrues daily at an annual rate of 2.5% of XLM Holdings NAV Fee Basis Amount and would be payable daily in arrears (the Sponsor retains discretion over timing of custodian withdrawals). Proposal 3 permits holding part of the Trust Estate in one or more omnibus/Settlement Balance accounts to facilitate creations/redemptions and to utilize prime brokerage services of a Custodian affiliate. Proposal 4 grants the Sponsor broad amendment power to restate, amend or supplement the Trust Agreement without shareholder consent, with materially adverse amendments effective no earlier than 20 calendar days after notice; certain amendments that could affect grantor trust tax status are permitted only with counsel opinion or specified conditions.