Grayscale Stellar Lumens Trust (XLM) (GXLM) SEC Filings, Sep 15, 2025

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.