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GXLM on OTC

Grayscale Stellar Lumens Trust (XLM)

Grayscale Stellar Lumens Trust (XLM) is an American commodity contracts brokers and dealers company based in Stamford.1 Its shares trade on OTC under the symbol GXLM.1

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Last updated Oct 21, 2026.

Overview

$30.5MNet income, fiscal 20252

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  • TickerGXLM on OTC1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersStamford, Connecticut1
  • Incorporated inDE3
  • Business address290 Harbor Drive, 4Th Floor, Stamford, Ct 069023
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company3
  • Legal formBusiness Trust
  • Kind of organizationInvestment fund1

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Grayscale Stellar Lumens Trust (XLM) (the “Trust”) is a Delaware Statutory Trust that was formed on October 26, 2018 by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income562$30.5M in 2025+1559% since 2021
-$20.0M0$20.0M$40.0M2021: $1.8M$1.8M20212022: -$12.7M-$12.7M20222023: -$417.0K-$417.0K2023−97%2024: -$1.6M-$1.6M2024+280%2025: $30.5M$30.5M2025

Every line of the income statement as filed: the last 5 fiscal years (annual) or 8 quarters (quarterly), latest first.9

Period ending2025-12-312025-09-302024-12-312024-09-302023-09-30
Investment income$0$0$0
Sponsor's Fee, related party$942.0K$923.0K$364.0K$233.0K$187.0K
Net investment loss-$942.0K-$923.0K-$364.0K-$233.0K-$187.0K
Net realized gain (loss) on investment in XLM$357.0K$340.0K-$157.0K-$260.0K-$281.0K
Net change in unrealized appreciation/depreciation on investment in XLM-$15.8M$31.1M$24.8M-$1.1M$51.0K
Net realized and unrealized (loss) gain on investment in XLM-$15.4M$31.4M$24.6M-$1.4M-$230.0K
Net (decrease) increase in net assets resulting from operations$30.5M-$1.6M-$417.0K

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Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer of the Sponsor of the Issuer. Director of the sole managing member of the sole member of the Sponsor of the Issuer.Edward McGee named Jan 5, 202611
  • Executive Officer of the Sponsor of the Issuer. Director of the sole managing member of the sole member of the Sponsor of the Issuer.Peter Mintzberg named Jan 5, 202611
  • Chairperson of the Board of the sole managing member of the sole member of the Sponsor of the Issuer.Barry Silbert named Jan 5, 202611
  • Director of the sole managing member of the sole member of the Sponsor of the Issuer.Mark Shifke named Jan 5, 202611
  • Director of the sole managing member of the sole member of the Sponsor of the Issuer.Simon Koster named Jan 5, 202611

Former names

  • Stellar Lumens Investment TrustDec 21, 2018 to Dec 21, 20183

Timeline

  1. Oct 15, 20268-K Unregistered sale of shares12
  2. Jul 2, 20268-K Executive or director change13
  3. Jan 26, 20268-K Other events14
  4. Dec 3, 20258-K Other events15
  5. Nov 21, 20258-K Other events16
  6. Oct 24, 20258-K Other events17
  7. Oct 23, 20258-K Shareholder vote18
  8. Oct 21, 20258-K Shareholder vote19
  9. Oct 14, 20258-K Executive or director change20
  10. Oct 9, 20258-K Entered a material agreement; Ended a material agreement21
  11. Sep 26, 20258-K Other events22
  12. Sep 17, 20258-K Unregistered sale of shares23

Filings

210 filings to the SEC since October 2021: 5 annual reports, 12 quarterly reports, 36 major events, 5 private raises, 152 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Aug 6, 2026144 EDGAR
  3. Aug 6, 2026144 EDGAR
  4. Aug 5, 2026144 EDGAR
  5. Aug 4, 2026144 EDGAR
  6. Aug 4, 202610-Q EDGAR
  7. Aug 3, 2026144 EDGAR
  8. Jul 31, 2026144 EDGAR
  9. Jul 30, 2026144 EDGAR
  10. Jul 29, 2026144 EDGAR
  11. Jul 2, 20268-K EDGAR
  12. May 8, 202610-Q EDGAR
  13. May 7, 2026144 EDGAR
  14. May 7, 2026144 EDGAR
  15. May 6, 2026144 EDGAR
  16. May 5, 2026144 EDGAR
  17. May 4, 2026144 EDGAR
  18. May 1, 2026144 EDGAR
  19. Apr 30, 2026144 EDGAR
  20. Apr 29, 2026144 EDGAR

The 210 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 6, 2018Raised $25.4 million in a private offering of securities Form D: 105 investors so far Form D

SEC filer profile

How Grayscale Stellar Lumens Trust (XLM) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGrayscale Stellar Lumens Trust (XLM)1
  • CIK0001761325
  • Employer ID (EIN)83-654509824
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company24
  • Incorporated inDelaware24
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address290 Harbor Drive, 4Th Floor, Stamford, CT 069021
  • Phone212 668 14271
  • Shares outstanding1,419,000 as of Jul 30, 20268
  • Public float$27.4M as of Jun 30, 202524
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting24
  • On EDGAR sinceDec 21, 20181
  • Filings214 in all: 144 (131), 8-K (35), 10-Q (12), D/A (8), UPLOAD (5), 10-K (4), CORRESP (4), 10-12G/A (3)1
    All 17 form types

    144/A (3), SEC STAFF LETTER (2), 10-12G (1), 10-KT (1), 8-K/A (1), D (1), DEF 14A (1), PRE 14A (1), S-1 (1)

  • Latest filingsAnnual report (10-KT) Mar 12, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Sep 25, 2025
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
GXLM

From the cover page of the 10-KT filed Mar 12, 2026 (Section 12(b) of the Exchange Act).24

Risk factors and legal proceedings

The risks Grayscale Stellar Lumens Trust (XLM) names in Item 1A of its 10-KT filed Mar 12, 2026: 71 risks under these headings, as written.24

  • The risk factors below should be read in conjunction with the other information included in this Transition Report on Form 10-KT, including the Trust’s financial statements and related notes thereto, and our other filings with the SEC.
  • The trading prices of many digital assets, including XLM, have experienced extreme volatility and may continue to do so. Extreme volatility in the future, including declines in the trading prices of XLM, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • Digital assets such as XLM were only introduced within the past two decades, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
  • Digital assets represent a relatively new and rapidly evolving industry, and the value of the Shares depends on the acceptance of XLM.
  • Changes in the governance of a digital asset network or protocol may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s or protocol’s ability to grow and respond to challenges.
  • Smart contracts are a relatively new technology and ongoing development may magnify initial problems, cause volatility on the networks that use smart contracts and reduce interest in them, which could have an adverse impact on the value of XLM.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset.
  • Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset’s underlying network, could have an adverse effect on the market price of such digital asset.
  • If the transaction fees for recording transactions on the Stellar Network are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expanding processing power or demand high transaction fees, and any loss of validators could raise concerns around centralization, which could negatively impact the value of XLM and the value of the Shares.
  • If a malicious actor or botnet obtains control over a significant portion of the validating nodes on the Stellar Network, or otherwise obtains control over the Stellar Network through its influence over core developers or otherwise, such actor or botnet could manipulate the Stellar Ledger to adversely affect the value of the Shares or the ability of the Trust to operate.
  • A temporary or permanent “fork” or a “clone” could adversely affect the value of the Shares.
The other 59 risks
  • In the event of a hard fork of the Stellar Network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
  • Any name change and any associated rebranding initiative by the core developers of XLM may not be favorably received by the digital asset community, which could negatively impact the value of XLM and the value of the Shares.
  • The Stellar Network’s function as a cross-currency payment platform could be used to facilitate illicit activities, and businesses that facilitate transactions in XLM may be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of XLM and the value of the Shares.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • The value of the Shares relates directly to the value of XLM, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
  • Due to the largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms, they may experience fraud, market manipulation, business failures, security failures or operational problems, which may adversely affect the value of XLM and, consequently, the value of the Shares.
  • Digital Asset Trading Platforms may be exposed to front-running.
  • Digital Asset Trading Platforms may be exposed to wash-trading.
  • The Index has a limited history and a failure of the Index Price could adversely affect the value of the Shares.
  • The Index Price used to calculate the value of the Trust’s XLM may be volatile, and purchasing activity in the Digital Asset Markets associated with Basket creations may affect the Index Price and Share trading prices, adversely affecting the value of the Shares.
  • Competition from the emergence or growth of other digital assets could have a negative impact on the price of XLM and adversely affect the value of the Shares.
  • Congestion or delay on the Stellar Network may delay purchases or sales of XLM by the Trust.
  • The SEC has approved generic listing standards for commodity-based trust shares and may approve other applications under Rule 19b-4 of the Exchange Act to list competing digital assets as exchange-traded products, which could reduce demand for, and the price of, XLM and adversely impact the value of the Shares.
  • Competition from central bank digital currencies (“CBDCs”) and emerging payments initiatives involving financial institutions could adversely affect the price of XLM and other digital assets.
  • Prices of XLM may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.
  • The Stellar Development Foundation has control over the distribution of a significant amount of XLM. Future distributions of XLM by SDF, the perception that these distributions may occur, its ability to change its distribution plans, or any failure to distribute XLM in the best interest of the Stellar Network, could cause the price of XLM to decline.
  • The Trust relies on third-party service providers to perform certain functions essential to the affairs of the Trust and the replacement of such service providers could pose challenges to the safekeeping of the Trust’s XLM and to the operations of the Trust.
  • The Trust is an “emerging growth company” and the reduced disclosure requirements applicable to emerging growth companies may make the Shares less attractive to investors.
  • Because of the holding period under Rule 144, the lack of an ongoing redemption program and the Trust’s ability to halt creations from time to time, there is no arbitrage mechanism to keep the value of the Shares closely linked to the Index Price and the Shares have historically traded at a substantial premium over, or a substantial discount to, the NAV per Share.
  • The Shares may trade at a price that is at, above or below the Trust’s NAV per Share as a result of the non-concurrent trading hours between OTCQX and the Digital Asset Trading Platform Market.
  • Shareholders may suffer a loss on their investment if the Shares trade above or below the Trust’s NAV per Share.
  • The amount of the Trust’s assets represented by each Share will decline over time as the Trust pays the Sponsor’s Fee and Additional Trust Expenses, and as a result, the value of the Shares may decrease over time.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of XLM.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • The restrictions on transfer and redemption may result in losses on the value of the Shares.
  • Affiliates of the Trust previously entered into a settlement agreement with the SEC concerning the operation of one such affiliate’s former redemption programs.
  • There is no guarantee that an active trading market for the Shares will continue to develop.
  • As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
  • Security threats to the Digital Asset Account could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the value of the Shares.
  • XLM transactions are irrevocable and stolen or incorrectly transferred XLM may be irretrievable. As a result, any incorrectly executed XLM transactions could adversely affect the value of the Shares.
  • The lack of full insurance and shareholders’ limited rights of legal recourse against the Trust, Trustee, Sponsor, Transfer Agent and Custodian expose the Trust and its shareholders to the risk of loss of the Trust’s XLM for which no person or entity is liable.
  • The Trust may be required, or the Sponsor may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to shareholders.
  • The Trust Agreement includes provisions that limit shareholders’ voting rights and restrict shareholders’ right to bring a derivative action.
  • The Sponsor is solely responsible for determining the value of the NAV and NAV per Share and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting the value of the Shares.
  • The Trust’s delivery or sale of XLM to pay expenses or other operations of the Trust could result in shareholders’ incurring tax liability without an associated distribution from the Trust.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent or the Custodian under the Trust Documents.
  • Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
  • Pandemics, epidemics and other natural and man-made disasters could negatively impact the value of the Trust’s holdings and/or significantly disrupt its affairs.
  • Shareholders may not receive the benefits of any forks or airdrops.
  • A determination that XLM or any other digital asset is a “security” may adversely affect the value of XLM and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.
  • Regulatory changes or actions by the U.S. Congress or any U.S. federal or state agencies may affect the value of the Shares or restrict the use of XLM, validating activity or the operation of the Stellar Network or the Digital Asset Markets in a manner that adversely affects the value of the Shares.
  • Competing industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset industry.
  • Regulatory changes or other events in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares.
  • If regulators subject an Authorized Participant, the Trust or the Sponsor to regulation as a money service business or money transmitter, this could result in extraordinary expenses to the Authorized Participant, the Trust or the Sponsor and also result in decreased liquidity for the Shares.
  • Statutory or regulatory changes or interpretations could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust.
  • The treatment of the Trust for U.S. federal income tax purposes is uncertain.
  • The treatment of digital assets for U.S. federal income tax purposes is uncertain.
  • Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
  • Future developments in the treatment of digital assets for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.
  • The tax treatment of XLM and transactions involving XLM for state and local tax purposes is not settled.
  • A U.S. tax-exempt shareholder may recognize “unrelated business taxable income” as a consequence of an investment in Shares.
  • Non-U.S. Holders may be subject to U.S. federal withholding tax on income derived from forks, airdrops and similar occurrences.
  • Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its shareholders.
  • Because the Sponsor and the Trust’s sole Authorized Participant are affiliated with each other, the Trust’s Baskets will not be exchanged for XLM in arm’s-length transactions.
  • DCG is a minority interest holder in Kraken, which operates one of the Digital Asset Trading Platforms included in the Index Price.
  • Shareholders cannot be assured of the Sponsor’s continued services, the discontinuance of which may be detrimental to the Trust.
  • Although the Custodian is a fiduciary with respect to the Trust’s assets, if the Custodian resigns or is removed by the Sponsor or otherwise, without replacement, it would trigger early termination of the Trust.
  • Shareholders may be adversely affected by the lack of independent advisers representing investors in the Trust.

Legal proceedings

Grayscale Operating, LLC, the former Co-Sponsor of the Trust until May 3, 2025, was a party to certain legal proceedings during the period covered by this report. Although the Trust is not a party to these proceedings, the Trust may in the future be subject to legal proceedings or disputes.

On May 19, 2025, Genesis Global Capital, LLC (“Genesis Capital”) and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its affiliates including GSO alleging that Genesis Capital made certain preferential transfers to GSI, the predecessor in interest to GSO prior to the Merger, during the preference period prior to Genesis Capital’s filing of a bankruptcy petition in SDNY Bankruptcy Court while GSI was allegedly an insider to Genesis Capital pursuant to 11 U.S.C. § 101(31). Genesis Capital seeks to avoid the alleged preferential transfers pursuant to 11 U.S.C. § 547(b), as well as recovery of property and disallowance of claims. Genesis Capital is seeking to avoid transfers to GSI, the predecessor in interest to GSO prior to the Merger, of 105 Bitcoin and 37,647.06 Ethereum Classic tokens. GSO believes this lawsuit is without merit and intends to vigorously defend against it.

As of the date of this Transition Report, the Sponsor does not expect the foregoing proceedings to have a material adverse effect on the Trust’s business, financial condition or results of operations.

The Sponsor and/or the Trust may be subject to additional legal proceedings and disputes in the future.

The opening of Item 3, Legal Proceedings.24

Sources

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