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Grayscale Stellar Lumens Trust (XLM)
Grayscale Stellar Lumens Trust (XLM) is a single-asset crypto trust offering SEC-reporting exposure to Stellar's XLM token for accredited investors.
Grayscale Stellar Lumens Trust (XLM)
Grayscale Investments, founded by Barry Silbert in 2013, created the Stellar Lumens Trust (XLM) as part of its family of single-asset crypto trusts. The trust provides exposure to Stellar (XLM), a blockchain protocol focused on cross-border payments and asset tokenization. Grayscale structures these products as Delaware statutory trusts, filing quarterly and annual reports with the SEC. The trust holds XLM tokens directly, with shares priced to reflect the underlying asset's value minus ongoing expenses. Grayscale's model targets accredited investors and institutions seeking regulated crypto exposure. The product competes with other single-asset trusts and the firm's diversified Digital Large Cap Fund. Stellar's use of the Stellar Consensus Protocol differentiates it from proof-of-work networks. Grayscale manages over $20 billion in total assets across its product suite as of early 2025 (per the firm's disclosures). The firm employs roughly 200 professionals. Grayscale operates under a public company structure via its parent, Digital Currency Group. A structural differentiator: Grayscale pioneered the SEC-reporting crypto trust format, converting some products — Bitcoin and Ethereum trusts — to ETFs after regulatory approval. The XLM trust remains a non-ETF trust, trading over-the-counter. Grayscale's legal team navigates SEC classification of crypto assets, and the firm shares no fund structure or governance with traditional asset managers.
General information
Firm type
Asset Manager
Year founded
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AUM
Undisclosed
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Frequently asked questions
Who manages investment decisions at Grayscale Stellar Lumens Trust (XLM)?
Grayscale Investments, as sponsor, sets the trust's investment strategy. The firm's investment team, led by CEO Michael Sonnenshein as of 2025, decides when to offer new products and adjusts trust portfolio composition only through token creation and redemption events. Grayscale's legal and compliance teams ensure SEC-reporting obligations are met.
How does Grayscale structure the Stellar Lumens Trust (XLM) differently from a crypto ETF?
The Grayscale Stellar Lumens Trust (XLM) is a Delaware statutory trust, not an ETF. Shares trade over-the-counter, not on a national exchange. Unlike an ETF, the trust does not continuously create or redeem shares at net asset value; instead, shares are created through private placements for accredited investors. The trust files with the SEC but is not registered under the Investment Company Act of 1940.
What fees does the Grayscale Stellar Lumens Trust (XLM) charge?
The trust charges an annual sponsor fee of 2.5% of net asset value, per Grayscale's standard fee structure for its single-asset trusts. This fee covers custody, administration, and reporting. No performance fees apply. Investors also bear trading costs when buying or selling shares on the OTC market.
Which asset does the Stellar Lumens Trust (XLM) track, and how is it valued?
The trust tracks the native XLM token of the Stellar network, a blockchain for cross-border payments and asset tokenization. Grayscale values the trust's portfolio using the CoinDesk XLM Price Index, a volume-weighted average from multiple exchanges. Shares trade at a premium or discount to NAV based on market demand.
What regulatory filings does Grayscale file for the Stellar Lumens Trust (XLM)?
Grayscale files quarterly and annual reports with the SEC under the Securities Exchange Act of 1934 as a reporting issuer. The trust is not registered under the Investment Company Act, so it avoids certain regulatory burdens. Grayscale also publishes daily NAV and share price data on its website.
How does Grayscale's Stellar Lumens Trust (XLM) generate liquidity for investors?
Liquidity comes from secondary market trading of trust shares on the OTCQX marketplace. There is no regular redemption mechanism; investors sell shares to other market participants. Grayscale offers a periodic redemption program, but with limitations and fees. The trust's sponsor may also redeem shares in certain circumstances.
Is the Stellar Lumens Trust (XLM) available to retail investors?
Initial shares are offered only to accredited investors in private placements. Once shares trade on OTCQX, any investor — accredited or retail — can buy them through a brokerage account. However, share prices may trade at a significant premium or discount to NAV, introducing additional risk.
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