Grayscale Stellar Lumens Trust (GXLM) is a Delaware Statutory Trust that holds Stellar Lumens (XLM), a digital asset, on behalf of investors. The Trust gives investors exposure to XLM through a security, without requiring them to directly buy, store, or secure XLM themselves. Each Share represents a proportional ownership of XLM held by the Trust — as of September 30, 2025, each Share corresponded to approximately 84.3 XLM. Shares trade on OTC Markets' OTCQX. The Trust is entirely passive: it holds XLM, does not trade, and pursues no active investment strategy. The Trust charges a Sponsor's Fee that accrues daily at an annualized rate of 2.5% of NAV, paid monthly in XLM to Grayscale Investments Sponsors, a subsidiary of Digital Currency Group. Because the fee is paid by transferring XLM out of the Trust, the XLM per Share gradually decreases over time. Investors can only enter through private placements in 100-Share blocks, with a minimum six-month holding period before shares can be resold on OTCQX. There is no redemption program, meaning investors cannot return Shares for XLM — a structural limitation that has historically caused Shares to trade at significant premiums or discounts to NAV. XLM is the native asset of the Stellar Network, a decentralized platform designed primarily for cross-border payments and cross-currency transactions, where XLM functions as a bridge asset. The Stellar Network added smart contract functionality in March 2024 via an upgrade called Soroban.