Grayscale Stellar Lumens Trust

Grayscale Stellar Lumens Trust (XLM) is a Delaware Statutory Trust formed on October 26, 2018. The Trust's primary purpose is to hold Stellar Lumens ("XLM"). The Stellar Ledger utilizes the Stellar Consensus Protocol, a consensus mechanism based on the Federated Byzantine Agreement, which is similar to proof-of-stake but without staking rewards. In this system, nodes independently choose which other nodes to trust for information. Lumens transactions are resolved approximately every six seconds, which is faster than Bitcoin's block production time of around every 9 minutes. As of September 30, 2025, Stellar Lumens had a circulating supply of approximately 31.9 billion coins, significantly more than Bitcoin's circulating supply of approximately 19.9 million coins. On the same date, the 24-hour trading volume for Stellar Lumens was approximately $133.6 million, compared to Bitcoin's $17.0 billion. The aggregate market value of Stellar Lumens was $11.6 billion, while Bitcoin's was $2,272.9 billion. As of September 30, 2025, XLM was the 16th largest digital asset by market capitalization according to CoinMarketCap.com. The Stellar Network aims to enable users and businesses to conduct secure and fast cross-currency transactions. It addresses the high costs and time associated with conventional cross-currency transactions, which often involve multiple liquidity providers. The Stellar Network includes XLM as its native digital asset to reduce these costs and time. Additionally, the Stellar Network provides a decentralized trading platform for creating and trading tokenized assets that track the price of foreign currencies or stablecoins like USDC.