---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-25-004589"
form_type: "8-K"
ticker: "GXLM"
cik: "0001761325"
company_name: "Grayscale Stellar Lumens Trust (XLM)"
filed_at: "2025-04-09T23:59:59+00:00"
generated_at: "2026-05-23T18:30:21.800893+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Grayscale appoints Diana Zhang as new COO, succeeding Hugh Ross

## Summary
- Diana Zhang appointed COO effective May 6, 2025, reporting to CEO Peter Mintzberg.
- Zhang has 18+ years experience, former COO of BlockTower Capital and executive at Bridgewater.
- Hugh Ross steps down after serving as COO since 2021; will assist transition until May 31.
- Zhang will oversee strategy, operations, and business development at Grayscale.

## SEC filing metadata
- accession: 0000950103-25-004589
- form_type: 8-K
- ticker: GXLM
- cik: 0001761325
- company_name: Grayscale Stellar Lumens Trust (XLM)
- filed_at: 2025-04-09T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1761325/000095010325004589/0000950103-25-004589-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1761325/000095010325004589/dp227436_8k-gxlm.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-25-004589
- JSON: https://secwatch.observer/filing/0000950103-25-004589.json
- Plain text: https://secwatch.observer/filing/0000950103-25-004589.txt

## Key facts
- Executive change
  Diana Zhang was appointed as Chief Operating Officer at Grayscale Stellar Lumens Trust (XLM).
  - Action: appointed
  - Role: Chief Operating Officer
  source text: the appointment of Diana Zhang to serve as the new Chief Operating Officer of Grayscale Operating, LLC, effective May 6, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1761325/000095010325004589/0000950103-25-004589-index.htm
- Executive change
  Hugh Ross departed as Chief Operating Officer at Grayscale Stellar Lumens Trust (XLM).
  - Action: stepped down
  - Role: Chief Operating Officer
  source text: Hugh Ross, the current Chief Operating Officer of Grayscale Operating, LLC, who has decided to step down from his position and is expected to remain with Grayscale to assist with the transition of his responsibilities until his departure on or prior to May 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1761325/000095010325004589/0000950103-25-004589-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.