---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-220469"
form_type: "8-K"
ticker: "GXLM"
cik: "0001761325"
company_name: "Grayscale Stellar Lumens Trust (XLM)"
filed_at: "2025-09-26T23:59:59+00:00"
generated_at: "2026-05-17T05:34:47.076032+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Grayscale Stellar Lumens Trust changes valuation index to CoinDesk XLM CCIXber Reference Rate as of Oct 1, 2025

## Summary
- Effective Oct 1, 2025, NAV will be based on CoinDesk XLM CCIXber Reference Rate, replacing CoinDesk Stellar Lumens Index (XLMX).
- New index uses volume-weighted real-time price from centralized spot platforms (e.g., Crypto.com, Kraken, LMAX Digital, Bitstamp).
- Constituent platforms must meet IOSCO-guided criteria including US or UK/EU/HK/SG licensure and sufficient USD/USDC liquidity.
- Index algorithm includes outlier detection (+/-5% price deviation) and inactivity de-weighting to limit manipulation impact.
- If index unavailable, sponsor will cascade to Coin Metrics Real-Time Rate, then principal market price, then good-faith estimate.

## SEC filing metadata
- accession: 0001193125-25-220469
- form_type: 8-K
- ticker: GXLM
- cik: 0001761325
- company_name: Grayscale Stellar Lumens Trust (XLM)
- filed_at: 2025-09-26T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1761325/000119312525220469/0001193125-25-220469-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1761325/000119312525220469/gxlm-20250926.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-220469
- JSON: https://secwatch.observer/filing/0001193125-25-220469.json
- Plain text: https://secwatch.observer/filing/0001193125-25-220469.txt

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