secwatch.observer — SEC 8-K summary
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Issuer:     Grayscale Stellar Lumens Trust (XLM) (GXLM)
CIK:        0001761325
Form:       8-K
Filed at:   2025-09-26T23:59:59+00:00
Accession:  0001193125-25-220469
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1761325/000119312525220469/0001193125-25-220469-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1761325/000119312525220469/gxlm-20250926.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-220469

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer