8-K: Grayscale Stellar Lumens Trust Updates Index Platforms

Grayscale Stellar Lumens Trust announced a change to its Index Price calculation, removing itBit from the constituent trading platforms.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale Stellar Lumens Trust (XLM), announced a change to the Digital Asset Trading Platforms used to calculate the Index Price.
• Effective November 18, 2025, itBit (XLM-U.S. Dollar (USD) trading pair) was removed from the CoinDesk XLM CCIXber Reference Rate (the Index).
• The removal of itBit was due to the trading platform failing to meet the Index Provider's conditions for inclusion.
• No new Constituent Trading Platforms were added as part of the scheduled monthly review.
• As of November 18, 2025, the XLM-USD trading pairs included in the Index Price are Bitfinex, Bitstamp by Robinhood, Crypto.com, Kraken, and OKX.
• The XLM-U.S. Dollar Coin (USDC) trading pair included in the Index Price is Bybit.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual update regarding a routine adjustment to the underlying index calculation. It does not present inherently positive or negative performance outcomes for the Trust, but rather a procedural change to maintain index quality.

Negatives

• The removal of itBit from the Index's constituent trading platforms indicates that itBit failed to meet the Index Provider's inclusion conditions, potentially reflecting a decline in the platform's operational standards or market relevance for the index.

Risks

• The Index Provider may change the trading venues used to calculate an Index Price, or otherwise change the way an Index Price is calculated, at any time.
• Scheduled monthly reviews by the Index Provider may result in the addition or removal of Constituent Trading Platforms based on their satisfaction or failure to meet specific criteria.

Future Outlook

The Index Provider maintains the flexibility to modify the trading venues or calculation methodology for the Index Price at any time, with ongoing scheduled monthly reviews to assess and adjust Constituent Trading Platforms based on predefined criteria.

Industry Context

This announcement reflects the dynamic nature of the digital asset market and the ongoing efforts by index providers to maintain the integrity and relevance of their indices. Regular reviews and adjustments to constituent platforms are standard practice to ensure that indices accurately reflect market conditions and adhere to established quality criteria, especially in a rapidly evolving sector like cryptocurrency.

Stakeholder Impact

• Shareholders: The change ensures the underlying index for the Trust maintains quality by removing a platform that failed to meet inclusion criteria, potentially enhancing the long-term reliability of the index's representation of the XLM market.
• Investors: Those relying on the CoinDesk XLM CCIXber Reference Rate for valuation or benchmarking will need to be aware of the updated list of constituent trading platforms.

Next Steps

• The Index Provider will continue with scheduled monthly reviews, during which additional Constituent Trading Platforms may be added or removed if they satisfy or fail the established inclusion criteria.

Key Dates

Keywords

Grayscale, Stellar Lumens, XLM, Trust, Digital Asset, Cryptocurrency, Index, CoinDesk, Trading Platform, itBit, GXLM