Grayscale Stellar Lumens Trust (XLM) 8-K

What Happened

• Grayscale Stellar Lumens Trust (XLM) filed an Item 8.01 8-K disclosing that CoinDesk Indices, Inc. (the Index Provider) changed the trading venues used to calculate the Trust’s CoinDesk Stellar Benchmark Rate effective January 20, 2026.
• CoinDesk added Binance (XLM–USDC trading pair) and removed Bitfinex (XLM–USD trading pair) as part of its scheduled monthly review. The 8-K was filed January 26, 2026.

Key Details

• Effective date of change: January 20, 2026.
• Added venue: Binance (XLM–USDC trading pair).
• Removed venue: Bitfinex (XLM–USD trading pair).
• Current Constituent Trading Platforms used in the Index Price:
  • XLM–USD pairs: Bitstamp by Robinhood, Crypto.com, Kraken, OKX.
  • XLM–USDC pairs: Binance, Bybit.

Why It Matters

• The Index Provider’s constituent venues are used to calculate the Index Price that helps determine the Trust’s valuation. Changes to which exchanges are included can affect the price feed, liquidity and spreads used in that calculation.
• CoinDesk may add or remove venues at any time (including scheduled monthly reviews), so investors should note that the Index composition — and therefore elements affecting the Trust’s NAV tracking — can change periodically.
• This 8-K is informational; it does not report changes to the Trust’s holdings or management, but it signals a modification in the price sources underlying the Trust’s benchmark.