How Grayscale Holds XLM as the Price Drops More Than 50%
Despite XLM's price drop exceeding 50% since its 2025 peak, Grayscale maintains its significant holdings and its trust trades at a premium.Summary
Stellar (XLM) has seen its price drop by over 50% from its 2025 peak of $0.52. During this downturn, Grayscale, a major crypto fund, has maintained its XLM holdings, which slightly decreased to 116.8 million from a peak accumulation of 119 million before the rally. This suggests a long-term view from the fund's investors, as shares of the Grayscale Stellar Lumens Trust (GXLM) are trading at a premium of 10-15% over their Net Asset Value (NAV).
Despite Grayscale's large position, its 116.8 million XLM constitutes only about 0.36% of the total circulating supply, offering little decisive market impact. To counter selling pressure, the Stellar ecosystem benefits from positive developments, including the launch of the Blockchain Payments Consortium (BPC) by seven major crypto players to promote blockchain payment standards, and explosive growth in Real-World Assets (RWA) on the network, reaching a record $654 million in November 2025.
However, the article notes that despite these positive fundamental developments, XLM has historically performed poorly in November, and current extreme market fear suggests the asset may struggle against the broader negative trend.
(Source：BeInCrypto)