| Fair Value of XLM |
3. Fair Value of XLM XLM is held by the Custodian on behalf of the Trust and is carried at fair value. As of June 30, 2026 and December 31, 2025, the Trust held 117,043,964.2839051 and 116,409,174.8450132 XLM, respectively. The Trust determined the fair value per XLM to be $0.19 and $0.20 on June 30, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). The following represents the changes in quantity of XLM and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except XLM amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
118,986,745.3227980 |
|
|
$ |
39,390 |
|
XLM contributed |
|
|
- |
|
|
|
- |
|
XLM distributed for Sponsor’s Fee, related party |
|
|
(1,466,053.5577133 |
) |
|
|
(450 |
) |
Net change in unrealized appreciation/depreciation on investment in XLM |
|
|
- |
|
|
|
(10,563 |
) |
Net realized gain on investment in XLM |
|
|
- |
|
|
|
159 |
|
Balance at June 30, 2025 |
|
|
117,520,691.7650850 |
|
|
$ |
28,536 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except XLM amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
116,409,174.8450132 |
|
|
$ |
23,191 |
|
XLM contributed |
|
|
2,080,633.5559904 |
|
|
|
340 |
|
XLM distributed for Sponsor’s Fee, related party |
|
|
(1,445,844.1170985 |
) |
|
|
(260 |
) |
Net change in unrealized appreciation/depreciation on investment in XLM |
|
|
- |
|
|
|
(1,490 |
) |
Net realized loss on investment in XLM |
|
|
- |
|
|
|
(28 |
) |
Balance at June 30, 2026 |
|
117,043,964.2839051 |
|
|
$ |
21,753 |
|
|