Stellar (XLM) Plunges from 2025 Peak, Grayscale Holds Steady

As of November 15, 2025, the price of Stellar (XLM) has fallen from its 2025 peak of $0.52 to $0.26, a significant drop. However, one of the leading crypto investment funds, Grayscale, has notably managed its XLM holdings during this downturn.

Grayscale's XLM holdings increased from 70 million to 119 million ahead of XLM's "god candle" rally in November 2024, showcasing the fund's ability to position itself before major market swings. Since early 2025, the fund has stopped accumulating XLM, and its holdings have slightly decreased to 116.8 million. This reflects Grayscale's investors' long-term perspective on XLM as a valuable asset in the cross-border payments sector.

Interestingly, shares of Grayscale Stellar Lumens Trust (GXLM) are trading at a 10-15% premium over its Net Asset Value (NAV), indicating that investors are willing to pay above the underlying asset value. However, Grayscale's XLM holdings only account for about 0.36% of the total circulating supply, suggesting that the fund's impact on the market is relatively small.

To counter the selling pressure, the Stellar ecosystem has seen several positive developments. In November 2025, seven major crypto players launched the Blockchain Payments Consortium (BPC), which aims to promote blockchain-based payment standards and enable cross-chain integration, potentially boosting XLM's demand in 2026. Additionally, the Stellar network has experienced a 37% growth in full-time developers during the third quarter of 2025, outpacing the industry average.