Q2 2026 Streamex Corp Earnings Call

August 17, 2026

Speaker #1: Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Streamex Q2 2026 Business and Quarterly Update call.

Operator: Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Streamex Q2 2026 Business and Quarterly Update call. All lines have been placed on mute to prevent any background noise. If you'd like to ask a web question, please type your question into the Q&A box. Thank you. I would now like to turn the call over to Adele Carey, Senior Vice President of Alliance Advisors IR. Please go ahead.

Operator: Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Streamex Q2 2026 Business and Quarterly Update Call. All lines have been placed on mute to prevent any background noise. If you'd like to ask a web question, please type your question into the Q&A box. Thank you. I would now like to turn the call over to Adele Carey, Senior Vice President of Alliance Advisors IR. Please go ahead.

Speaker #1: Our lines have been placed on mute to prevent any background noise. If you'd like to ask a question, please type your question into the Q&A box.

Speaker #1: Thank you. I would now like to turn the call over to Adele Carey, Senior Vice President of Alliance Advisors IR. Please go ahead.

Speaker #2: Great. Thank you so much, Jordan, and good afternoon, everyone. Welcome to Streamex Corp's second quarter 2026 earnings and corporate update call. I'm joined today by Henry McPhee, Co-Founder and Chief Executive Officer, and Christine Plummer, Chief Financial Officer.

Adele Carey: Great. Thank you so much, Jordan, and good afternoon, everyone. Welcome to Streamex Corp's Q2 2026 earnings and corporate update call. I'm joined today by Henry McPhie, Co-founder and Chief Executive Officer, and Christine Plummer, Chief Financial Officer. Before we begin, I'd like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today. Please refer to the cautionary language on slides 2 and 3 of today's presentation, as well as risk factors detailed in our most recent filings, Form 10-K and Form 10-Q files with the SEC. The team will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filings in the appendix to today's deck.

Adele Carey: Great. Thank you so much, Jordan, and good afternoon, everyone. Welcome to Streamex Corp's Q2 2026 Earnings and Corporate Update Call. I'm joined today by Henry McPhie, Co-founder and Chief Executive Officer, and Christine Plummer, Chief Financial Officer. Before we begin, I'd like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today. Please refer to the cautionary language on slides two and three of today's presentation, as well as risk factors detailed in our most recent filings, Form 10-K and Form 10-Q files with the SEC. The team will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filings in the appendix to today's deck.

Speaker #2: Before we begin, I'd like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today.

Speaker #2: Please refer to the cautionary language on slides 2 and 3 of today's presentation, as well as the risk factors detailed in our most recent filings—Form 10-K and Form 10-Q—filed with the SEC.

Speaker #2: The team will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filings and in the appendix to today's deck.

Speaker #2: And now, I'm more than happy to turn the call over to Henry McPhee.

Adele Carey: And now I am more than happy to turn the call over to Henry McPhie.

Speaker #3: Thanks, Adele. And thank you, everyone, for joining us. I'm super excited to be able to get into it. In the first quarter, we proved the product.

Henry McPhie: Thanks, Adele, and thank you everyone for joining us. I am super excited to be able to get into it. In Q1, we proved the product. In Q2, we built the distribution around it.

Speaker #3: In the second quarter, we built the distribution around it.

Speaker #4: This call will be recorded.

Speaker #3: Five partnerships that, between them, give an institution a way in, a way to verify what they own, a way to custody it, and a way out.

Henry McPhie: Five partnerships that between them give an institution a way in, a way to verify what they own, and a way to custody it, and a way out. What has not yet followed is scale and assets. GLDY assets outstanding were broadly unchanged in Q2, and I am going to spend real time today on why, what we are seeing from the market, and why we think the next phase looks very different from this one. I am also going to spend some time introducing GLDC because it is the most commercially significant thing that we have built. It opens up the product to everyone and adds an entirely new revenue line for the company. Before we start, I would ask you to review our disclosures which are on the screen and in our filings. As stated by Adele, today's presentation and our remarks contain forward-looking statements.

Speaker #3: What is not yet followed is scale and assets. GLDY assets outstanding were broadly unchanged in the second quarter, and I'm going to spend real time today on why, what we're seeing from the market, and why we think the next phase looks very different from this one.

Speaker #3: I’m also going to spend some time introducing GLDC, because it’s the most commercially significant thing that we have built. It opens up the product to everyone and adds an entirely new revenue line to the company.

Speaker #3: Before we start, I would ask you to review our disclosures, which are on the screen and in our filings. As stated by Adele, today’s presentation and our remarks contain forward-looking statements.

Speaker #3: Again, please review our disclosures here. Past performance is not indicative of future results, and any comparisons given throughout the presentation are there to explain the difference in structure, not to project a return.

Henry McPhie: Again, please review our disclosures here. Past performance is not indicative of future results, and any comparisons given throughout the presentation are there to explain the difference in structure, not to project a return. Okay, now getting into it. Here's the shape of the call. Christine will start by taking you through the Q2 results, the balance sheet, the liquidity, cash runway, and capital structure. Then I will come back in and cover four things: what we built this quarter, where GLDY stands and how institutional adoption happens in this category, GLDC and what it means for our revenue, and the market that we're building into. I will finish this with the specific things to hold us to over the next 90 days, and then we'll take questions. We collected questions submitted ahead of this call.

Speaker #3: Okay, now, getting into it. Christine will start by taking you through the second quarter results: the balance sheet, the liquidity, the cash runway, and the capital structure.

Speaker #3: Then I will come back in and cover four things: what we built this quarter, where GLDY stands, and how institutional adoption happens in this category.

Speaker #3: GLDC, and what it means for our revenue and the market that we're building into. I will finish this with the specific things to hold us to over the next 90 days, and then we'll take questions.

Speaker #3: We collected questions submitted ahead of this call. Most of them are answered inside these sections, but we will also be taking live questions during the Q&A period at the end.

Henry McPhie: Most of them are answered inside these sections, but we'll also be taking live questions during the Q&A period at the end. 60 seconds of context before we get started, because some people are new to the story and because we still routinely are misfiled on some sites. First, Streamex is a financial technology company. We built and we operate a tokenization platform for commodity capital markets, and we are the issuer of the assets on it, which means the economics stay with us rather than being paid away to a third-party platform. We built the legal structure, the ecosystem, and the independent attestation framework before we scaled, not after. We are not a cryptocurrency company. We are not a gold ETF. GLDY is a tokenized security with a yield mechanism. We are not a mining or royalty company.

Speaker #3: So, 60 seconds of context before we get started, because some people are new to the story, and because we still routinely are misfiled on some sites.

Speaker #3: First, Streamex is a financial technology company. We built and operate a tokenization platform for commodity capital markets, and we are the issuer of the assets on it.

Speaker #3: Which means the economics stay with us rather than being paid away to a third-party platform. We built the legal structure, the ecosystem, and the independent attestation framework before we scaled, not after.

Speaker #3: We are not a cryptocurrency company. We are not a gold ETF. GLDY is a tokenized security with a yield mechanism. We are not a mining or royalty company.

Speaker #3: We take no exploration or resource risk, and we are not a single product story. Gold is the first commercial proof of a platform designed to be repeated.

Henry McPhie: We take no exploration or resource risk, and we are not a single product story. Gold is the first commercial proof of a platform designed to be repeated. We are Nasdaq listed with no debt, $41.8 million of total liquidity at 30 June, a product live and selling since February. A note on the last line on the left of this page, this is a recurring revenue platform. Revenue scales with asset growth and with trading volume. With that, over to you, Christine.

Speaker #3: We are NASDAQ-listed, with no debt and $41.8 million of total liquidity as of June 30th. Our product has been live and selling since February. And a note on the last line to the left of this page: this is a recurring revenue platform.

Speaker #3: Revenue scales with asset growth and with trading volume. With that, over to you, Christine.

Speaker #2: Thank you, Henry, and good afternoon, everyone. I will start with the headlines on this page, then take you through the details. I will spend most of my time on liquidity, because that is where the questions were.

Christine Plummer: Thank you, Henry, and good afternoon, everyone. I will start with the headlines on this page, then take you through the detail. I will spend most of my time on liquidity because that is where the questions were. Four things on this page. We recognized our first income, $0.1 million of gold lease income, the first income earned under the tokenized gold platform. Operating expenses came down by $20.4 million or 57.1% against the Q1. Net loss came down by $32.2 million or 69% on the same basis. The balance sheet stayed strong, debt-free, a $41.8 million liquidity position, $32.8 million of working capital, and a net decrease in cash of $14.7 million across the H1. Just one note on the period comparison because it runs through this whole section.

Speaker #2: Four things on this page: we recognized our first income, $0.1 million of gold lease income, the first income earned under the tokenized gold platform.

Speaker #2: Operating expenses came down by $20.4 million, or 57.1%, against the first quarter. Net loss came down by $32.2 million, or 69%, on the same basis.

Speaker #2: And the balance sheet stayed strong, debt-free, with a $41.8 million liquidity position, $32.8 million of working capital, and a net decrease in cash of $14.7 million across the first half.

Speaker #2: Just one note on the period comparison, because it runs through this whole section: we are comparing the second quarter with the first quarter of 2026, not with the prior-year quarter.

Christine Plummer: We are comparing the Q2 with the Q1 of 2026, not with the prior year quarter. We acquired Streamex Exchange Corporation on 28 May 2025. The prior year periods contain only about one month of the acquired business and do not give a meaningful basis for comparison. The prior year comparatives are in the Form 10-Q for anyone who wants them. Moving on to the right of the page, the operating markers. GLDY assets under management of 3,111 ounces as of 30 June. External ownership of GLDY up to 9%, 27.3 ounces of dividends earned with 19.4 ounces paid in the quarter. Our first attestation completed. The partnership ecosystem live across custody, distribution, liquidity, secondary markets, and derivatives, and GLDC expected to launch in the H2. In the Q2, we recognized $146,000 of gold lease income.

Speaker #2: We acquired Streamex Exchange Corporation on May 28, 2025, so the prior year periods contain only about one month of the acquired business and do not provide a meaningful basis for comparison.

Speaker #2: The prior year comparatives are in the Form 10-Q for anyone who wants them. So, moving on to the right of the page—the operating markers.

Speaker #2: GLDY assets under management were 3,111 ounces as of June 30. External ownership of GLDY is up to 9%. Twenty-seven point three ounces of dividends were earned, with 19.4 ounces paid in the quarter.

Speaker #2: Our first attestation completed: the partnership ecosystem is live across custody, distribution, liquidity, secondary markets, and derivatives. And GLDC is expected to launch in the second half.

Speaker #2: In the second quarter, we recognized $146,000 of gold lease income. That is the first income in the company's history. I want to be precise rather than promotional about it.

Christine Plummer: That is the first income in the company's history. I want to be precise rather than promotional about it. Approximately $12,000 relates to Q1 income recognized in the Q2 as an immaterial correction. Income earned in the quarter itself was approximately $134,000. It is a small number, but what matters is that the mechanism is proven and repeatable. Loss from operations was $15.2 million in the Q2 against $35.7 million in the Q1. Operating expenses came down by $20.4 million or 57.1%, driven principally by a lower stock-based compensation charge and lower consulting and platform development costs. Net loss for the quarter was $14.6 million against $46.7 million in the Q1, a reduction of $32.2 million or 69%. Loss per share was $0.08. For the six months, net loss was $61.2 million, and the net decrease in cash was $14.7 million.

Speaker #2: Approximately $12,000 relates to first quarter income recognized in the second quarter as an immaterial correction. So, income earned in the quarter itself was approximately $134,000.

Speaker #2: It is a small number, but what matters is that the mechanism is proven and repeatable. Loss from operations was $15.2 million in the second quarter, against $35.7 million in the first.

Speaker #2: Operating expenses came down by $20.4 million, or 57.1%, driven principally by a lower stock-based compensation charge and lower consulting and platform development costs. Net loss for the quarter was $14.6 million, compared to $46.7 million in the first quarter.

Speaker #2: A reduction of $32.2 million, or 69%. Loss per share was $0.08. For the six months, net loss was $61.2 million, and the net decrease in cash was $14.7 million.

Speaker #2: And I want to be clear about what is inside that loss, because at face value it could be misleading. It includes $32.5 million of non-cash stock-based compensation, approximately $12 million of non-cash interest, and a $3.1 million loss on extinguishment.

Christine Plummer: I want to be clear about what is inside that loss, because at face value it could be misleading. It includes $32.5 million of non-cash stock-based compensation, approximately $12 million of non-cash interest, and a $3.1 million loss on extinguishment. The last two both relating to the convertible debentures we settled in February, and neither of which will recur. The cash cost of running this business is materially lower than the loss line suggests, and that is the bridge into the pages that follow. The balance sheet is the reason we can focus on growth rather than financing. Total assets of $159.6 million as of 30 June, against $173.3 million as of 31 March. Total liabilities of $12.4 million, down from $14 million. Total stockholders' equity of $147.1 million. Working capital of $32.8 million, and no debt at either date. What moved during the quarter was deliberate.

Speaker #2: The last two both relate to the convertible debt debentures we settled in February, and neither of which will recur. The cash cost of running this business is materially lower than the loss line suggests.

Speaker #2: And that is the bridge into the pages that follow. The balance sheet is the reason we can focus on growth rather than financing. Total assets of $159.6 million as of June 30th, against $173.3 million as of March 31st.

Speaker #2: Total liabilities of $12.4 million, down from $14 million; total stockholders' equity of $147.1 million; working capital of $32.8 million; and no debt at either date.

Speaker #2: What moved during the quarter was deliberate. We reduced marketable securities by $10.9 million and redeployed that capital—$6 million to USDC, $5 million of which is expected to be disbursed as the loan to Wintermute. We also funded a $2 million subscription for 2,000 non-voting shares of Metalayer Digital Fund One.

Christine Plummer: We reduced marketable securities by $10.9 million and redeployed that capital. $6 million to USDC, $5 million of which is expected to be disbursed as the loan to Wintermute. We also funded a $2 million subscription for 2,000 non-voting shares of Metalayer Digital Fund I. We recorded a gold-denominated receivable for in-kind lease yield and contractual revenue share earned in the Q2, but not settled in it. We entered into a non-cancelable operating lease for office space in Winter Park, Florida, which is what brings the right of use asset and the lease liability onto the page. The objective behind all of that is on the page, and it is straightforward: de-risk the balance sheet, fund growth, and reposition capital towards tokenized commodity infrastructure and the digital asset ecosystem. A number of shareholders asked us to be concrete about liquidity.

Speaker #2: We recorded a gold-denominated receivable for in-kind lease yield and contractual revenue share earned in the second quarter, but not settled in it. And we entered into a non-cancellable operating lease for office space in Winter Park, Florida, which is what brings the right-of-use asset and the lease liability onto the page.

Speaker #2: The objective behind all of that is on the page, and it is straightforward: de-risk the balance sheet, fund growth, and reposition capital towards tokenized commodity infrastructure and the digital asset ecosystem.

Speaker #2: A number of shareholders' assets, to be concrete about liquidity. So I'm going to give you two numbers, rather than one, and tell you why they are different.

Christine Plummer: I am going to give you two numbers rather than one, and tell you why they are different. Our total liquidity position at 30 June was $41.8 million. Cash and marketable securities of $18.5 million, digital assets of $6 million, physical gold carried at cost of $15.5 million, and our Metalayer investment at $1.8 million. Of that, approximately $19.5 million is immediately available today. The difference is three specific disclosed items, and I would rather you hear them from me than derive them from the filings. $5 million of our digital assets is on loan to Wintermute. It is contractually returnable, but not until 365 days after the first day of GLDY trading, which was on 27 May 2026. We do not treat it as available. Our Metalayer investment is subject to a lockup. The earliest redemption date available to us is 30 September 2026.

Speaker #2: Our total liquidity position at June 30th was $41.8 million: cash and marketable securities of $18.5 million, digital assets of $6 million, physical gold carried at cost of $15.5 million, and our Metalayer investment at $1.8 million.

Speaker #2: Of that, approximately $19.5 million is immediately available today. The difference is due to three specific disclosed items, and I'd rather you hear them from me than derive them from the filings.

Speaker #2: Five million of our digital assets is on loan to Wintermute. It is contractually returnable, but not until 365 days after the first day of GLDY trading, which was on May 27, 2026, so we do not treat it as available.

Speaker #2: Our Metalayer investment is subject to a lock-up. The earliest redemption date available to us is September 30, 2026. The physical gold is inventory backing the GLDY reserve.

Christine Plummer: The physical gold is inventory backing the GLDY reserve. It is a real asset and it is monetizable, but selling it is a capital decision rather than a cash balance. Alongside that, we have working capital of $32.8 million, total equity of $147.1 million, and no debt of any kind. We retired $38 million of convertible notes in February, and all related security interest and liens were released. Now moving on to the question that was actually asked. How many years? Our operating cash burn in Q2 was approximately $1.6 million a month. Within that, we can identify roughly half a million dollars a month of items we do not expect to repeat. Accounting and other consulting services, one-time personal cost, and a marketing program that has now run its course.

Speaker #2: It is a real asset, and it is monetizable, but selling it is a capital decision rather than a cash balance. Alongside that, we have working capital of $32.8 million, total equity of $147.1 million, and no debt of any kind.

Speaker #2: We retired $38 billion of convertible notes in February, and all related security interests and liens were released. Now, moving on to the question that was actually asked.

Speaker #2: How many years? Our operating cash burn in the second quarter was approximately $1.6 million a month. Within that, we can identify roughly $500,000 a month of items we do not expect to repeat.

Speaker #2: Accounting and other consulting services, one-time personal costs, and a marketing program that has now run its course. Stripping those out gives us an expected run rate of approximately $1.1 million a month going into the third quarter.

Christine Plummer: Stripping those out gives us an expected run rate of approximately $1.1 million a month going into Q3. At that run rate, our immediately available funds alone cover approximately 18 months. The total liquidity position covers approximately three years, and it is important to note that this is assuming no revenue, which as you can see, we have begun to generate as of this quarter. To answer directly, it is years, not months, with no debt and before any of the additional levers available to us. Those levers, none of which are assumed in the figures I have just given. The Metalayer redemption becomes available at the end of September. We have a stated capital strategy of monetizing portions of the company's GLDY holdings, which we executed on during H1.

Speaker #2: At that run rate, our immediately available funds alone cover approximately 18 months. The total liquidity position covers approximately three years, and it is important to note that this is assuming no revenue, which, as you can see, we have begun to generate as of this quarter.

Speaker #2: So to answer directly, it is years, not months, with no debt and before any of the additional levers available to us. Those levers, none of which are assumed in the figures I have just given.

Speaker #2: The Metalayer redemption becomes available at the end of September. We have a stated capital strategy of monetizing portions of the company's GLDY holdings, which we executed on during the first half.

Speaker #2: And we have engaged an advisor to evaluate strategic alternatives for the pure EP patent portfolio. We have not received a definitive offer and therefore assume nothing.

Christine Plummer: And we have engaged an advisor to evaluate strategic alternatives for the PURE EP patent portfolio, where we have not received a definitive offer and therefore assume nothing. One thing that is not on the slide, we are not managing this business toward the end of a runway. We are managing it toward a fee base, and the operating leverage is genuine. The cost base is largely fixed and built, and the fee streams scale with assets and with turnover. I would now like to address the items on this page. First is share counts, which are presented as of 30 June 112 million of common shares outstanding, 69 million of exchangeable shares that convert one for one, and 182 million fully diluted, including the exchangeables. There are also three items we have been asked about. Share repurchases.

Speaker #2: One thing that is not on the slide: we are not managing this business toward the end of a runway. We are managing it toward a fee base, and the operating leverage is genuine.

Speaker #2: The cost base is largely fixed and built, and the fee streams scale with assets in, with turnover. I would now like to address the items on this page.

Speaker #2: First is share counts, which are presented as of June 30th. There are 112 million common shares outstanding, 69 million exchangeable shares that convert one for one, and 182 million fully diluted shares, including the exchangeables.

Speaker #2: There are also three items we have been asked about: share repurchases. On July 1, the board authorized the repurchase of up to 10 million shares at a price not exceeding $2.

Christine Plummer: On 1 July, the board authorized the repurchase up to 10 million shares at a price not exceeding $2. No shares have been repurchased to date. Timing and execution remain at the board's discretion and are subject to the trading restrictions that apply to us. I am not going to signal our intentions beyond confirming the authorization is live and the board is actively engaged with it. Internal controls. The material weaknesses disclosed in our 2025 annual report were not remediated as of 30 June, and accordingly, we concluded our disclosure controls and procedures were not effective as of that date. To be clear about what that does and does not mean, this did not result in any identified misstatement, and there were no changes to previously released results. Remediation is underway.

Speaker #2: No shares have been repurchased to date. Timing and execution remain at the Board's discretion and are subject to the trading restrictions that apply to us.

Speaker #2: I'm not going to signal our intentions beyond confirming the authorization is live and the Board is actively engaged with it. Internal controls: The material weaknesses disclosed in our 2025 Annual Report were not remediated as of June 30th. Accordingly, we concluded our disclosure controls and procedures were not effective as of that date.

Speaker #2: To be clear about what that does and does not mean: this did not result in any identified misstatement, and there were no changes to previously released results.

Speaker #2: Remediation is underway. They will not be considered fully remediated until the controls have operated for a sufficient period, and we have tested them. I expect to report progress each quarter until they are closed.

Christine Plummer: They will not be considered fully remediated until the controls have operated for a sufficient period, and we have tested them. I expect to report progress each quarter until they are closed. Our auditor. Effective 8 July, the audit committee appointed EisnerAmper succeeding CBIZ. There were no disagreements on any matter of accounting principles, financial statement disclosure or auditing scope or procedure. With that, I will hand back to Henry.

Speaker #2: Our auditor: effective July 8th, the audit committee appointed EisnerAmper, succeeding DIT this. There were no disagreements on any matter of accounting principles, financial statement disclosure, or auditing scope or procedure.

Speaker #2: With that, I will hand it back to Henry.

Speaker #1: Thanks, Christine. So, let me start with what we actually did this quarter. Five partnerships and initiatives were completed since May. I would ask you to look at them in sequence, rather than as a list, because each one removes a specific reason a potential GLDY investor could not participate.

Henry McPhie: Thanks, Christine. Let me start with what we actually did this quarter. Five partnerships and initiatives done since May, and I would ask you to look at them in sequence rather than a list, because each one removes a specific reason a potential GLDY investor could not participate. On 27 May, Orca, a 24/7 decentralized exchange venue for tokenized securities with GLDY as the inaugural asset. Compliance enforced automatically at the venue level and a revenue share stream back to Streamex. That is trading infrastructure. On 29 June, Siebert Financial Corp. and tZERO, brokers can now offer GLDY to their clients for trading on an SEC-registered ATS across approximately $20 billion of network assets. This is the first traditional brokerage channel into the product. On 1 July, our independent reserve attestation from EisnerAmper occurred with monthly attestations continuing at an annual audit.

Speaker #1: On May 27th, Orca—a 24/7 decentralized exchange venue for tokenized securities—launches with GLDY as the inaugural asset. Compliance is enforced automatically at the venue level, and there is a revenue share stream back to StreamX.

Speaker #1: That is trading infrastructure. On the 29th of June, Sabre Financial and T-Zero. Brokers can now offer GLDY to their clients for trading on an SEC-registered ATS, across approximately $20 billion of network assets.

Speaker #1: This is the first traditional brokerage channel into the product. On July 1st, our independent reserve attestation from EisnerAmper occurred, with monthly attestations continuing and an annual audit.

Speaker #1: This was the single most requested item in institutional due diligence, and it is now on track to grow every month. On July 21st, Inspira Financial qualified custody for GLDY, so RIAs and wealth managers can hold the asset inside frameworks that they already operate in.

Henry McPhie: This was the single most requested item in institutional due diligence, and it is now on track to grow every month. On 21 July, Inspira Financial qualified custody for GLDY, so RIAs and wealth managers can hold the asset inside of frameworks that they already operate in. $63 billion in more than 8 million accounts within Inspira. On 23 July, Wintermute. Instant liquidity, 24 hours a day, 365 days a year, with roughly $12 million of seed liquidity across institutional-grade venues and settlement moved from T+2 to T+0. We have the venue, then the brokerage, then verification, custody, liquidity. That is a complete institutional stack, and six months ago, we had none of it. This is what it adds up to. The strategy here is leverage. We are not trying to acquire investors one at a time.

Speaker #1: $63 billion in more than 8 million accounts within Inspira. On the 23rd of July, Wintermute. Instant liquidity, 24 hours a day, 365 days a year, with roughly $12 million of seed liquidity across institutional-grade venues, and settlement moving from T+2 to T+0.

Speaker #1: We had the venue, then the brokerage, then verification, custody, liquidity—that is a complete institutional stack. And six months ago, we had none of it.

Speaker #1: This is what it adds up to. The strategy here is leverage—we're not trying to acquire investors one at a time. We are enabling brokerages, custodians, and retirement platforms to offer our assets to their own clients.

Henry McPhie: We are enabling brokerages, custodians, and retirement platforms to offer our assets to their own clients, which takes the addressable opportunity from thousands of investors to millions without us having to reach any of them directly. Everything on this page is live except Equity Trust, which covers US tax-advantaged retirement accounts and is in progress. There is more than 359,000 accounts and over $72 billion worth of capital. That is a very large pool of gold-allocating capital and is still a major channel that is open. With that, I want to address something directly because I think it is the most misunderstood part of our story. There is a perception that buying GLDY requires an investor to have a view on tokenization. That is not the case. It does not, and increasingly, it does not require them to interact with the technology at all.

Speaker #1: This takes the addressable opportunity from thousands of investors to millions, without us having to reach any of them directly. Everything on this page is live, except Equity Trust, which covers U.S. tax-advantaged retirement accounts and is in progress.

Speaker #1: There are more than 359,000 accounts and over $72 billion worth of capital. That is a very large pool of gold-allocating capital and is still a major channel that is open.

Speaker #1: With that, I want to address something directly, because I think it's the most misunderstood part of our story. There's a perception that buying GLDY there's a perception that buying GLDY requires an investor to have a view on tokenization.

Speaker #1: That is not the case—it does not. And increasingly, it does not require them to interact with the technology at all. First, through their broker or advisor, an advisor can allocate to GLDY the same way that they would allocate to anything else.

Henry McPhie: First, through their broker or advisor, an advisor can allocate to GLDY the same way that they would allocate to anything else. Through Siebert, reported in the statements their client already receives. The token is an implementation detail they never have to touch. Second, exposure through swap structures that now gain exposure without holding the token directly removes an operational objection that has gated the largest pools of gold capital. The allocator gets the full economics without having to onboard a new instrument at all. This is especially important for ETFs and hedge funds and is now available. Third, a path that is purely quantitative, the carry. Funds looking for a spread between GLDY and the gold futures funding are buying a return, not a thesis.

Speaker #1: Through Siebert, reported in the statements, their client already receives. The token is an implementation detail they never have to touch. Second, exposure through swap.

Speaker #1: Structures that now gain exposure without holding the token directly remove an operational objection that has gated the largest pools of gold capital. The allocator gets the full economics without having to onboard a new instrument at all.

Speaker #1: This is especially important for ETFs and hedge funds, and is now available. And third, a path that is purely quantitative: the carry. Funds looking for a spread between GLDY and the gold futures funding are buying a return, not a thesis.

Speaker #1: They do not need a view on tokenized gold as a category at all, which is exactly what makes that a useful entry point for us right now.

Henry McPhie: They do not need a view on tokenized gold as a category at all, which is exactly what makes that a useful entry point for us right now. The trader itself gets superpowered by GLDY, adding a 3.5% yield to the long leg of the trade and makes it better than anything before. I wrote an article on this that can be found on my X if you want more information on the trade idea. We are in active discussions for allocation across all three of those paths, and the product allocator actually buys is straightforward. A gold that pays them a yield held by a custodian they already trust, tradable around the clock. Everything else is our problem, not theirs. Which brings me to something that we have been investing in pretty heavily and not talked about enough. Cory Handy joined us in May as VP of Product and Design.

Speaker #1: The trader itself gets superpowered by GLDY, adding a three-and-a-half-percent yield to the long leg of the trade and making it better than anything before.

Speaker #1: I wrote an article on this that can be found on my X, if you want more information on the trade idea. We are in active discussions for allocation across all three of those paths.

Speaker #1: And the product allocators actually buy is straightforward: a gold that pays them a yield, held by a custodian they already trust, tradable around the clock.

Speaker #1: Everything else is our problem, not theirs. Which brings me to something that we've been investing in pretty heavily and not talked about enough. Corey Handy joined us in May as VP of Product and Design.

Henry McPhie: Cory Handy joined us in May as VP of Product and Design.

Speaker #1: He has 18 years of experience designing fintech and payment products at PayPal, Microsoft, and DraftKings, and he was the founder and CEO of Kepler Savings. He owns the StreamX experience from end to end.

Henry McPhie: He had 18 years designing fintechs and payment products at PayPal, Microsoft, and DraftKings, and he was the founder and CEO of Kepler Savings. He owns the Streamex experience from end to end, and I want to explain why that is a priority rather than a polish item. Every additional step between interest and a funded account is a place where an investor stops. For a first-of-its-kind product, that friction compounds, because the buyer is already doing something unfamiliar. Reducing it is one of the highest returns uses of engineering time that we have. Cory has rebuilt the account opening and accreditation flow with fewer steps between arriving and being verified. He simplified the funding paths, added functionality for instant liquidity to allow investors to get in and out of the asset at any time.

Speaker #1: And I want to explain why that is a priority rather than a polish item. Every additional step between interest and a funded account is a place where an investor stops.

Speaker #1: For a first-of-its-kind product, that friction compounds, because the buyer is already doing something unfamiliar. Reducing it is one of the highest-return uses of engineering time that we have.

Speaker #1: So Corey has rebuilt the account opening and accreditation flow with fewer steps between arriving and being verified. He simplified the funding paths and added functionality for instant liquidity to allow investors to get in and out of the asset at any time.

Speaker #1: He's built a clear view of what you own, what it's worth, and every distribution you received—in ounces and in dollars. And he is building purpose-built flows for advisors and custodians, who have entirely different requirements from a direct investor.

Henry McPhie: He has built a clear view of what you own, what it is worth, and every distribution you have received, in ounces and in dollars. He is building purpose-built flows for advisors and custodians who have entirely different requirements from a direct investor. The distribution is built, the experience is what converts it. Now into the GLDY update. On performance, the product has done everything that we said it would. The net asset value has tracked the gold price one to one exactly as designed since launch. We have paid four yield distributions, every one on schedule, and more than 27 ounces distributed to holders in total, and we paid them in gold. The yield is funded by gold leasing, and we have independent reserve attestation by EisnerAmper every month with an annual audit.

Speaker #1: The distribution is built; experience is what converts it. Now, into the GLDY update. On performance, the product has done everything that we said it would.

Speaker #1: The net asset value has tracked the gold price one-to-one, exactly as designed since launch. We have paid four yield distributions, every one on schedule, and more than 27 ounces have been distributed to holders in total.

Speaker #1: And we paid them in gold. The yield is funded by gold leasing, and we have independent reserve attestation by EisnerAmper every month, with an annual audit.

Speaker #1: On assets, we ended the quarter with 311 ounces behind GLDY and 3,996 at the end of March, broadly unchanged. I'm giving you that in ounces deliberately.

Speaker #1: You will get an ounce count every quarter from here, whichever way it moves. Here is the important point, and the one that I want you to take away.

Henry McPhie: On assets, we ended the quarter with 311 ounces behind GLDY and 3,096 at the end of March, broadly unchanged. I am giving you that in ounces deliberately. You will get an ounce count every quarter from here, whichever way it moves. Here is the important point, and the one that I want you to take away. The product is not the constraint. GLDY does everything that we said it would, and we believe it remains the best gold asset available anywhere. It is the only one that pays its holders, and the work this quarter was clearing what stands between it and institutional capital. Let me tell you what we have learned about how the capital actually arrives. Institutional allocation to a new asset class does not arrive on a slope. It arrives in steps. Look at what this category actually looks like.

Speaker #1: The product is not the constraint. GLDY does everything that we said it would, and we believe it remains the best gold asset available anywhere.

Speaker #1: It is the only one that pays its holders, and the work this quarter was clearing with sands between it and institutional capital. So let me tell you what we've learned about how the capital actually arrives.

Speaker #1: Institutional allocation to a new asset class does not arrive on a slope; it arrives in steps. Look at what this category actually looks like.

Speaker #1: Comparable yield-bearing tokenized products—real products run by serious institutions—have $688 million and $2.25 billion of assets, with 56 and 101 holders respectively. The largest tokenized treasury fund in the world, run by the largest asset manager in the world, has roughly 115 holders.

Speaker #1: These are products where a very small number of investors move billions of dollars. This is how the market works right now, and it's worth understanding before drawing conclusions from a holder count or quarterly change.

Henry McPhie: Comparable yield-bearing tokenized products, real products run by serious institutions, have 688 and 2.25 billion of assets with 56 and 101 holders respectively. The largest tokenized treasury fund in the world, run by the largest asset manager in the world, has roughly 115 holders. These are products where a very small number of investors move billions of dollars. This is how the market works right now, and it is worth understanding before drawing conclusions from a holder count or quarterly change. There are three things that follow from that. First, Wall Street rewards a fast follower. Allocators are not paid to be the first into the new structure. They are paid to be early into a proven one. That is rational institutional behavior and not a verdict on the asset. Second, our partners are telling us the same thing.

Speaker #1: There are three things that follow from that. First, Wall Street rewards a fast follower. Allocators are not paid to be the first into the new structure.

Speaker #1: They are paid to be early into a proven one. That's rational institutional behavior and not a verdict on the asset. Second, our partners are telling us the same thing.

Speaker #1: The consistent message that we get back from our brokerage and custody partners, including through the Siebert network, is that a visible institutional allocation is the signal their clients are waiting for.

Speaker #1: Third, and this is the part that matters: we have spent two quarters removing every reason to wait. Custody, attestation, brokerage access, qualified custody, 24/7 liquidity—those are precisely the things that an allocator points to when they justify going first, and they are now in place.

Henry McPhie: The consistent message that we get back from our brokerage and custody partners, including through the Siebert network, is that a visible institutional allocation is the signal their clients are waiting for. Third, and this is the part that matters, we have spent two quarters removing every reason to wait. Custody, attestation, brokerage access, qualified custody, 24/7 liquidity, those are precisely the things that our allocator points to when they justify going first, and they are now in place. With all that being said, we expect the first institutional allocation to be an inflection, and as this page says, we expect that in Q3. In a market this concentrated, the second and third orders follow much faster than the first, and we are positioned for that. Now into the gate scoreboard. Here is the list.

Speaker #1: So, with all that being said, we expect the first institutional allocation to be an inflection point, and as this page says, we expect that in the third quarter. In a market this—and as this page says, we expect that in the third quarter.

Speaker #1: In a market this concentrated, the second and third orders follow much faster than the first, and we are positioned for that. Now, into the GAIT scoreboard.

Speaker #1: So here is the list. Every gate that sits between an announced partnership and funded assets, and exactly where we stand against it: the legal wrapper, physical custody, institutional digital custody, independent attestation, and secondary liquidity are complete.

Speaker #1: Brokerage access is live through Siebert and T0. Qualified custody for RAs and wealth managers is live through Inspira. Three rows are not marked complete. The U.S. retirement accounts for Equity Trust are in process. Our attestation track record is continuing to build and accrues one month at a time.

Henry McPhie: Every gate that sits between an announced partnership and funded assets, and exactly where we stand against it. The legal wrapper, physical custody, institutional digital custody, independent attestation, and secondary liquidity are complete. Brokerage access is live through Siebert and tZERO. Qualified custody for RIAs and wealth managers is live through Inspira. Three rows are not marked complete. The US retirement accounts for Equity Trust is in process. Our attestation track record is continuing to build and accrues one month at a time. The accreditation barrier, which is Rule 506(c), excluding most investors from buying, is removed by GLDC. We are also going to republish this scoreboard with every status change at each quarterly update, adding more lines as additional partnerships and integrations go live. Importantly, this lets you measure us against the work done. Now into something that I am especially excited about, GLDC.

Speaker #1: And the accreditation barrier, which is Rule 506C, excluding most investors from buying, is removed by GLDC. We are also going to republish this scoreboard with every status change at each quarterly update, adding more lines as additional partnerships and integrations go live.

Speaker #1: Importantly, this lets you measure us against the work done. Now, onto something that I am especially excited about: GLDC. This is truly the most commercially significant thing that we are building right now.

Speaker #1: Each GLDC is backed one-to-one by GLDY or other gold assets, which are backed one-to-one by physical gold. It is permissionless, meaning anyone anywhere can access it with no minimum, no creation fees, no redemption or transfer fees, and it's issued by an independent oriferous foundation.

Henry McPhie: This is truly the most commercially significant thing that we are building right now. Each GLDC is backed one to one by GLDY or other gold assets, which are backed one to one by physical gold. It is permissionless, meaning anyone, anywhere, with no minimum, no creation fees, no redemption or transfer fees. It is issued by an independent auriferous foundation. Streamex acts as the servicer to the foundation and is not itself the issuer. We carry monthly attestations through EisnerAmper with GLDY and an annual audit and proof of reserve oracle. There are three reasons why this matters. It is one reserve. Every GLDC minted requires a GLDY to be minted behind it. So GLDC assets are GLDY assets. This is not a second product competing with the first. Growth in GLDC is growth in the exact number that you have been watching.

Speaker #1: StreamX acts as the servicer to the foundation and is not itself the issuer. We carry out monthly attestations through EisnerAmper with GLDY, as well as an annual audit and proof of reserve oracle.

Speaker #1: There are three reasons why this matters. First, it is one to one reserve. Every GLDC minted requires a GLDY to be minted behind it. So GLDC assets are GLDY assets.

Speaker #1: This is not a second product competing with the first. Growth in GLDC is growth in the exact number that you have been watching. It opens the product beyond accredited investors, which is the single largest constraint on our buyer base today, and the reserve behind it is productive.

Speaker #1: Because that reserve is GLDY, it accrues 3.5% through gold leasing. PAX and Tether Gold sit on idle bullion; structurally, they have nothing to be able to fund an ecosystem with.

Speaker #1: We do. And that changes what we can build on the token—a full on-chain ecosystem with Borrowland markets and deep liquidity. This is the most important part that I want shareholders to understand, because it is an entirely new revenue line for this company.

Henry McPhie: It opens the product beyond accredited investors, which is the single largest constraint on our buyer base today, and the reserve behind it is productive. Because that reserve is GLDY, it accrues 3.5% through gold leasing. PAX Gold and Tether Gold sit on idle bullion. Structurally, they have nothing to be able to fund an ecosystem with. We do. That changes what we can build around a token. A full on-chain ecosystem with borrow/lend markets and deep liquidity. This is the most important part that I want shareholders to understand because it is an entirely new revenue line for this company, and it is not in anyone's model. Walk through it with me. First, someone buys GLDC and capital comes in. A GLDY is then minted behind it, backed one-to-one by physical gold. Because the reserve is GLDY, that reserve is productive. It earns 3.5% through gold leasing.

Speaker #1: And it's not in anyone's model. Walk through it with me. First, someone buys GLDC and capital comes in. A GLDY is then minted behind it.

Speaker #1: Backed one-to-one by physical gold. Because the reserve is GLDY, that reserve is productive. It earns 3.5% through gold leasing. And StreamX benefits because GLDC assets drive GLDY assets, which is our base as our own fee.

Speaker #1: That streams are earned on. The reserve income itself accrues to the foundation and pays StreamX its servicing fee, and funds the incentives that build out the ecosystem.

Speaker #1: Look what that means at scale. A 3.5% reserve rate, 100 million dollars of GLDC, is roughly 3.5 million in annual reserve income. 250 is 8.8, 500 million, 17.5, and a billion, 35.

Henry McPhie: Streamex benefits because GLDC assets drive GLDY assets, which is our base as our own fee that streams are earned on. The reserve income itself accrues to the foundation and pays Streamex its servicing fee and funds the incentives that build out the ecosystem. Look what that means at scale. A 3.5% reserve rate, $100 million of GLDC is roughly $3.5 million in annual reserve income. $250 million is $8.8 million, $500 million is $17.5 million, and $1 billion is $35 million. Those figures are obviously illustrative, and they are not guidance, but are gross of costs and before any amounts are applied to holder incentives or ecosystem program, but the shape is the point. That model, if it sounds familiar, it should. A stablecoin issuer earns the yield of the reserves that are backing its token, and holders are not paid for it.

Speaker #1: Those figures are obviously illustrative, and they're not guidance, but are growth of costs before any amounts are applied to holder incentives or the ecosystem program. But the shape is the point.

Speaker #1: That model, if it sounds familiar, it should. A stablecoin issuer earns the yield of the reserves that are backing this token, and holders are not paid for it.

Speaker #1: The reserve income is overwhelmingly the majority of a company like Circle's revenue, and it scales with supply at close to zero marginal cost. This is that model—with gold in the place of treasuries—and through the servicing agreement with the foundation, service fees accrue on top of the three fee streams that we already earn on every GLDY token issued.

Henry McPhie: The reserve income is overwhelmingly the majority of a company like Circle's revenue, and it scales with supply at close to zero marginal cost. This is that model with gold in the place of treasuries, and through the servicing agreement with the foundation, service fees accrue on top of the three fee streams that we already earn on every GLDY token issued. The tokenization fee, the annual lease rate fee, and the transfer fee. It does not replace them. It is additive. Here is how the three sort of sit against one another. GLDC is the only gold token built on a productive reserve. GLDY is the only one paying a yield to holders. We are the only ones with a permissionless gold token backed by a yield-bearing one, and the only ones with no fee to enter or exit on GLDC. Now the bottom row.

Speaker #1: The tokenization fee, the annual lease rate fee, and the transfer fee—it does not replace them. It is additive. Here's how the three sort of sit against one another.

Speaker #1: GLDC is the only gold token built on a productive reserve. GLDY is the only one paying a yield to holders. We are the only ones with a commissionless gold token backed by a yield-bearing one, and the only ones with no fee to enter or exit on GLDC.

Speaker #1: And now the bottom row—the incumbents have had between 39,000 and 82,000 holders, and billions in assets. They're much bigger than us today.

Speaker #1: But look at what they are: tens of thousands of holders, and they pay nothing. Nobody has a yield-bearing gold token—certainly not a permissionless one.

Speaker #1: That gap is the entire opportunity, and these two products together are exactly what we built to be able to close it. Now, briefly on silver, because several people asked.

Henry McPhie: The incumbents have between 39,000 and 82,000 holders and billions in assets. They are much bigger than us today. But look at what they are. Tens of thousands of holders, and they pay nothing. Nobody has a yield-bearing gold token and a permissionless one. That gap is the entire opportunity, and these two products together are exactly what we built to be able to close it. Now, briefly on silver, because several people asked. In May, we guided to a silver launch in Q3. We have moved it to 2027. It was a capital allocation decision. The highest return use of our engineering capacity and our balance sheet right now is depth on gold. GLDC and the on-chain functionality around it, not breadth across metals. The reason why we can make that choice cheaply is the thing that we have been building all along.

Speaker #1: So, in May, we got into a silver launch in the third quarter. We've moved it to 2027. It was a capital allocation decision. The highest return use of our engineering capacity and our balance sheet right now is depth on gold.

Speaker #1: GLDC and the on-chain functionality around it, not breadth across metals. And the reason why we can make that choice cheaply is the thing that we've been building all along.

Speaker #1: The legal wrapper, the custody, the attestation process, and the venue all exist and are proven. Launching silver is now a launch decision rather than a build project—weeks of work rather than quarters.

Speaker #1: That optionality is exactly what the platform was designed for. Silver is sequenced. The last line on the page is an honest summary of why gold and GLDC have more upside per dollar of effort, and we would rather be the definitive product on one commodity than an early entrant in two.

Henry McPhie: The legal wrapper, the custody, the attestation process, and the venue all exist and are proven. Launching silver is now a launch decision rather than a build project, weeks of work rather than quarters. That optionality is exactly what the platform was designed for. Silver is sequenced. The last line on the page is an honest summary of why gold and GLDC have more upside per dollar of effort, and we would rather be the definitive product on one commodity than an early entrant in two. Now, getting into the end, I want to step back for a couple of minutes because the size of what we are building into is why we are doing this at all. Tokenized real-world assets on-chain now stand at roughly $38 billion, excluding stablecoins, up from $11.8 billion just two years ago, with holders past 1.7 million.

Speaker #1: Now, getting into the end, I want to step back for a couple of minutes because the size of what we're building into is why we're doing this at all.

Speaker #1: Tokenized real-world assets on-chain now stand at roughly $38 billion, excluding stablecoins, up from $11.8 billion just two years ago. Withholders passed 1.7 million.

Speaker #1: BCG and ADDX put out tokenized illiquid assets at around $16 trillion by 2030, roughly 10% of global GDP. And this is no longer a category that needs defending.

Speaker #1: BlackRock, Franklin Templeton, Apollo, and WisdomTree—they all have live tokenization programs. JPMorgan has tokenized a product, as well as deposits and collateral settlements, in production through Conexus.

Henry McPhie: BCG and ADDX put out tokenized illiquid assets at around $16 trillion by 2030, roughly 10% of global GDP. This is no longer a category that needs defending. BlackRock, Franklin Templeton, Apollo, WisdomTree, they all have live tokenization programs. JPMorgan has tokenized deposits and collateral settlements in production through Kinexys. DTCC is piloting tokenized settlements across Russell 1000 equities, index ETFs, and treasuries with more than 50 firms. The New York Stock Exchange has announced 24/7 tokenized security venue, and the Nasdaq has filed to list tokenized equities. The largest institutions in finance have decided that this is where the markets are going. Now, point that at commodities. Statista puts the nominal value of global commodities market at approximately $146 trillion in 2026.

Speaker #1: DTCC is piloting tokenized settlements across Russell 1000 equities, index ETFs, and Treasuries with more than 50 firms. The New York Stock Exchange has announced a 24/7 tokenized security venue, and the NASDAQ has filed to list tokenized equities.

Speaker #1: The largest institutions in finance have decided that this is where the markets are going. Now, point that out: commodities. Satisfy puts the nominal value of the global commodities market at approximately $146 trillion in 2026.

Speaker #1: Inside that, gold alone is roughly $32 trillion, $11 trillion of which is financial gold. And $560 billion sits in gold ETFs earning nothing at all for the people who own it—actually costing them.

Speaker #1: This is one commodity. Commodity markets are among the largest assets on earth, and they're the least modernized part of finance. They still run on paper, ledgers, and trusted intermediaries, and we are simply not wrapping them.

Henry McPhie: Inside that, gold alone is roughly $32 trillion, $11 trillion of which is financial gold, and $560 billion sits in gold ETFs, earning nothing at all for the people who own it, actually costing them. This is one commodity. Commodity markets are among the largest assets on Earth and the least modernized part of finance. They still run on paper, ledgers, and trust intermediaries, and we are simply not wrapping them. We are making them better than what exists today. Physical gold and gold ETFs are non-earning assets that settle slowly and trade on a schedule. Ours pays a yield, trades around the clock, and settles instantly. Every asset we bring onto these rails inherits those properties, and we will earn three fee streams on each one for the life of every token issued.

Speaker #1: We are making them better than what exists today. Physical gold and gold ETFs are non-earning assets that settle slowly and trade on a schedule.

Speaker #1: Ours pays a yield, trades around the clock, and settles instantly. Every asset we bring onto these rails inherits those properties, and we will earn three fee streams on each one for the life of every token issued.

Speaker #1: Whoever owns the rails when commodity markets move on-chain owns the economics of that migration for decades. That is the company that we are building: gold is the first proof of it, not the whole of it.

Speaker #1: So here's what to hold us to over the next 90 days. First, convert the first institutional allocations into GLDY. That is the priority above anything else, and it is what turns a proven product into a growing one.

Henry McPhie: Whoever owns the rails when commodity markets move on-chain owns the economics of that migration for decades. That is the company that we are building. Gold is the first proof of it, not the whole of it. Here is what to hold us to over the next 90 days. First, convert the first institutional allocations into GLDY. That is the priority above anything else and is what turns a proven product into a growing one. Second, onboard our first institutional partners as holders with names on the register, not just in the distribution list. Third, launch initial liquidity bootstrapping for GLDC in Q3, the founding holder base built before the token exists. GLDC will be launched once the initial liquidity bootstrapping is complete, and then complete the XSBY Trust IRA integration and keep attesting and keep distributing monthly yield without interruptions.

Speaker #1: Second, onboard our first institutional partners as holders with names on the register, not just in the distribution list. Third, launch initial liquidity boost trapping for GLDC in the third quarter.

Speaker #1: The founding holder base was built before the token existed. GLDC will be launched once the initial liquidity boost trapping is complete, and then we'll complete the X3 Trust, IRA integration, and continue attesting and distributing monthly yield without interruptions.

Speaker #1: A word on what initial liquidity boost trapping is, because the mechanism matters. This is the first step onto GLDC and a way for us to secure additional capital for GLDC so that there is a robust market at launch.

Speaker #1: Think of it like a waitlist where investors can subscribe to buy GLDC at launch and get incentives for being early. Overall, the multi-year opportunity in front of this company is real.

Henry McPhie: A word on what initial liquidity bootstrapping is, because the mechanism matters. This is the first step onto GLDC and a way for us to secure additional capital for GLDC so that there is a robust market at launch. Think of it like a wait list where investors can subscribe to buy GLDC on launch and get incentives to be early. Overall, the multi-year opportunity is in front of this company and is real. The way we earn right into it is the next 90 days. With that, this concludes the presentation portion of the call, and I want to say thank you to everyone for attending today. I am extremely excited for the future of Streamex, and the next 90 days will be transformational. I feel truly like we are at an inflection point and can't wait to show you. Now let us take questions.

Speaker #1: The way we earn right into it is the next 90 days. With that, this concludes the presentation portion of the call, and I want to say thank you to everyone for attending today.

Speaker #1: I'm extremely excited for the future of Streamex, and the next 90 days will be transformational. I truly feel like we are at an inflection point and can't wait to show you.

Speaker #1: Now, let us take questions. We collected some questions ahead of the call, and you can also submit your questions live on the online link.

Speaker #1: We'll work through as many as possible. If we can't get to you, please feel free to reach out to IR@streamex.com and submit your questions there.

Speaker #1: A member of the team will make sure to get back to you. Okay, now, on to the questions. First question—I'm going to give this to you, Christine.

Henry McPhie: We collected some questions ahead of the call, and you can also submit your questions live on the online link. We will work through as many as possible. If we can't get to you, please feel free to reach out to ir@streamex.com and submit them there. A member of the team will make sure to get back to you. Okay, now into the questions. First question, I am going to give this to you, Christine. The revenue for the quarter was $146,000. When does this become a real revenue line?

Speaker #1: So the revenue for the quarter was $146,000. When does this become a real revenue line?

Speaker #2: Great, thank you, Henry. Revenue scales with two things today: assets outstanding through the annual lease rate fee, and turnover through the transfer fee.

Speaker #2: Both are functions of adoption. So, Henry, when you describe on GLDC as a third stream and as a different shape, reserve income that scales with supply.

Speaker #2: So what I would point to across all of them is the operating leverage. The cost base to run this platform is largely fixed and already built.

Christine Plummer: Great. Thank you, Henry. Revenue scales with two things today, assets outstanding through the annual lease rate fee and turnover, and through the transfer fee. Both are functions of adoption. Henry, when you describe GLDC as a third stream, it is a different shape, reserve income that scales with supply. What I would point to across all of them is the operating leverage. The cost base to run this platform is largely fixed and already built, and we will continue to see with growth, the growth of our revenue line.

Speaker #2: And so, we will continue to see, with growth, the growth of our revenue line.

Speaker #1: Awesome, thank you, Christine. And next question for you: as the 10-Q says, Streamex holds 91% of GLDY, so external holders are about 280 ounces—is that true?

Speaker #1: And can you explain that?

Speaker #2: Yes, yes, that is true. And let me explain that head-on. So, we seeded the reserve with our own capital deliberately, because we're not going to launch a gold product and ask other people to fund the gold behind it.

Henry McPhie: Awesome. Thank you, Christine. Next question for you as well. The 10-Q says Streamex holds 91% of GLDY, so external holders are about 280 ounces. Is that true, and can you explain that?

Speaker #2: That is why the split looks the way it does. It is why our balance sheet carries the $15.5 million of physical gold at cost.

Christine Plummer: Yes, that is true, and let me explain that head-on. We seeded the reserve with our own capital deliberately because we are not going to launch a gold product and ask other people to fund the gold behind it. That is why the split looks the way it does, and it is why our balance sheet carries the $15.5 million of physical gold at cost. It also means something useful about the mechanics. With capacity in the reserve today, when an institutional order arrives, we are not starting from zero on sourcing and vaulting. This infrastructure is already carrying the weight.

Speaker #2: It also means something useful about the mechanics. We have capacity in the reserve today. When an institutional order arrives, we are not starting from zero on sourcing and vaulting.

Speaker #2: This infrastructure is already carrying the weight.

Speaker #1: Amazing. Thank you very much, Christine. And now on to some live questions, which this one I believe this should be both you and I, Christine, can answer this one.

Speaker #1: I'll let you go first. So, the $1.1 million per burn going into the third quarter—where do you focus spend, as each dollar becomes incrementally more valuable?

Henry McPhie: Amazing. Thank you very much, Christine. Now on to some live questions, which this one, I believe this should be both you and I, Christine, can answer this one. I will let you go first. The $1.1 million per burn going into Q3, where do you focus spend on as each dollar becomes incrementally more valuable? Since GLDY is a more retail-focused product, how do you grow that while remaining tighter on expenses, keeping distribution costs low, and keeping marketing spend low? Christine, I will let you start and then I will hop in there too.

Speaker #1: Since GLDY is a more retail-focused product, how do you grow that while remaining tighter on expenses, keeping distribution costs low, and keeping marketing spend low?

Speaker #1: Christine, I'll let you start, and then I'll hop in there, too.

Speaker #2: Yes. So, I think the key here is that, as we've said, we really have a cost basis that is foundational, that we can grow on.

Speaker #2: So it is largely fixed. And so, with the launch of GLDC, we will be leaning on our current marketing partners. We will continue to focus on capital being attributed to our development.

Christine Plummer: Yeah. I think the key here is that, as we've said, we really have a cost basis that is foundational that we can grow on. So it is largely fixed. With the launch of GLDC, we will be leaning on our current marketing partners. We will continue to focus on capital being attributed into our development. But overall, we will continue to maintain the way that we manage costs today. Again, as we've already laid the foundation from a cost basis, that allows us to continue to do that. Henry, I'll let you

Speaker #2: But overall, we will continue to maintain the way that we manage costs today. And again, as we've already laid the foundation from a cost basis, that allows us to continue to do that.

Speaker #2: Henry, I'll let you continue on with that.

Speaker #1: Yeah, no, 100%. And yeah, thank you, Christine, and thank you for the question. So I think something really important to note is, when thinking about GLDC and looking to keep expenses low—and GLDC is obviously going to be an asset that we're going to market heavily.

Speaker #1: So, to get out there in the market and make sure that people know about it. I think the best part about that is, as a retail asset, the most powerful marketing that you can do for a retail asset is organic.

Henry McPhie: Yeah

Christine Plummer: continue on that.

Henry McPhie: Yeah. No, 100%. Thank you, Christine, and thank you for the question. I think something really important to note is when thinking about GLDC and looking to keep expenses low, GLDC is obviously going to be an asset that we're going to market heavily to get out there in the market and make sure that people know about it. I think the best part about that is as a retail asset, the most powerful marketing that you can do for a retail asset is organic. Organic marketing itself is largely cheaper than paid marketing. It's something that our team, myself as well as our marketing team, we have a lot of experience in that space, and especially within the crypto space. The marketing firm and myself, we have been working in the digital asset space for a very long time.

Speaker #1: And organic marketing itself is largely cheaper than paid marketing. And it's something that our team, myself as well as our marketing team, we have a lot of experience in that within the crypto space.

Speaker #1: The marketing firm and I—we've been working in the digital asset space for a very, very long time. Back when I was working in early-stage tokenization with NFTs especially, we launched our product.

Speaker #1: We sold out multi, multi-millions of dollars and had a $300 marketing budget. And so, relationships are things that really matter in that space, and also organic buzz and marketing are also very important.

Speaker #1: And so, for us, we 100% have a budget allocated towards GLDC that is included in the burn that we are expecting for the quarter. But it's also something that we can compound very much so on our expertise and relationships within the crypto and digital asset space.

Henry McPhie: Back when I was working in early-stage tokenization with NFTs especially, we launched our product, we sold out multi millions of dollars, had a $300 marketing budget. Relationships are things that really matter in that space. Also organic buzz and marketing is also very important. For us, we 100% have a budget allocated towards GLDC that is included in the burn that we are expecting for the quarter. But it's also something that we can compound very much so on our expertise and relationships within the crypto and digital asset space, which allows for much wider distribution than on something like GLDY, which has to be much more targeted and is for accredited investors and institutions. I think that's something that's really important to note on that side. With that, second question here from the live call.

Speaker #1: Which allows for much wider distribution than on something like GLDY, which has to be much more targeted and is for accredited investors and institutions.

Speaker #1: And so I think that's something that's really, really important to note on that side. With that, second question here from the live call: an update on GLDY adoption within ETFs and institutional adoption.

Speaker #1: It looks like Q3 could be catalyst-rich. Are there any key dates or metrics, besides asset value, to look out for to gauge how adoption is progressing in the quarter?

Speaker #1: 100%. And really, really good question. And so I'll take this one. So when you look at sort of the catalyst to look out for into the third quarter, a couple of things that we've already obviously talked about.

Henry McPhie: An update on GLDY adoption within ETFs and institutional adoption. It looks like Q3 could be catalyst rich. Are there any key dates or metrics besides asset value to look out for to gauge how adoption is progressing in the quarter? 100%. Really good question. I will take this one. When you look at the catalyst to look out for into the third quarter, a couple of things that we have already obviously talked about. One is the initial liquidity bootstrapping for GLDC, which will drive GLDY adoption.

Speaker #1: One is the initial liquidity bootstrapping for GLDC, which will drive GLDY adoption. When we're talking about more, sort of, institutional and ETF channels, I think something like swaps being done on GLDY—that's been something that we've been working on very, very heavily.

Speaker #1: It's been in the works for quite a while for us to give the ability for ETFs and hedge funds, especially, to be able to allocate to the asset.

Speaker #1: Through a means and an avenue that they really understand. And so Mitch, our CIO on our team, has really been leading up that side of things and has done an amazing job working with some really good partners, and really institutional partners, on that to be able to get that available.

Henry McPhie: When we are talking about more institutional and ETF channels, I think some things like swaps being done on GLDY, that has been something that we have been working very heavily in for quite a while for us to give the ability for ETFs and hedge funds especially, to be able to allocate the asset through a means and an avenue that they really understand. Mitch, our CIO on our team, has really been leading up that side of things and has done an amazing job working with some really good partners and really institutional partners on that to be able to get that available. Showing that is definitely going to be something I would look out for.

Speaker #1: And so, showing that is definitely going to be something I'd look out for. I think continuing to build out the custody relationships that we have across institutional custodians—Equity Trust being one of them, and some others as well that I think are very exciting and bring more institutional credibility to the asset—is definitely something to look for.

Speaker #1: And then I think, also on the liquidity side, looking at how the liquidity that we've seeded within the market is enabling instant transactions of the asset.

Henry McPhie: I think continuing to build out the custody relationships that we have across institutional custodians, Equity Trust being one of them, some others as well that I think are very exciting and bring more institutional credibility to the asset is definitely something to look for. I think also on the liquidity side, looking at how the liquidity that we have seeded within the market is enabling instant transactions of the asset. I think overall, the biggest thing that I would look for is that the first significant institutional order that we have said that we want to bring in and we will bring in the next 90 days.

Speaker #1: I think, overall, the biggest thing that I would look for is that first significant institutional order that we've said we want to bring in, and that we'll bring in within the next 90 days.

Speaker #1: As that comes, I think the dominoes start to fall, per se, and those are things that, I think, are from the conversations that we've been having with allocators. It's a very important thing to get that co-sign from an institutional allocator to show, hey, we've done our research on this asset.

Speaker #1: We support it and are allocating to it. That is what gets people comfortable. That's what allows the hundreds of millions to follow after it.

Henry McPhie: As that comes, I think the dominoes start to fall, per se, and those are things that I think are. From the conversations that we have been having with allocators, it is a very important thing to get that cosign from an institutional allocator to show, hey, we have done our research on this asset. We support it and are allocating to it. That is what gets people comfortable. That is what allows the hundreds of millions to follow after it. Those are definitely things that I would keep an eye out for and continuing, obviously, as those come to watch AUM growth and as that grows into the quarter and into the next year. Looking through some other questions. Okay, here is a good one. One question is GLDY adoption really an onboarding problem, or is investor demand below what we expected?

Speaker #1: And so, yeah, those are definitely things that I would keep an eye out for, and continue, obviously, as those come, to watch AUM growth and how that grows into the quarter and into next year.

Speaker #1: Looking through some other questions—okay, here's a good one. So one question is: Is GLDY adoption really an onboarding problem, or is investor demand below what we expected?

Speaker #1: So, really good question, and I think a pretty good answer. So the evidence itself is that this is sequencing, not demand. The product itself does exactly what we said.

Speaker #1: The NAV tracks the gold, the yield, the gold price. The yield itself has been paid four times, and the asset is liquid. The distribution is built, the custody is built.

Speaker #1: And so, when you look at sort of similar assets in the category, they're primarily funded by large and chunky orders that get them up to that large size in, essentially, AUM.

Henry McPhie: So really good question, and have, I think, a pretty good answer. The evidence itself is that this is sequencing, not demand. The product itself, it does exactly what we said. The NAV tracks the gold, the yield, the gold price. The yield itself has been paid four times, and the asset is liquid. The distribution is built, the custody is built. When you look at similar assets in the category, they are primarily funded by large and chunky orders that get them up to that large size in essentially AUM. With that, we have not had any negative experiences with people about the asset. Primarily, it has been one, hey, how can I hold it? Two, can I trade it? Can I get out of it? And three, how can I essentially custody it and allocate it to my clients?

Speaker #1: And so with that, we haven't had any sort of negative experiences with people about the asset. Primarily, it's been one—“Hey, how can I hold it?”.

Speaker #1: Two, can I trade it? Can I get out of it? And three, how can I essentially custody it and allocate it to my clients?

Speaker #1: And so, those are all things that we've built this quarter. Bringing liquidity and the $12 million that we've seeded across Wintermute and Metal Air, across the multiple secondary liquidity avenues, is something very important for investors. Regardless of if they want to trade the asset, they want to know that they have the ability to get out of it.

Speaker #1: And so, being supported by those institutional liquidity providers is a major benefit for us. And then expanding custody to Inspera pretty soon, Equity Trust, things like that.

Henry McPhie: Those are all things that we have built this quarter. Bringing liquidity and the $12 million that we seeded across Wintermute and Metalayer, across the multiple secondary liquidity avenues, is something very important for investors. Regardless of if they do want to trade the asset, they want to know that they have the ability to get out of it. Being supported by those institutional liquidity providers is a major benefit for us. Then expanding custody to Inspira, pretty soon Equity Trust, things like that. Those are institutions that do not just custody and say that they will custody any asset. For Equity Trust, for example, this is the first tokenized asset that they are actually going to be custodying.

Speaker #1: Those are institutions that do not just custody and say that they'll custody any asset. For Equity Trust, for example, this is the first tokenized asset that they're actually going to be custodying.

Speaker #1: And so it's something that I think is very powerful for us to be able to lean on those levels, and it shows the quality of the asset because they wouldn't even look at it if it wasn't something that they felt comfortable putting their clients into.

Speaker #1: And so I think that's definitely important to note. Something with that too is GLDC itself removes a lot of the friction points that we've had with GLDY, in terms of accreditation and in terms of custody of the asset, because it is a fully decentralized, permissionless asset.

Henry McPhie: It is something that I think is very powerful for us to be able to lean on those levels. It shows the quality of the asset because they would not even look at it if it was not something that they felt comfortable putting their clients into. I think that is definitely important to note. Something with that too is GLDC itself removes a lot of the friction points that we have had with GLDY in terms of accreditation, in terms of custody of the asset because it is a fully decentralized permissionless asset. This means that anyone can hold it all around the world, barring certain jurisdictions. It is something that you can come in when we launch and buy $10 worth of GLDC if you want and hold it in your own wallet. You can trade it on a number of exchanges.

Speaker #1: This means that anyone can hold it all around the world, barring certain jurisdictions. It's something that you can come in when we launch and buy $10 worth of GLDC if you want, and hold it in your own wallet.

Speaker #1: You can trade it on a number of exchanges. You can do—we're going to build out essentially the most robust on-chain ecosystem for GLDC that exists.

Speaker #1: And so that's something that will obviously grow GLDY AUM, and I'm very excited to be able to bring that online.

Speaker #1: Okay, looking through. So, next question. How is the GLDC reserve income recognized and how much of it does Streamex keep? So, Streamex itself—we are the servicer of the foundation.

Henry McPhie: We are going to build out essentially the most robust on-chain ecosystem for GLDC that exists. That is something that will obviously grow GLDY AUM, and I am very excited to be able to bring online. Okay. Looking through. Next question. How is the GLDC reserve income recognized, and how much of it does Streamex keep? Streamex itself, we are the servicer of the foundation. We are not the issuer. We provide services to the foundation in terms of marketing, consulting support, a number of other services, and essentially help the independent foundation issue the asset. That foundation then is invoiced by Streamex, and we make money off those services. Essentially the way to think about it is as the reserve income accrues to the foundation and as the AUM and assets grow, we will be providing more services to the foundation.

Speaker #1: We are not the issuer. We provide services to the foundation in terms of marketing, consulting, support, and a number of other services, and essentially help the independent foundation issue the asset.

Speaker #1: That foundation, then, is invoiced by Streamex, and we make money off those services. So essentially, the way to think about it is as the reserve income accrues to the foundation and as the AUM and assets grow, we will be providing more services to the foundation.

Speaker #1: And so, essentially, revenue will flow back into Streamex as we provide more services there. And so, think of it very similar to a stablecoin issuer model, like Tether or Circle.

Speaker #1: It is a very powerful model. It is the one that the largest tokenization and stablecoin companies have built their whole model off of, where they create an asset that is valuable to people within the market.

Henry McPhie: Essentially revenue will flow back into Streamex as we provide more services there. Think of it very similar to a stablecoin issuer model, like Tether, like Circle. It is a very powerful model. It is the one that the largest tokenization and stablecoin companies have built their whole model off of, where they create an asset that is valuable to people within the market. Those people buy it, the AUM of that asset grows, and then the reserve that is backing it now has the ability to flow back into the servicer of the company that issues it. I think it's something that we are very excited about.

Speaker #1: Those people buy it. The AUM of that asset grows, and then the reserve that is backing it now has the ability to flow back into the servicer of the company that issues it.

Speaker #1: And so, I think it's something that we are very excited about. It's something that removes a lot of friction points for people to be able to participate in tokenized gold.

Speaker #1: And it's something that is going to, I think, really superpower both the ecosystem of not just GLDY, but of Streamex as a whole. And so definitely keep your eye out in terms of the announcements that we'll be coming out talking about GLDC and we're very excited to be able to be working with the rare forest foundation to be able to bring it to life.

Henry McPhie: It's something that removes a lot of friction points for people to be able to participate in tokenized gold, and it's something that is going to, I think, really superpower both the ecosystem of not just GLDY, but of Streamex as a whole. Definitely keep your eye out in terms of the announcements that will be coming out talking about GLDC, and then we're very excited to be able to be working with the Verifris Foundation to be able to bring it to life. Next question. The question is: When your assets grow, it appears that you have one of the best capital allocation models in the business because you get the money upfront from the token buyer.

Speaker #1: Next question. So, the question is: when your assets grow, it appears that you have one of the best capital allocation models in the business because you get the money upfront from the token buyer.

Speaker #1: Can you to raise capital because the tokens are refunded so that you'll be able to raise fee income without significantly additionally having to be with additional capital having to be raised to fund the token growth?

Speaker #2: So, to rephrase the question a little bit, essentially what you're asking is if the model itself, and the model of Streamex and our revenue streams, is capital-light.

Henry McPhie: Can you explain a little bit of the positives about not having to raise capital because the tokens are refunded, so you'll be able to raise fee income without significantly with additional capital having to be raised to fund the token growth? To rephrase the question a little bit, essentially, what you're asking is the model itself and the model of Streamex and our revenue streams is capital light. That is the best way to think about it. It's capital light and with high operating leverage. What that means is that the capital provided to the fund to be able to create GLDY is provided by investors. Investors in GLDY are the ones purchasing the gold, the ones getting the asset. We take fee income from those assets that we have under management.

Speaker #2: That is the best way to think about it. It’s capital-light and has high operating leverage. What that means is that the capital provided to the fund to be able to create GLDY is provided by investors.

Speaker #2: Investors in GLDY are the ones purchasing the gold, the ones getting the asset. We take fee income from those assets that we have under management.

Speaker #2: And so, you know the three fee income streams: one being the tokenization fee upfront, two being the management fee that is yearly, based on AUM, and then the trading fees.

Speaker #2: Those fees themselves scale as AUM grows, especially with trading volume and trading fees themselves. And so, it is a very capital-light model because we are not essentially providing the capital to be able to get those revenue streams.

Henry McPhie: You know the pre-fee income streams, one being the tokenization fee upfront, two being the management fee that is yearly of AUM, and then the trading fees. Those fees themselves, they scale as AUM grows, especially with trading volume and trading fees themselves. It is a very capital light model because we are not essentially providing the capital to be able to get those revenue streams. Our goal is really on growing AUM and growing assets under management. When you think of Streamex and even with GLDC and the other assets that we create, as we grow issuance size and as we grow AUMs of these assets, the fee income and the revenue that we get grows with them and it compounds on itself and gets very powerful.

Speaker #2: Our goal is really on growing AUM—growing assets under management. And so, when you think of Streamex, and even with GLDC and the other assets that we create, as we grow issuance size and as we grow AUMs of these assets, the fee income and the revenue that we get grows with them.

Speaker #2: And it compounds on itself, and gets very powerful. Bringing it back to GLDC, that's one of the reasons why we created the GLDC asset—so that we can grow GLDY AUM exponentially by working with a partner to remove the restrictions.

Speaker #2: That essentially, GLDY has with accreditation and being a security, etc. And so it's just one example of us using the infrastructure that we've built to be able to bring this into a much wider audience and really grow distribution and grow assets under management, and continue to supercharge the model itself.

Henry McPhie: Bringing it back into GLDC, that's one of the reasons why we created the GLDC asset, is so that we can grow GLDY AUM exponentially by working with a partner to remove the restrictions that essentially GLDY has with accreditation and being a security, et cetera. It's just one example of us using the infrastructure that we've built to be able to bring this into a much wider audience and really grow distribution and grow assets under management and continue to supercharge the model itself. A couple more questions. I think we'll probably do one more. Christine, one more for you, and then we'll close it up.

Speaker #1: A couple more questions. I think we'll probably do one more. Christine, one more for you and then we'll close it up. Really simple question.

Speaker #1: Why did you change auditors?

Speaker #3: So, we changed auditors to consolidate our fund audit and attestation work with the corporate audit. We just wanted a single accounting team, which really allows us to streamline our processes.

Speaker #3: There were no disagreements on any accounting principle matters, financial statement disclosures, or auditing scope or procedures with CBIZ. It was purely just to focus on streamlining the processes.

Christine Plummer: Okay.

Henry McPhie: Really simple question. Why did you change auditors?

Christine Plummer: Well, we changed auditors to consolidate our fund audit and attestation work with the corporate audit. We just wanted a single accounting team, which really allows us to streamline our processes. There were no disagreements on any accounting principle matters, financial statement disclosures, or auditing scope or procedures with CBIZ. It was purely just to focus on streamlining the processes.

Speaker #1: Amanda: Thank you, Christine. And now, the last question before we close it out: Why invest now? What makes this the moment? That's a really important one.

Speaker #1: And I'll touch on this. We truly believe that we're at a pivotal moment, not only for Streamex, but also for the tokenization ecosystem as a whole.

Henry McPhie: Made it. Thank you, Christine. Now the last question before we close it out. Why invest now? What makes this the moment? Really important one, and I'll touch on this. We believe truly that we're at a pivotal moment, not only for Streamex, but also for the tokenization ecosystem as a whole. When thinking about Streamex, this is what you should look for. One, we have a team and tech in place that enabled us to gain real traction against building a scalable fintech platform to tokenize real-world assets. Aside from seeing the first investments into GLDY by accredited investors, we are actively cultivating institutional interest in GLDY. We work to eliminate a lot of the obstacles for allocators so that they compare the asset on its merits, being a yield-bearing gold token that provides the benefits of investing in gold, plus a yield.

Speaker #1: When thinking about Streamex, this is what you should look for. One, we have a team and tech in place that enabled us to gain real traction in building a scalable fintech platform to tokenize real-world assets.

Speaker #1: And aside from seeing the first investments into GLDY by accredited investors, we are actively cultivating institutional interest in GLDY.

Speaker #2: We've worked to eliminate a lot of the obstacles for allocators, so that they can evaluate the asset on its merits—being a yield-bearing gold token that provides the benefits of investing in gold, plus a yield.

Speaker #2: And we also expect to benefit from a first-mover advantage. We're supporting the launch of our permissionless token, GLDC, that will drive AUM growth into GLDY very soon.

Speaker #2: And so not only is Streamex really at a pivotal moment, but we really believe that the wider tokenization ecosystem is ripe for investment and adoption globally.

Speaker #2: We are at the forefront of being ready to take advantage of it, as I mentioned earlier today. Tokenized real-world assets themselves stand at $38 billion.

Henry McPhie: We also expect to benefit from a first-mover advantage. We are supporting the launch of our permissionless token, GLDC, that will drive AUM growth into GLDY very soon. Not only is Streamex really at a pivotal moment, but we really believe that the wider tokenization ecosystem is ripe for investment and adoption globally. We are at the forefront of being ready to take advantage of it, as I mentioned earlier today. Tokenized real-world assets themselves, they stand at $38 billion on Change today. They were $12 billion 2 years ago. They are held by more than 1.7 million people, and this is growing rapidly. The institutional investors like BlackRock, Franklin Templeton, Apollo, WisdomTree, they all operate in the tokenization space right now and are educating the community on what RWA tokenization is. You see JPMorgan settling tokenized products and tokenized deposits and collateral in production.

Speaker #2: Unchanged today. They were $12 billion two years ago. They're held by more than 1.7 million people, and this is growing rapidly. The institutional investors—like BlackRock, Franklin Templeton, Apollo, and WisdomTree—they all operate in the tokenization space right now and are educating the community on what RWA tokenization is.

Speaker #2: You see JPMorgan settling tokenized products in tokenized deposits and collateral in production. DTCC is piloting tokenized settlements across the Russell 1000, with 50 participating firms.

Speaker #2: The New York Stock Exchange has announced 24/7 tokenized securities trading, and NASDAQ has filed for tokenized equities. The question itself is not whether tokenization is going to exist.

Speaker #2: It is going to. It is going to be and already is one of the fastest categories to grow in finance. And when you couple that with commodities, which is one of the largest industries in the world, tokenization is in a very early stage with a lot of room to growth.

Henry McPhie: DTCC is piloting tokenized settlements across the Russell 1000 and sit with 50 participating firms. The New York Stock Exchange has announced 24/7 tokenized securities trading, and the Nasdaq has filed to list tokenized equities. The question itself is not whether tokenization is going to exist. It is going to. It is going to be, and it already is, one of the fastest categories to grow in finance. When you couple that with commodities, which is one of the largest industries in the world, tokenization is in a very early stage with a lot of room to growth. Very few companies are in the position that Streamex is. Very few companies hold the legal wrapper, the custody, the attestation from a tier 1 firm, and the distribution concurrently. Streamex is one of these companies really positioned to be able to benefit from the wave that we are seeing.

Speaker #2: Very few companies are in the position that Streamex is. Very few companies hold the legal wrapper, the custody, the attestation from a tier one firm, and the distribution concurrently.

Speaker #2: Streamex is one of these companies really positioned to be able to benefit from the wave that we're seeing. And so, with that, in summary, I think we see a broad base of institutional adoption really across the category.

Speaker #2: And by removing our own access constraints and working on what we've done over the last six months—and what we'll continue to work on beyond that—it will continue to drive growth.

Speaker #2: It'll continue to drive revenue for the company, and we are positioned truly in the best spot that we can be. So, with that, I think that's probably a pretty good place to end this off.

Henry McPhie: With that, in summary, I think we see a broad base of institutional adoption really across the category. By removing our own access constraints and working on what we have done over the last 6 months and will continue to work on beyond that, it will continue to drive growth. It will continue to drive revenue for the company, and we are positioned truly in the best spot that we can be. With that, I think that is probably a pretty good place to end this off. I really appreciate everyone joining us today and really appreciate the questions that were submitted. As I said, if you have any other questions and wish to speak with us or ask questions to the team, you can send an email to ir@streamex.com.

Speaker #2: I really appreciate everyone joining us today, and I also appreciate the questions that were submitted. As I said, if you have any other questions and wish to speak with us or ask questions to the team, you can send an email to IR@streamex.com.

Speaker #2: We'll be more than happy to get on a call or talk with you and answer those questions there. Overall, I'm very excited about everything that is to come, very excited about the spot that we're in, and especially the next 90 days for where we're going to see this company go.

Speaker #2: And thank you very much for being involved and being a shareholder and continuing to support us. We're very excited about everything. So thank you very much, and have a great evening.

Henry McPhie: We will be more than happy to get on a call or talk with you and answer those questions there. Overall, I am very excited about everything that is to come, very excited about the spot that we are in, and especially the next 90 days for where we are going to see this company go. Thank you very much for being involved and being a shareholder and continuing to support us. We are very excited about everything. Thank you very much and have a great evening. We will talk soon.

Speaker #2: We will talk soon.

Operator: This concludes today's meeting. You may now disconnect.