Streamex (STEX) The ThinkEquity Conference summary

Platform and revenue model

• Regulated commodity-tokenization platform and issuer, retaining issuer economics; legal structure, third-party custody and independent attestations established ahead of scale.

• Revenue scales with AUM and trading volume through three fees per token: one-time tokenization, recurring lease and recurring transfer fees.

• Cost base described as largely fixed; 30-year NPV estimate exceeds $1,500 revenue per GLDY token; $1B and $5B outstanding cases imply ~$400M and ~$2B revenue NPV.

GLDY and market opportunity

• GLDY is backed by physical gold bullion, with one fine troy ounce per token; it offers ~3.5% annualized yield paid in additional gold and is tradable and redeemable upon issuance.

• Illustrative five-year case assuming 8% gold appreciation and 3.5% yield: GLDY return ~72% vs. 46% for physical gold after storage fees and 44% for a gold ETF after its expense ratio.

• Tokenized commodities total ~$5B on-chain vs. a ~$146T physical commodity market; above-ground gold is ~$32T, with ~$11T in bars, coins and central bank reserves; tokenized gold is ~$3B.

• Tokenized asset values rose 47% to $37B in the first seven months of the year, while holders grew 148%; 84% of financial-services leaders call tokenization a strategic priority and 26% are live.

Financial position and execution

• Q2 generated the first revenue: $146,000 in gold lease revenue; operating expenses and net loss fell significantly. June-end liquidity was $41.8M with no debt, including $15M of gold and ~$20M immediately available.

• GLDY had 3,111 oz of physical gold behind it and 9% external ownership; Wintermute seeded ~$12M for 24/7 liquidity and same-day settlement.

• Over the next 90 days, priorities were first institutional GLDY allocations, GLDC liquidity bootstrapping in Q3 and launch, Equity Trust IRA integration, and uninterrupted monthly attestations and distributions.

• H2 2026 milestones include a first significant institutional GLDY order and GLDC launch; distribution expansion runs from H2 2026 into 2027, additional commodities are planned for 2027, and an analyst and investor day is targeted for Q4 2027.

• Silver is targeted for sometime next year into 2028, followed by royalties and streams, copper with yield, oil and gas, using the same legal, custody and distribution rails.