Streamex Corp. ($STEX)

Hello, and welcome to Streamex First Quarter 2026 Business and Quarterly Update Call. Please note that this call is being recorded. [Operator Instructions] I'd now like to hand the call over to Adele Carey, Investor Relations. Please go ahead.

Thank you so much, and thank you, everyone, for joining. Welcome to Streamex Corp.'s First Quarter 2026 Earnings and Corporate Update Call. I'm joined by Morgan Lekstrom, our Executive Chairman; Henry McPhie, our Chief Executive Officer; Christine Plummer, our Chief Financial Officer; and Mitch Williams, our Chief Investment Officer. A little housekeeping items. 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 the risk factors detailed in our most recent Form 10-K and Form 10-Q filed with the SEC. We 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 investor presentation deck. With that, I'll turn the call over to Morgan Lekstrom.

Thank you, Adele, and good afternoon, everyone. On behalf of the Board and entire Streamex team, thank you for joining us today. This was the quarter Streamex went from preparation to proof. We launched our first product, paid our first dividend, retired all of our convertible debenture and lined up an institutional partnership ecosystem that we believe positions the company to scale meaningfully from here. Today, I'll walk us through the Streamex value proposition, the market opportunity we're attacking and the headline highlights coming soon. Christine, our CFO, will then take you through the Q1 financial results and balance sheet position. Mitch, our CIO will cover GLDY, the product itself and our operational update. And last but not least, Henry our CEO will close this out with the partnership ecosystem. We've built the road map ahead, our forward outlook and how we're thinking about the path from here. Then I'll open it up to questions. So let's get into it. What is Streamex? For those new to this call and others that are familiar with Streamex, I want to recap our mission model and macro setup that positions Streamex as a growth stage strong value proposition. The first question someone asked always is what is Streamex?. The answer is we have the entire tokenization ecosystem for real-world assets and securities. That is the technology front to back compliant and scalable. We -- that is the strategic advantage coming into a time that everyone is actively moving to blockchain and tokenization. Streamex operates the technology infrastructure issuance custody integration, compliance, on chain settlement distribution, and we are the issuer of the products that run on that infrastructure. We own the full ecosystem. And during this webinar, you'll see what additions we have made to accelerate that moat. What this means practically? Every product we launch validates and strengthens the platform underneath it. And every new product on that platform compounds the value of the work that came before. We expect the marginal cost and time to launch each subsequent product to be meaningfully lower than the cost of issuing the first. being the ecosystem that is ahead of the curve, investing in Streamex is investing in the compliant tokenized future exposure to the ecosystem that enabled it. We are the infrastructure for not only tokenizing commodities, but the cutting edge for tokenizing of security, real-world assets and developing cutting-edge compliant trading avenues. Our business model is a high-margin, capital-light and fee-driven model. We generate revenues from tokenization fees, technology use fees when trades occur and management fees. We are not balance sheet intensive in the way a traditional asset manager or commodity firm would be. As AUM scales across products, the platform scales with it. The market is moving fast, more and more into tokenization, and we're at the forefront. I want to walk you through what really is the tokenization opportunity. We speak about tokenization and what you may ask, well, how big is that market? I want to remind everyone the future -- to the future that we are building towards. Industry estimates from BCG and others project that tokenized real-world assets market at approximately $16 trillion by 2030. That is not a niche market. This is one of the largest infrastructure transitions underway anywhere in the financial services, the migration of settlement, custody and distribution from legacy rails to blockchain-based rails. And commodities, a multitrillion dollar global market on their own and among the asset class is best suited to move on chain. They are standardized. They are physical. They have well-understood pricing mechanics they're ideally suited to be wrapped in transparent programmable token. Streaming was built specifically for this opportunity and taking advantage of it. I want to jump into the Q1 2026 highlights. This is a slide I want every shareholder listening today take away from this call. Q1 was about proving the platform and loading the catalysts on both fronts, and we delivered on those. On the financial side, we closed the quarter with a strong cash and investment position of $45.85 million, our comprehensive loss of $48.6 million for the 3 months ending in March looks large in isolation, but I want to be very clear. That was actually inside the number that be very clear of that. What's actually inside that number, $25.4 million was noncash stock-based compensation and another $12.2 million was noncash acceleration of debt discount and issuing cost line tied to the convertible debenture that we have now fully retired. Those are accounting figures. They are not cash leaving the business. Christine will also walk you through this in detail. On the product side, GLDY officially launched the first 2 dividends, 10.48 ounces of gold has been paid to holders. NAV has been tracking the gold price exactly as designed and our first independent attestation form is in progress. The infrastructure is live, it audible, and operating exactly as we built it to. On distribution, we have stood up an institutional partnership ecosystem across custody, distribution, liquidity, secondary markets and derivatives. Henry will spend real time on this later. There are operational integrations with some of the most respected names in the digital asset and retirement custody space. So stay tuned to what he's going to say. Onboarding is restored. The KYC integration issues that slots and we spoke about out of the gate is resolved and new dedicated sales and service team is actively working through the backlog. And the catalyst calendar from here is concrete. GLDC, a tokenized gold product designed to be composable in DeFi 5 is the next one. Silver, SLDC, our silver product has infrastructure ready, and we expect GLDY AUM to growth with additional functionality coming online. The 3 numbers I want you to anchor on are on the right-hand side, $45.5 million in cash and investments, 396.6 ounces of GLDY AUM at quarter end and 10.48 ounces distributed to holders as our first dividend. We have proven the model now we can scale it. With the strategic context set, I'll hand over to Christine to walk through our Q1 results then to Henry to get into the meat of the exciting new updates and developments. Thank you, Christine.

Great. Thank you, Morgan, and to everyone for joining. Starting with the top line. We did not recognize GAAP revenue in Q1 2026 and that is consistent with Q1 2025. The reason is simple. -- launched late in the quarter and meaningful subscription activity only began ramping in the final weeks of March. We expect product-related revenue to begin showing through in subsequent quarters as AUM scales. Secondary trading infrastructure goes live and our partnership ecosystem activities and additional distribution channel. Near-term revenue is expected to be modest during the launch window -- that reflects deliberate introductory economics designed to incentivize early adoption, distribution partner onboarding and AUM seating. As we move beyond launch towards steady state, we expect unit economics to step up materially. This is the same pattern you see in any successful financial product launch, see first, scale second. On operating expenses, we reported total operating expense of $35.7 million in Q1 2026 versus $3 million in Q1 2025. The single largest component is $25.4 million of noncash stock-based compensation, embedded in G&A. Excluding that, cash operating expenses reflect deliberate investment in platform, compliance and go-to-market capacity ahead of launch, not run rate spend. We also recorded $1.5 million of depreciation and amortization. On the balance sheet, we ended the quarter with approximately $45.8 million of combined cash, marketable securities and gold assets on the GLD SPV. Importantly, total liabilities have come down from $54.2 million at year-end 2025 to $14 million today following the full retirement of our convertible debenture. Operating cash used was $10.2 million, consistent with where we'd expect a pre-revenue ramp business to be. Investing and financing activity in the quarter was dominated by 2 strategic moves, the equity raise we completed in January and the use of proceeds plus gold sale proceeds to fully retire our convertible debt. The headline on capital position is simple. With the debentures retired, Streamex is well capitalized with a clean capital structure. Management believes we have adequate resources to meet anticipated working capital requirements, capital expenditures and other liquidity needs for at least the next 12 months. We can jump in a bit more detail on the balance sheet here. We ended Q1 with $45.85 million in cash and investments. total assets of $173.3 million, total liabilities of $14 million, shareholders' equity of $159.3 million, and I want to emphasize this, 0 debt. How did we get here? Three coordinated capital actions in the quarter. First, deleveraging. We eliminated convertible debt with an aggregate principal of $50 million that overhang is gone. Second, an equity-led financing strategy. We raised approximately $40.25 million in gross proceeds in our January 2026 public offering on terms that allowed us to retire debt rather than accumulate it. Third, asset monetization. We sold our remaining LBMA good delivery Gold bullion that was held to backstop the debenture holders. Cash proceeds were approximately $26.4 million against the carrying value of $23.5 million, generating a realized gain of $2.9 million. Critically, capital was then redeployed in tokenized commodity infrastructure and the digital asset ecosystem that powers GLDY and the products that follow it. The result is a balance sheet that let us focus on growth rather than financing. Working capital of $42.6 million, cash on hand of $6.9 million, supplemented by marketable securities. Management expects more than 12 months of runway at current burn and not before any revenue contribution from GLDY scaling. -- for future products. With that, I'll hand it over to Mitch to walk through GLDY and the operational update.

Thank you, Christine, and good afternoon, everybody. I'm going to spend a few minutes on GLDY, our innovative gold with yield launch product. GLDY is a tokenized yield-bearing gold asset that tracks gold price one for one and pays a yield in addition to gold price change. As of today, we have over 3,000 ounces of gold supporting GLDY, representing about $14 million in AUM, and we've distributed over 10 ounces and dividends to holders since launch. NAV has continued to track gold price tightly, which is a helpful proof point for potential institutional holders. And our first independent attestation verifying reserves match outstanding tokens is in process. These are important data points because as much as Wall Street likes to talk about innovation, there can also be hesitancy to be first in for new products, showing that the product functions as promised is important for adoption and attracting the types of scaled flows that we have been expecting. In terms of scaled flows, these proof points help us in continuing conversations with institutional players and proof of this is beginning to materialize in tangible ways. Later in this presentation, Henry will announce some early partnerships that are now crossing the finish line as more data on the token is available. As a reminder, important addressable markets for GLD Y include IRA investors, DFI trading venues, ETFs, [indiscernible] commodity investors and more. Gold book yield is simply an obviously superior product and tokenization is a superior format. GLDY is the proof point for the entire ecosystem. This infrastructure that supports this issuance, custody, integration compliance, settlement distribution is live and audible and proven out. The same infrastructure is what will support GLDC, SLDC and every commodity backed product launch from here. we have done much of the hard work. We expect the benefits of future scaling to be clear. Moving to Slide 11. This is a reminder of how to purchase GLDY. One way to purchase it, if you're interested, is our proprietary platform on the Streamex website. You should just check it out if you're interested in the company or the token. There's a sign up page, it's for credit investors and the minimum has been reduced from $200,000 to 25,000 -- you can sign up to have tokens minted to your wallet or as Henry will announce, we will soon support intraday transactions through our instant liquidity partners. Moving to Slide 12. Operations update, I'd like to welcome our new Director of Operations, Kevin Himanez, who has been hard at work already improving the operations at GLD Y. We expect the customer experience for GLDY to continue to be streamlined and improved under Kevin's leadership. On the sales side, we recognize that rapidly scaling sales and distribution is a priority. We've scaled our team to 4 salespeople and ahead of sales is joining shortly. They're running outreach across multiple channels, targeting accredited investors, ETFs, federal investment advisers and family offices. Additionally, we have a backlog of sign-ups that have been waiting in queue and the sales team is taking a high-touch approach to evaluating and potentially closing on these opportunities. We anticipate this marketing and sales initiative ramping further into Q2 as the partnership launches to Henry will touch on open up lower friction distribution. With that, I'll hand it over to Henry to walk through the partnership position portion driving the ecosystem and our path forward.

Thank you, Mitch. This is the section of the call that I'm really the most excited to talk through because what this team has built here in a single quarter is frankly remarkable. The thesis is simple. Every buyer needs to pass in and every holder needs to pass out. VAQ system has to be built so that GLDY-AUM growth can scale efficiently and rapidly. We've now stitched together the entire flow, buy, hold, trade exit with institutional partners that are the best-in-class in their respective categories. On the buy side, Equity Trust, an IRA custodian integration that unlocks access to $72 billion and $359,000 tax advantage retiring accounts in the U.S. On the hold and trade side, Wintermute instant 24/7 liquidity provided by a leading institutional market maker. On the secondary market side, Orca, a 24/7 decentralized trading avenue for GLDY. I'm going to walk through each of these in detail because each one on its own is a major catalyst. And I want to be clear. These are not aspirational. These are confirmed partnerships that are currently being integrated, and we anticipate that they'll be operating in the coming weeks. -- subject to some completion of technical integration and operational testing. First, Orca. We're announcing a development partnership with Orca. Solana's leading decentralized exchange and liquidity infrastructure protocol to bring live 24/7 secondary market for tokenized securities, starting with GLDY. Orca powers hundreds of billions in on-trade trading volume and through its capital-efficient liquidity pools, their foundational partner of the Solana ecosystem. The timing of this couldn't be better. The SEC is reportedly preparing to release clarity on the trading of tokenized securities like iliad in multiple statements now and now in guidance published last month, the SEC has released guidance on how blockchain-based interfaces designed to permit transfers of tokenized securities can operate in compliance with the law. The interface that Streamex and Orca have built together is a permission compliant on chain secondary trading avenue for all real assets. is squarely aligned with this guidance, and we've been building towards this moment for some time and believe we're exceptionally well positioned as the regulatory framework around tokenized assets continues to take shape in the United States. Building on what we believe this unlocks for GLDY, it will be transformational. Holders will have a compliant permission, blockchain-powered venue where secondary trading of GLDY can occur 24 hours a day, 7 days a week instantly. We expect the Orca venue to go live to give GLDY option and holders for an option for liquidity in a way that simply does not exist for traditional gold products. But there's also a bigger strategic point. I want shareholders to understand. The infrastructure Streamex and Orca have built together is bigger than GLDY. It is the foundation for an entirely new market, a regulated compliant on chain secondary trading venue for tokenized commodities at scale. GLDY is just the first asset to trade on it. This partnership creates a new ongoing revenue stream for Streamex through revenue share with Orca in addition to the inherent transfer fee of GLDY and we are excited to be able to work be working with the Orca team and believe this is a defining piece of infrastructure for the category. More information on this partnership and the date of launch of the exchange is to come very shortly. Second, Wintermute. Wintermute is one of the world's largest leading crypto-native algorithmic trading and market making firms, they provide deep liquidity, OTC trading and infrastructure services across centralized and decentralized digital asset markets. They're a firm that institutions trust to scale global crypto trading activity, and they are not new to the digital asset space. They're a firm that has been doing this at the highest end of the market for years. What Wintermute can unlocks for GLDY is the ability to mint and redeem instantly 24/7. We expect this to reduce the purchase and redemption fund from currently T+2 to T+0 subject to certain limits and availability. Once the partnership with Wintermute is live holders will be able to purchase or redeem their positions instantly. We believe this will have -- this will meaningfully reduce any friction for prospective investors in GLDY and increased comfort in relation to liquidity. -- for the asset. Wintermute brings credibility, depth and 24/7 operational capability for a product designed to be digital, programmable and an always-on version of gold. More information on this initiative and go-live date will be in the coming weeks. And third, and this one, I think, is possibly the single largest unlock of the 3 equity trust. Equity Trust Company is a leading self-directed IRA custodian. They enable individuals and institutions to hold alternative assets, private equity, real estate, precious metals, cryptocurrency and now tokenized commodities. -- with tax-advantaged retirement accounts. What this integration unlocks for GLDY is access to $72 billion of U.S. tax advantage retirement capital across over 359,000 accounts that previously could not access tokenized commodity products. Let me say that again, 359,000 accounts and over $72 billion of capital now have a path to GLDY. U.S. investors who want exposure to gold inside their IRA have historically had 2 real options, a gold ETF or physical bullion held by an IRA custodian. GLDY now joins that menu. But unlike those with cost money to hold GLDY provides these investors with a yield with on chain transparency and with the liquidity infrastructure that we've just discussed with Wintermute and Orca. This is exactly the kind of distribution channel we said that we would open up and Equity Trust is the gold standard partner for this category. Again, more information on this will follow in the coming weeks. Moving on to the road map and product pipeline. So with GLDY proving the platform and the partnership ecosystem is operational. Let me talk to you about what's coming next. In Q2 2026, there's been a slight adjustment from our last call. Rather than launching Silver First, we are focusing on scaling GLDY functionality and allocating all resources towards GLDY growth. With the partnerships coming live and closing in on existing indications of interest in the pipeline, even though the silver infrastructure is ready to go, it's the best decision for the company at this time. We expect Q3 2026 to include the launch of GLDC and SLDC, GLDC is the one that I want to -- I want shareholders really to focus on. It will be a nonsecurity retail accessible tokenized gold product back by GLDY. It's designed for wide distribution, including defi integrations, RWA Vault infrastructure and every dollar of GLDC issued will be collateralized by GLDY, which means that as GLDC scales, GLDY also scales. SLDC is silver. It is the same playbook. The infrastructure is already set up and the smart contract is ready. We want to sequence this after additional deli functionality is growing and live and in steady state. In Q4, we will expand the functionality on GLDY, GLDC, SLDC, scale our platform, you should and launched an initial pilot on royalties and streams, a category we believe, is uniquely well suited to tokenization. Then looking into 2027 and beyond, we are setting the stage for additional commodity asset launches across copper, oil, gas and other industrial energy commodities as well as expanding into additional jurisdictions. Every one of these products runs on the same platform that GLDY approved. That is the compounding model -- now on the market activity and the path forward. I want to address the recent market activity directly. Stocks has experienced somewhat of a downward pressure in the recent months. We are aware that the shareholders expected GLDY-AUM to grow on a faster time line than I hear that, and I want to address it head on. what we've proven is that the model works, the product works. Now tracks the gold price, the first dividend -- the first cut dividends have been paid, the first out of station is in progress, the infrastructure is live, auditable and is operating exactly as designed. We hit some early operational hiccups, primarily with the KYC vendor that delayed onboarding. That issue has now been resolved, the backlog sign-ups are now being actively worked on by a dedicated sales and service team. The path forward and the path forward, the pipeline continues to grow. We expect steady growth in GTY's AUM in the coming months. indications of interest are moving towards closing, and the catalyst calendar ahead is concrete. GLC launch, SLDC launch, the partnerships, rollouts going live and continued AUM growth. The platform thesis is intact, the platform, the proof points are landing, the calendar is loaded, and we are heads down executing. Looking forward, here are the 4 catalysts I want every shareholder to track. First, the partnership is going live. Equity Trust, Wintermute and Orca are all rolling out now. with the additional partnerships anticipated in Q2 and Q3 of 2026. Second, the GLDC launch, retail accessible tokenized gold backed by GLD, designed to grow GLDY-AUM, -- the target is early Q3. Third, the SLDC launch, the retail and institutionally available tokenized silver product with wide distribution potential sequenced after the GLDY functionality scales. And fourth, Chile wide AUM growth, combined with increased functionality and steady growth is expected as the backlog on board and clears the sales and marketing ramp and the partnership and distribution channels open in earnest. A final note on the capital structure. As of April 2026, our shares outstanding and ownership breakaround are detailed on the slide inside our ownership, directors, officers, employees and advisers stands at 51.6% and -- that alignment is intentional, and we are proud of it. Morgan and I as co-founders continue to forgo our equity grants for the year to reduce dilution and demonstrate alignment with the shareholders. We are listed on the NASDAQ under the ticker STEX. Our January 2026 financing raised $40.25 million in gross proceeds with capitalized the company through this build-out phase and we have initiated analyst coverage from Needham and Siebert, both well respected names in the sector. Our capital structure is clear. Our balance sheet is strong. Our team is aligned and our product is live, and our road map is concrete. Now let me close out with this. Q1 2026 was the quarter Streamex went from theory to proof. We launched GLEI. -- we paid out our first 2 dividends. We retired our convertible debt we resolved the early operational issues, and we put a concrete catalyst calendar together. GLDC, SLDC AUM scaling. And now this month, we are standing up an institutional partnership ecosystem with Orca, Wintermute, Equity Trust with additional partnerships coming live over the next quarters. The market for tokenized real road assets is projected at $16 trillion by 2030. Commodities are among the asset class best suited to lead that migration on chain. Streamex is built specifically for this opportunity, and we believe we are positioned to lead the category. Thank you for the continued support. We are extremely excited about what's ahead. With that, I will now open the line for questions.

Amazing. Well, thank you very much, everyone, for tuning in to the call. Now we will go through a few questions. I will see the questions that are here posted, and I will direct them at certain individuals to the team who just presented. For now, for the first question, we will start with Mitch. So the question is, GLDY is at $14 million AUM, what milestones signal the company to be on track for sustained growth? Mitch, you answer?

Thanks, Henry. Look, the milestones that are within our control are operational, right? So they're the ones we talked about already. So it's important to see that the GLDY price tracks gold price. The way GLDY designed fees do not come out of your out of gold. Your ounce of gold is maintained at all times. Fees only come out of these side, that's unique in the industry to the best of our knowledge. The fact that the dividends are being paid shows that the gold with yield is real, right? So we were first raising capital. People were skeptical [indiscernible] with yield. So I think we've proven that out. And then I think watching these partnerships come on board, you have to understand the amount of work that goes into these, the due diligence, to all your calls, the hundreds of hours of work on both sides. I think those are the key milestones. And I know your question referenced to AUM. AUM is what follows those things, right? So these things have to happen first and an AUM follows.

No, thank you very much. The next question is going to be for Morgan. So Morgan, the tokenized real load asset market is projected at $16 trillion by 2030. What is your view on the realistic shape of that ramp? Is it linear? Or do you expect a step function once regulatory clarity lands?

That's a good question. And much like any type of financial change that happens, you see it through a J curve. -- it's slow to go at the start, much like what Mitch was explaining about our GLDY asset. It's slow to go and so to go. And then when the adoption happens, it moves very quick. So it's really positive that not only the SEC but a lot of the major banks in the world and a lot of the major institutions are coming out and saying, we want to be on chain. We want to tokenize. We want 24/7 trading and that's truly what positions Streamex ahead of the curve. So when you ask about the whole side of the industry and size of it, I think $16 trillion is actually could be an underestimation. If you look at the commodities market alone, it is well in significantly more than that in size. If you start overlaying the ETF markets and overlaying other parts of the real-world asset space, look, everything will be on chain at some point in the next 10 years. And that's not a $16 billion market. That's a $300-plus million market. That's what we are ahead of on the curve.

Great. The next question, I'll take this one. And so what does instant liquidity mean with Wintermute? And how does that benefit the company? So this is a really good question. And to explain it very simply, currently for investors to purchase GLDY, it is a T+2 process. And so investors submits their order they -- we then take those tasks and take that cash, buy physical gold, credit GLDY tokens to the user when the physical gold has been purchased. That is inherently a T+2 process, and it is not necessarily the best for investors because they want to be able to know the gold price that they're getting right away. By putting in this instant liquidity facility with Winter mute, it allows us to reduce that time line down from T+2, essentially to instantly. And so holders are people who are investing in GLDY, both for purchase and for sale of the asset will know exactly what price they're getting and be able to get in and out of the asset instantly. -- that is something as the market develops and for especially user functionality, it is very important and very beneficial for people to know. And even when we think about ETF clients who want to be able to have that sufficient liquidity for the asset it provides them with a very strong backstop to be able to have that. And so it's something that for the company, it really is additional functionality for the asset and something that makes it a lot easier for people to participate in one, because they know that they can buy it very quickly, but too, because they know that there is liquidity if they ever do want to exit the asset itself. The next question that will go through, and I'll read it here and then hand it over. So how conversations evolve with RIAs, ETF providers and have other asset managers since the launch of GLDY? Are traditional asset managers waiting for additional regulatory clarity before investing? Should we expect additional inflows if a positive outcome were to occur from the Clarity Act? So I'll answer this one quickly, and then I'll actually hand it over to Mitch to round out the answer. But what I'll say just speaking on the Clarity Act specifically, I think the Clarity Act itself will provide a lot of clarity for investors. GLDY, the way that it's set up is not actually necessarily impacted by clarity. It is a fully compliant and regulatory safe asset from the way that it is set up and especially within the U.S. And so I think clarity for the general market is going to be very important, and it's going to open up a lot of avenues for BD in terms of trading venues like centralized exchanges, et cetera. And so it's something that definitely the market is excited about, but it doesn't necessarily impact GLDY specifically. Mitch, I'll let you touch on the conversations with RIAs and ETF providers and how those have sort of been going?

Thanks, Henry. Yes. Look, I think when we talk to those providers the value proposition of the product is clear and they're eager to have it because any investor that has something that has a better return for their clients knows that it gives them an advantage. And I'd say, the biggest problem solved for this being a new product is typically on the custody side. And so it takes some time for these providers to get comfortable with the custodians for tokenized assets. We do have solutions in process for that. So we're confident that we'll have some movement there. On the ETF side, as an example, I think one of the last mined things we saw come up some ETF providers said they're more comfortable holding the token on swap instead of directly. So if you just look at our 33 Act and 40 Act regs work for ETFs, there's some reasons for them to hold for them to want to hold the asset on swap -- but that means practically for time lines is we had to go to swap dealers and start conversations to get the token approved for swap and those have been going well, and we expect some announcements in the very short term. In terms of providers and asset levels for swap agreements.

Thank you, Mithc.And then the next question is -- you cited $14 million in current AUM against sustained target of capturing 1% of the ETF market, implying a $5 billion AUM -- can you walk us through the specific milestones, channel integrations, ETF listings are IRA onboarding that you expect to drive the inflection point? And what's the realistic 12- to 18-month AUM target range given your current pipeline? So I will touch on the first part of that and then hand it over to Morgan to expand. So a couple of things that I think are really important to look at. One is our recent announcement that we just said on this call with Equity Trust. That's a company that has billion, $70 billion in assets under management and 400,000 330,000 accounts that are within the sort of equity trust platform. That is an example of an institutional distribution channel that GLDY because of the way that it's set up and because of what we have done to be able to get at this point, that we are able to get into and so that is one that is proof that the institutional distribution conversations are rapidly expanding and rapidly increasing. On the ETF side, I think Mitch just touched on that but then the RA and IRA are onboarding beyond Equity Trust and especially looking at wealth managers and brokers, there's the ability through different integrations that we're working on that anticipate coming out in the coming weeks, the ability for people to purchase GLDY through their sort of traditional avenues and making it feel as if it's an asset that is as easy as buying a stock or a bond or a traditional ETF. And so when we think of these different channels and the ability for us to continue in those integrations? One, we've proved it already now with Equity Trust, and you will see that as that goes live. And then all the conversations that are continuing to be onboarding with more institutional channels are all progressing rapidly. I'll let Morgan touch if he has any other points that he wants to talk about there.

Yes. Thanks, Henry. I think one of the things to stay focused on as investors and even as a management team as all these items that we just touched on, Wintermute Orca, equity trust. This is a part of the ecosystem. When we talk about GLDY scaling, this allows us to scale all assets in the future in different channels. So that fundamental base, that base of the floor of the base of your house, that's the foundation for building up. Now that we've got those foundations in place, and we'll be launching on each one of those, the scale will happen quick. You will see a J-curve type action. One of the key points to that is going forward, we now have that infrastructure set up. Again, I can't reiterate that enough. The ecosystem that Streamex is and what the investors get from buying in Streamex is you get access to the years and years of work to set all that up the technology, the backbone for all that tokenization infrastructure. That's what puts us ahead, and that's what makes the difference. That's previously the AUM scale quick.

Thank you, Morgan. And the last question, I think we're going to answer here is, can you walk through the GLDC mechanics? How does every GLDC result in increased GLDY AUM? I will take this one. And so this is actually a very, very exciting process that we're developing here and bringing to market now or will be bringing to market now with GLDC. And so when we -- or how we have set up GLDC is to be a tokenized gold asset that is a nonsecurity, it is fully permissionless, which means that it can trade anywhere and can trade essentially through all of the different crypto channels that give the ability for worldwide trading, 24/7 settlements that tokenization gives us the ability to have while also giving us the ability to have a no a credit investor nonsecurity product that still benefits GLDY. And so with GLDC, it will be backed by GLDY inherently. And so every time someone buys $1 of GLDC, $1 of GLDY will be minted. And so if you can think of that a product that can be distributed widely all around the world and giving people exposure to tokenized gold, while still being backed by yield-bearing gold asset and increasing GLDY AUM for us, it becomes very, very powerful. And so this is really just another step in increasing GLDY functionality and increasing the AUM growth of GLDY specifically. On top of that, there's different integrations that we'll be rolling out and putting out more information on as we bring GLDC to the market, but the ability to get yield on GLDC through different avenues that is not inherent to the asset. And so these are things that you will see materializing in the coming months and things that I am very excited for in terms of the growth of the Streamex ecosystem as a whole, the growth of GLDY and the benefit of the company. And so with that, I think we will end it there. We won't take any more -- any more questions now. If anyone has any additional questions that they might not have been able to ask on the call, please reach out to our team. Adele's e-mail is up on the screen right now. And so we would be more than happy to speak with you and answer any of those questions. In closing, I want to leave you just reiteration of what we said at the end of the call. This truly is a transformative month. And this second quarter now that we're going into will be a transformative quarter for Streamex and for GLDY and the ecosystem as a whole. There is a number of additional partnerships that are going to be coming online. The ones that we've announced today are extremely, extremely important for what we've been doing and opening up distribution for the assets that we create, there will be more information on these coming out in the coming weeks. And overall, I'm very excited about the growth of the company. We are in a very good spot financially. We're in a very good spot from an operations and implementation standpoint. And now it's time to scale. Thank you very much, everyone, for joining. Excited to continue this quarter and through the rest of the year. Like I said, if you have any questions, please feel to reach out to Adele and we will be more than happy to speak with you.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. SP-17 A tokenized gold product, JLDC, a tokenized gold product designed to be composable and D5 is the next one. Silver, SLV and the catalyst calendar from here is concrete team.