Commodity market tokenization pioneer Streamex Corp. (STEX:NASDAQ) announced that EisnerAmper LLP, a nationally recognized independent accounting firm, has completed the first independent examination of the gold reserves backing GLDY, Streamex's gold-backed, yield-bearing tokenized security, according to a July 1 release.
This examination, a significant milestone in enhancing investor confidence, assessed the gold reserves as of March 31 and confirmed that the reserves are sufficient to cover 100% of all outstanding GLDY tokens, the release said. This attestation provides the rigorous third-party verification that institutional investors require.
This initial attestation is part of a broader commitment by Streamex to conduct such examinations monthly, ensuring ongoing transparency and trust in the GLDY tokens. Each examination is performed in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA).
According to Streamex, the process involves evaluating management's assertion that the total redemption assets held in fine troy ounces of gold are equal to or exceed the total GLDY redeemable tokens outstanding. The reserve includes gold held in approved vaults and gold deployed under the company's leasing program with Monetary Metals, where Streamex retains title to the gold throughout the lease term.
The results of the first examination revealed a slight surplus in the reserve, with total redemption assets measuring 3,064.915910 fine troy ounces of gold against 3,064.674268 GLDY redeemable tokens outstanding, ensuring asset-backing coverage of over 100%, the release said. EisnerAmper issued an unmodified opinion on the examination, affirming the accuracy of management's assertions.
"Independent verification is foundational to institutional trust," Streamex Co-Founder and Chief Executive Officer Henry McPhie said. "Completing our first third-party reserve attestation for GLDY demonstrates that the gold backing every token is real, accounted for, and verifiable. Investors increasingly expect on-chain transparency to be matched by rigorous, independent assurance from a recognized accounting firm, and that is exactly what this milestone delivers. We look forward to providing these attestations on an ongoing monthly basis as GLDY continues to scale."
Siebert Financial Partnership
Last month, Streamex announced a groundbreaking partnership with Siebert Financial Corp. and tZERO Group Inc. This collaboration will enable the offering of Streamex's gold-backed, yield-bearing tokenized security, GLDY, through Siebert's extensive wealth management and institutional channels.
Announced on June 29, this initiative represents a significant step in integrating traditional financial systems with blockchain technology, as a FINRA-member broker-dealer will now offer a blockchain-native tokenized security within its standard operational framework. The security will be custodied on a regulated digital securities platform.
Under the terms of the partnership, Siebert's brokers and institutional sales force will introduce GLDY to their existing clients as part of standard investment discussions, thus bypassing the need for any cryptocurrency-specific procedures or technical complexities. Clients will be able to purchase GLDY in the same manner as any traditional financial instrument and can opt to have their GLDY custodied with tZERO, ensuring a regulated, high-grade custodial experience.
"By partnering with two best-in-class institutions in Siebert and tZERO, both of whom share our conviction that regulated tokenized securities are the next chapter of capital markets, GLDY can now reach investors through channels they already know and trust," McPhie said at the time.
For investors, GLDY presents an opportunity to invest in a gold-backed asset that offers up to a 3.5% annual yield in additional gold through gold leasing. With the enhanced accessibility provided through Siebert's network, a broader range of accredited and institutional investors can now invest in GLDY. Those interested in GLDY but without a Siebert account can begin the process by contacting Siebert to open an account and speak with a licensed representative.
Siebert Financial, through its broker-dealer subsidiary Muriel Siebert & Co., LLC, manages approximately $20 billion in assets and serves a diverse clientele across the U.S. Meanwhile, tZERO and its subsidiaries provide an innovative liquidity platform for private companies and assets, enhancing access to private assets through a simple, automated trading system.
Simple as Speaking With a Broker
A recent report by The Cryptonomist noted that engaging in digital gold investment has become as simple as having "a conversation with a broker."
This development marks a shift from the days when the concept of purchasing a tokenized gold-backed security through a standard brokerage account was merely a topic of discussion at conferences.
Streamex Corp. has actualized this concept by making its GLDY token — a gold-backed, yield-bearing tokenized security — available through Siebert Financial Corp., a FINRA-registered broker-dealer that manages approximately US$20 billion in assets. Notably, this arrangement eliminates the need for a crypto wallet or any blockchain onboarding, streamlining the process for investors.
The report emphasizes that the key transformation brought about by this partnership is in the distribution method. By collaborating with Siebert Financial, GLDY is introduced into a highly familiar setting within the American retail investing landscape—a licensed brokerage account. This integration allows Siebert's brokers to offer GLDY to their existing wealth management and institutional clients during standard investment reviews, positioning it alongside traditional investment options like equities, fixed income, and alternative assets. This seamless approach is poised to broaden the appeal and accessibility of investing in tokenized gold.
Expert: Changing 'How Gold Functions' in Your Portfolio
1In a detailed analysis conducted on February 11, John Newell of John Newell & Associates explored the challenges that institutional investors face with traditional gold investments, such as the lack of yield, the costs associated with storing and insuring physical bullion, and the management fees associated with gold ETFs. These issues are becoming more pronounced in a financial environment marked by rising sovereign debt, persistent inflation, and falling real yields.
Newell highlighted the innovative approach of GLDY, a token that provides direct exposure to physical gold along with an annualized yield paid in gold rather than fiat currency. Each GLDY token represents a non-voting share in a special purpose vehicle that holds allocated physical gold, typically at a one-to-one ratio with troy ounces. The gold is leased to commercial entities through established Monetary Metals programs, and the yield generated is distributed back to token holders in the form of additional GLDY tokens. This model transforms the traditional passive gold investment into a more dynamic financial asset.
Newell emphasized the economic benefits of this model, stating, "GLDY allows investors to maintain exposure to gold prices while earning a targeted yield of approximately 4%, without the storage, security, or carry costs associated with bullion, and without the management expense drag of ETFs." He noted the stark contrast to major gold ETFs, which typically charge annual fees of about 0.40% and offer no yield.
GLDY is designed specifically for accredited and institutional investors and complies with Know Your Customer (KYC) regulations. It is structured as a regulated security, differentiating it from retail stablecoins and aligning it with the evolving U.S. regulatory frameworks on the tokenization of real-world assets. This focus on compliance is essential for institutions that prioritize transparency, compliance, and audited reserves before committing capital.
While the adoption of GLDY is still in its early stages and its availability is limited, Newell pointed out that these factors highlight the significant investment potential of the token. As institutions increasingly look for yield-bearing alternatives to non-yielding bullion in a challenging global economic environment, GLDY offers a novel method of investing in gold that addresses longstanding structural issues in the market.
Newell concluded his review by asserting, "In that context, Streamex is not merely tokenizing gold. It is changing how gold functions within an institutional portfolio." This statement underscores the transformative potential of GLDY in reshaping gold investment for institutional players.
The Catalyst: Digital Gold Growing Faster Than Physical Gold?
The rapid expansion of tokenized gold within the digital assets market was highlighted in an April 27 article by Neils Christensen for Kitco News.
Kurt Hemecker, CEO of Gold Token SA, a subsidiary of MKS PAMP that specializes in tokenization, discussed the promising growth prospects of this sector. During his conversation with Kitco News, Hemecker explained that the vigorous expansion of the tokenized gold market is not due to an increase in demand for gold per se, but rather due to structural inefficiencies that have restricted the growth of tokenized offerings. "I don't think gold in general… has a demand problem," he commented. "It's more about market structure."
Recent statistics show that blockchain-based gold tokens have grown 2.6 times faster than physical gold, with the market capitalization for tokenized gold surpassing US$5 billion in the first quarter of the year. Despite these significant growth figures, Hemecker pointed out several ongoing challenges that are constraining the sector's full potential. He noted that the tokenized gold market is highly fragmented, with a variety of custody models, legal frameworks, and redemption terms across different products, which has created substantial barriers that undermine trust and liquidity, thereby preventing digital gold from being recognized as a unified asset class.
Hemecker further highlighted that not all digital gold products are equally valuable or reliable. Since the relaunch of MKS's Gold Token in November, there has been a robust demand for digitized real-world assets, with gold being the preferred choice among these. He also mentioned that recent market volatility has not affected the strong interest in digital gold. "In general, we're still feeling a pretty bullish attitude from institutions, as they're diving into this market," he stated, reflecting ongoing confidence in the sector despite external economic fluctuations.
Gold prices saw a modest uptick on Wednesday, recovering from earlier losses, following a challenging quarter that marked the metal's poorest performance in 13 years, Hugh Leask reported for CNBC on July 1. After a sluggish start to the second half of 2026, gold prices experienced a slight rally in the early afternoon. Futures for gold were marginally above break-even, priced at US$4,041.30, while spot prices rose by 0.49% to US$4,025.89.
The precious metal had reached a record high of US$5,586.20 on January 29 but has faced a significant downturn since, as investor sentiment shifted negatively amidst expectations of rising interest rates. This shift has notably impacted gold, traditionally seen as a non-yielding asset, leading to a 16% decline in its value over the quarter ending June 30 — the steepest quarterly drop since the second quarter of 2013. Overall, gold has decreased by 7.76% since the start of the year.
Streetwise Ownership Overview*
Streamex Corp. (STEX:NASDAQ)
Despite a lackluster performance in the past four months, the outlook for gold remains positive, according to Goldman Sachs, Ines Ferré reported for Yahoo! Business on June 29.
Samantha Dart, co-head of global commodities research at Goldman Sachs, emphasized in a recent note that the rally for this precious metal is far from over. "Gold is not done," Dart stated, according to the report, highlighting that since 2022, gold has seen a substantial increase of 123%. Dart and her team believe that the future still holds significant potential for gold, driven by a mix of structural and cyclical factors.
From a structural perspective, Dart pointed to the diversification actions of emerging market central banks as a key support for gold's value. This trend was notably influenced by the 2022 freezing of Russia's reserves, which has underscored the importance of diversification.
"Structurally, EM central bank diversification — following the 2022 freezing of Russia's reserves — remains the anchor of our US$4,900/oz end 2026 forecast," she said.
Additionally, a recent survey by the World Gold Council found that a record 45% of the 76 central banks surveyed between February and May anticipate increasing their gold reserves in the next 12 months, further supporting this view.
Ownership and Share Structure2
About 24% of the company is owned by insiders and management, and about 26% is owned by institutions. The rest is retail.
Its market cap is US$154.59 million with 181.81 million shares outstanding. It trades in a 52-week range of US$0.70 and US$14.11.
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Important Disclosures:
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Streamex Corp.
- Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Disclosure for the quote from the John Newell article published on February 11, 2026
- For the quoted article (published on February 11, 2026), Streamex has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
- Author Certification and Compensation: John Newell of John Newell and Associates was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
