The core theme is the innovative approach of StreamX, led by a former mining engineer turned crypto CEO, in tokenizing real-world assets, specifically gold, to create a yield-bearing, secure, and accessible investment instrument (GLDY).
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mining engineer to crypto CEO.
What would your professors say?
>> I've spoken with a couple of them
actually. I I went and spoke at McGill,
which was my university, um, a couple
months ago, and was speaking with a lot
of my professors and everything. And,
you know, it's funny when I was in
school, I was always, you know, hopping
out of class cuz like we started StreamX
when I was was finishing my degree. I
was always hopping out of class, taking
calls and and doing everything and and
my professors are like, "Yeah, you know,
we we sort of thought that this was this
was going to happen. and we knew that
you were always doing something with the
NFTts and and now this like you know
we're we're obviously proud of you and
you know I think it's it's really cool
to see and and they supported me
throughout the the whole thing and so I
you know they were they were great.
>> So you built one of the biggest NFD
projects in the world and then you
pivoted to physical gold. How did that
happen? Well, the funny thing is as I
was building that NFT project, I was
actually in school for mining
engineering and so I had always sort of
been in the in the gold space. You know,
even when I was 18, I worked at my first
mine up north in in northern BC. It was
a it was a gold project.
>> You launched an NFD project that became
one of the largest NFD projects in the
world. What did that teach you about
building versus hype?
>> It was It was funny. It's It's a good
question. So when we were launching that
NFT project, there was a lot of hype
going on at that time. I think if you
remember sort of 2020 2021, it was a
very very hype time for for NFTs and you
know there's a lot of projects botting
and you know doing different stuff to be
able to sort of fake followers.
Something that we realized when we were
building the project was called Fat Cats
was that you know in order to build a
strong community and you know actually
sell out the collection have a good you
know solid base of of people who really
supported it was to to make sure that we
you know built that from the ground up
without having to pay you know for those
people. And so we did our whole
marketing budget for that project. I
think it was around $200 and and you
know we sold out you know a couple
hundred or a couple thousand NFTts you
know millions of dollars in NFTs did you
know tens hundreds of millions in
secondary volume and so that was you
know I think the the best thing about that
that
>> and you were you were pretty young when
you were doing that right?
>> Yeah. Yeah. I was I was 19 turning 20.
>> So what were you doing at 19 that most
19 year olds weren't doing?
>> I I mean I was in school. I had a friend
who ended up launching a project, one of
the first projects on Salana. His
project, it ended up being super
successful. And you know, at first I
asked him, I'm like, "Hey, you know, can
I can I join you and, you know, work
with you on this project?" He was like,
"Basically, we're all full. Like, we're
we're basically we're about to launch."
So, I was basically I was like, "Hey,
why don't I try and do this myself?" And
so, I got together with five six of my
like best friends at at at school and
and we started working. And you know,
from there, we we didn't really know
what we were doing, but we we learned as
we went along. And there was there was
definitely a lot of learning throughout
the process and ended up being a lot
more successful than I thought it was
going to be. Hello. Today we have Henry
McI, the CEO of StreamX. And it's a
great day for Henry because of the
product that he's offering. GLDY is a
goldbacked real world asset. And as far
as I know, today is the all-time high of
gold. Is that correct?
>> It is. It is. It's pretty crazy. So,
this is this is a great day for you to
be recording the conversation because
you're basically trying to sell an asset
where every single person that has ever
bought it is up. That's it's an
incredibly good pitch.
>> Yeah. No, it's not bad. It's been it's
been a good year.
>> Okay. Tell tell me a little bit more
about this um GLDY
um asset that you guys are working on.
>> 100%. So, Gildy Yy is sort of the
inaugural asset from from StreamX and it
is a a goldbacked stable coin with
yield. And so, essentially, if you think
about it right now, gold traditionally
costs you money to hold, whether it's
through an ETF where you're paying, you
know, 30 or 40 basis points or, you
know, holding physical gold where it
costs you the storage costs. Now, with
GLDY, we're giving the ability for
investors to get gold price exposure
with an up to 4% yield on top of that
paid in additional gold. And that's all
enabled sort of through tokenization and
then the the technology that that we've
developed. And so it's uh it's something
we're super excited about, you know,
excited to to sort of get into it with
you. But yeah, I think it's uh it's a
very interesting and and sort of
revolutionary asset for the for the industry.
industry.
>> Okay. I want to jump into where the
yield comes from because as we've
learned from uh all the experiments in
crypto, um knowing where the yield comes
from is super super important. But
before that, I want to kind of dig into
your background a little bit. So, you
are, as far as I can tell, a mining
engineer and yet you ended up in this um
real world tokenization world. Um tell
me a bit about your background. How did
you end up here?
>> Yeah. No, 100%. Yeah. So, I am I am a
mining engineer. Um but the funny thing
is I've been doing crypto and and
blockchain work for longer than I've
been doing mining engineering. And so,
you know, I went to school for mining
engineering. I got my degree from from
McGill University in in Montreal,
Canada. Um, but you know during that
whole time when I was 19 years old,
started launched an NFT project with
with some friends at uh at McGill. That
project ended up becoming I think on on
our launch we were the third largest
project in the in the world. And so that
was a lot more successful than I thought
it was going to be. Ran that for a
couple years. From there started a
software development company. And so
we're doing primarily blockchain
software development for early stage
tokenization. And so you know everything
from from art to you know sort of the
early stuff with with protocols and all
that sort of stuff. And we worked with a
number of really cool projects there.
And then founded StreamX now just over 3
years ago with my co-founder Morgan Lem.
Um and so you know he was a mining
executive. I was I was working in in
Vancouver and we met and then you
founded StreamX and now we went public
almost almost seven months ago now. So
it's been a it's been a crazy crazy journey.
journey.
>> It's been it's been a crazy year. Yeah.
Um okay. So if if I had to explain to
you know if you had to explain to my mom
what real world asset tokenization is,
how would you explain it?
>> So I think uh I get this question a lot
and I think it's it's a pretty simple
answer. Uh the way that I sort of
explain it is, you know, when you buy
stock in a company, like a share in a
company, you have an ownership
percentage of that company. Tokenization
and real world assets are are
essentially the same thing. Just for
whatever asset is is tokenized. And so
with gold, for example, if you buy, you
know, say one GLDY like our gold asset
or, you know, another tokenized gold
token, you are buying 1 ounce of gold.
And so the the token itself is simply
just a digital representation that
allows that asset to be transferred
traded much easier than the the physical
obviously. And so you know I think it's
uh that's sort of a good good comparison
and I think people sort of understand it
pretty well but at the end of the day
it's it's a receipt and so a digital
representation of the of the asset itself.
itself.
>> Okay. All right. So you in the case of
gold you have a token that represents
gold and somewhere in the bank vault
somewhere there is the equivalent amount
of of gold. Is that correct?
>> Yeah. Yeah. So for for most gold tokens
that is correct with our gold token and
I you asked this question earlier. Where
does the the yield come from? We instead
of just taking that gold and sitting it
in a bank vault we make that gold
active. And so the the yield itself
comes through that activity um of
leasing and and you know stuff like
that. And so we can get into that but
yeah that's a good way to good way to
think about it.
>> Okay. So tell me tell me about what you
guys do with the gold. How do you make
it active?
>> Yeah 100%. So our gold we have a partner
called Monetary Metals. And so they are
the by far the largest gold leasing
company in the in the world. And so what
they do is instead of the gold sitting
in a vault and you know us paying money
to to store it in that vault and it
doesn't do anything, we make it active.
And so what we do is we lease the gold
to people who use it as working capital
and and companies that use it as working
capital. And so a jeweler, a refiner, um
people like that. And so essentially how
it works is those companies need gold to
be able to create the jewelry or you
know refine the gold, sell it as a as a
refiner. And in return, they pay us
money to be able to use the gold that
they that they lease from us. And so for
them, what it provides is instead of
them having to go to a bank and and
borrow money, which is most likely in US
dollars, not in uh not in ounces, we
lease to them in ounces of bullion, and
they repay us in ounces of of bullion.
And so how it works is instead of, like
I said, the gold sitting there in the
vault, they have the ability to use it.
We keep title to the gold throughout the
whole process. and then they pay us back
in additional ounces of of gold at the
end. And so that allows us to keep the
gold and and still have it in our in our
possession, but they have the ability to
to use it and we have the ability to
pass that yield on to the to the holders themselves.
themselves.
>> Is that how this is generally used? Do
people pay interest in gold or you know
when when a gold jeweler wants to borrow
gold to to make jewelry, do they pay
interest in gold or do they generally
just pay interest in dollars? How does
it generally work?
>> Yeah. So, traditionally what they would
do if they're not, you know, leasing uh
through monetary metals or or another
product like that, they would borrow
from a bank. And so, the bank does not
operate in ounces. They operate in in
dollars. And so, the bank, what they
would do is say they they need to borrow
$100 million to to buy gold and create
it into jewelry. The jeweler would
borrow that $100 million in in USD from
the bank, then they would go buy gold
with that and make their jewelry. What
happens though, and we actually saw this
this year, is when gold price went up
100%. You know, from from 2,000 to
4,000, you think about units. And so for
the jeweler, what they care about is how
many ounces of gold that they get. When
all of a sudden the price doubles, they
have half the amount of units that they
expected on that that $und00 million
line. And so they end up getting into
trouble. And so in our model, because
we're able to to lend in ounces and get
repaid in ounces, it works a lot better
for them because they're not as uh you
know, exposed to to price change of uh
of gold and it actually solves a lot of problems.
problems.
>> Okay. So you mentioned that you lend it
to them in bullion. So I'm imagining
like you're giving a jeweler a gold bar
and he'll give you a gold bar and a half
back at some point in time. Is that is
that roughly what it is?
>> Yeah. Yeah. Perfect. perfect way to think.
think.
>> And you mentioned that it's not just
people that, you know, not just jewelers
who obviously make jewelry, but also
refiners are some also some of the
people that will borrow against this.
What do they need it for?
>> So refiners themselves, they're the ones
who essentially they they work with a
lot of the mines and they they bring in
the door. They refine it down to the,
you know, 99.999%
pure. And so there's a lot of gold
running through them at all times. And
so sometimes they need to be able to to
borrow gold to be able to keep up with
with demand. And so unlike jewelers that
are turning it into jewelry, they simply
need gold for the demand that they're
getting. And so as a a working capital
requirement, essentially a pass through
for them. Um they have the ability to lease.
lease.
>> Okay. So I'm a refiner. I I know that
I'm currently refining a ton of gold. Um
and then someone comes and wants it now.
Well, I can borrow it from you, sell it
to them, and then that way um they Okay,
I got it. Um okay, so um obviously
there's quite a few goldbacked real
world assets in crypto. There's Tether
Gold. Um there's um Paxos Gold. Is the
fact that you pay yield your USP? Is
that the main differentiator?
>> Yeah, I think there's sort of two main
differentiators that that we look at.
So, one, the the yield piece is
obviously very powerful. There there
isn't any other gold stable coins on the
market that that pay a yield in in gold
in an institutional sense that that we
do. And so with that, that's obviously a
big advantage for for people because now
all of a sudden, gold is no longer the
the pet rock that sort of sits there.
You actually have an interest component
to it. The second piece is the way that
the asset is designed is is a security.
And so the the asset is a security and
we designed it specifically so that it
can be held by US-based ETFs, asset
managers and distributed through retail
brokers. And so this is something when
we look at the the ETF market especially
on our first uh we announced a $und00
million raise into into GDY which is
sort of the first initial pre-sale. The
majority of the orders in that raise
right now are actually coming from from
ETFs. And so what we've seen is because
this asset gives them the ability to get
get gold plus plus plus the the yield on
top of it, all of a sudden they have a
better product than the ETFs that are
out there right now. And so GLD is the
largest ETF. It essentially costs you 40
basis points. So you're getting gold
price minus 40 basis points. If you have
an asset that gives you gold price plus
up to 400 basis points, it's uh it's all
of a sudden a much better asset for
people to own. And so because we
designed the token so that it can be
held by these ETFs and and in sort of
traditional finance, I think it provides
us a pretty big edge and a much wider
distribution. There's there's around
$560 billion in gold ETFs right now. The
last time I looked and so if you think
about that for for a market TAM with a
much better asset, it provides us a lot
of sort of growth potential for for this
specific one.
>> And why isn't every single gold ETF
doing this? what what are the credit
risks here that people should be aware of?
of?
>> Yeah, so I think there's there's a
couple things when you look at it from
the ETF standpoint. One, the market has
been okay paying gold price minus 30 or
40 basis points forever now since these
since these ETFs ETFs has have existed.
And so with that, there's been no real
reason for them to to look at something
like this. So I think us coming in is is
going to be, you know, quite a quite a
thought for them when they when they
actually see it happen. The the second
part is the gold leasing market and
mechanism there. Tokenization is what
allows us to securitize that process.
Before tokenization exists to be able to
securitize that one would be extremely
um hard and it would you know it would
be a lot of paperwork a lot of lawyers
going back and forth and I think it it
wouldn't make a lot of sense because it
wouldn't be a very liquid asset. by us
being able to tokenize it and turn it
into a a liquid asset, it provides a a
ton more sort of growth potential as
well as sort of interoperability for the
asset itself. And so I think when we
look at it from the both our partnership
standpoint with monetary metals and
being able to to really institutionalize
and securitize that and then also do
that through tokenization, it provides
us a sort of unique stepping point to to
get off of. And I think tokenization
itself right now is a a very hot topic,
but you know, we've been at this for 3
years since sort of tokenization was
sort of just getting going and we've
built ourselves a really strong moat to
be able to come out into the market with us.
us.
>> And um you guys lo I mean you guys
mentioned that you went you went public
last year. The product is set to launch
um soon. Um
but you've been working on this for 3
years. um has what has changed in the
regulatory environment that has made it
possible to launch products like this
which have just not been available until now?
now?
>> Yeah. No, good question. And I I think
something that has changed especially in
the last like year is the the sort of
regulatory environment for for tokenized
assets and you know stable coins and
everything like that and we've seen that
especially in the US with their sort of
pro crypto push and so I think that is
one thing that is you know really sort
of driving this forward. I think the
other thing is, you know, for us, like I
said, we've been working on this for 3
years to be able to put all the
technology and and legal infrastructure
in place for an asset like this, as well
as the other assets that we start to
launch because now that we've launched,
we're going to launch GLDY, all of the
plumbing is sort of in place. The next
thing will be silver and and assets like
that. Um, it's, you know, it's not a not
an easy process. And so, you know, we
made sure that we took our time. We made
sure that we had all of the necessary [snorts]
[snorts]
infrastructure in place to be able to to
be able to do this. And then when you
couple that with the regulatory
landscape really shifting and people,
you know, knowing about tokenization and
being open to to working in that space
and industry now, it provides a pretty
good tailwind for us to to be able to operate.
operate.
>> Okay. So, you mentioned that on your
road back you have other precious
metals. Um, are you guys thinking about
branching out from precious metals at
this point or is the precious metals
opportunity pretty big as well? are you
satisfied with that?
>> So I think obviously the the gold and
silver markets are are massive and I
think those are are two TAMs that we can
you know be quite successful in. I think
as we we look at it and we announced our
road map uh you know a couple weeks ago
on an update call and so what we're
looking at really is is any sort of
commodity asset that has a working
capital requirement. And so the reason
that we look at that is because that
allows us to create yield bearing assets
on top of them. And so with with gold,
with silver, there's, you know, robust
markets for for leasing. You know, we're
also looking at copper and and oil and
gas. Those probably won't be until 2728
because there's, you know, quite a bit
more infrastructure, especially on the
leasing side that needs to be developed
by us. But right now, copper and or
sorry, silver and gold are sort of the
two main main focuses. And I think as we
sort of get into the get into the market
with these, we're going to be in a
pretty pretty good spot. there's there's
a lot of room to to grow in in those
markets specifically.
>> Okay, let's let's let's go back to GLDY.
Um, do you have a date for when it's launching?
launching?
>> So, we haven't announced a formal date.
We announced uh we announced Q1 in our
in our update call. I would say it's,
you know, most likely a matter of weeks,
not not a matter of months in terms of
in terms of launch. We're we're feeling
very comfortable about it and, you know,
we're excited to be able to get it out.
>> And where are you seeing demand coming
from? You mentioned that um ETFs are one
source of potential demand. Um obviously
um I looked at the investor requirements
there. You have to be an accredited
investors. There's certain minimums you
have to reach. Um what sort of interest
have you raised so far?
>> So we announced the $100 million raise.
We also announced that the sort of
initial indications that we've gotten
and you know those are getting pretty
far down the line now exceed that $und00
million. And so it's been it's been a
very positive response from the from the
market. The sort of the the biggest
interest that we've gotten is from sort
of three avenues. One is from the ETFs,
which I would say probably are the
largest um interest right now. And so
ETFs who actually want to hold GDY
either as a percentage of some of their
funds or even potentially a 100%
weighted. What sort of ETFs? What sort
of ETFs are these? So these like I'm
imagining gold ETFs, but actually now
that I think about it, they probably
don't have the mandate to to to hold
GLDY. So what sort of ETFs are these?
>> Yeah, so it's it's primarily one either
like a mixed bag mixbased commodity
ETFs. And so what we've seen actually is
a lot of ETFs that hold for uh futures
and and options within their within
their portfolio, they are looking at
switching those into GLDY because what
it gives them is one the upside exposure
to the gold price and then the yield on
top of it
>> and it essentially gets rid of any carry
cost or contango that they have with
those futures and and options contracts.
And so that's one big sort of uh
component of those funds that we've
seen. Very interested. And then also you
know sort of yield uh like yield focused
ETFs as well like uh essentially you
know if an ETF has a yield mandate they
are very interested in this in this
asset itself and then you know with that
as well we have a a partner um press
released and announced called simplify
asset management and so they are they're
they're a great partner for for us um
and then from there I think it's you
know it's a sort of a wide range on on
potential for 100% weighted GLDY ETF uh
as well.
>> Okay. So, so you know ETFs are one
source. What are the other two?
>> So the other two would be one commodity
traders and uh you know commodity uh
hedge funds. They they've shown uh
pretty significant interest and then
also the last would be essentially
distribution through retail brokerage
networks. And so high net worth credited
individuals who want to own the asset.
they might have a position in GLD or
another sort of gold uh gold focused
asset and they want to be able to get,
you know, yield on uh on top of that.
And so that'll be sort of the third
distribution channel um and interest
that we're that we're sort of seeing as well.
well.
>> Okay. Um
and and how does like h how big is um
the gold leasing market? Can you guys
grow to multiples of hundred billion
dollars? like how much demand is there
actually for credit in gold to be repaid
with with gold interest?
>> Yeah. No, so that's a good question and
and so first what I'll say is, you know,
we've we've had confirmation from from
Monetary Metals, our partner, that
within 3 months we can easily get a
billion dollars worth of gold on lease
with with no problem.
From there the the market itself if you
think about jewelry alone jewelry is
around 15 to 20% of the the total gold
market the gold market itself right now
total above ground gold is around 32
trillion and so for us capacity is
really not an issue you know and I think
actually with gold price going up what
we've seen is a lot more demand for for
leasing so with that you know if we if
we want to put a a cap on it it really
doesn't exist and I think we have you
know more than enough capacity to be
able to facilitate, you know, getting to
a $10 billion fund, 2030 billion uh, you
know, asset, there there would be no no
issues there.
>> So, so prior to you guys coming onto the
scene, what was Monetary Metals doing?
Were they just custodying a tremendous
amount of of gold and lending it out to
these various players?
>> Yeah. So, traditionally, monetary medals
that that's what they did. They they had
individuals who came to them, gave them
gold, they would lease it out, they
would get the the yield. I think
something important to note is is now
that we've sort of tokenized and
securitized this process, it makes it a
lot easier both for us to get gold on
lease with monetary medals as well as
monetary medals to be able to grow their
the amount of gold that they have
available to to put on lease. If you
think about it, you know, with with
monetary medals right now, they've
created an amazing business by being
able to to do this, but there's some
caveats that come with it because you
need to put your gold on lease. It's
locked up for 12 months and you don't
have access to it. Now with this, you
know, token, you have the ability to get
the the yield from leasing, you know,
not have to worry about, you know,
having review leases. We handle all
that. All this sort of like friction
points, we've taken them all out and you
have a liquid asset that is available to
be sold. And so instead of having to,
you know, go through all those friction
points, tokenization really gets rid of
all of them and gives us the ability to
to create this liquid asset that people
can move in and out of, they can invest
in, they can hold, they can, you know,
it it feels like a security.
>> And what does the the credit do? I mean
the one of the risks of course is um
that as the market expands the credit
profile of the people borrowing the gold
becomes potentially a lot less good than
um it was at the beginning. How are you
guys thinking about credit risk? You
know both as asex both as monetary
medals but also on behalf of the the the
token holders
you know what happens if if there's a
loss does everyone take a haircut? How
how is the whole thing structured?
>> Yeah. No, so that's a really good
question and the the most important
point is one there's no credit component
to these these leases. They are
operating leases and so there's no
there's no credit underwriting.
It's it's an operating lease itself. The
second point is the the leases
themselves are all fully insured. And so
there's actually there's something
called jeweler's block insurance that
all the jewelers hold. And then there's
also an umbrella policy from you know
major providers. And so if I if I told
you the names, there would be names that
you that you knew. And then from there
as well, everything is also RFID tagged.
And so all of the gold that is on lease
is fully RFID tagged. We have the
ability to go and do spot checks. We
have the ability to see where the gold
is at any given time. Our fund admin
calculates daily NAV. Our auditor will
give monthly addestations to the the
gold, where it is, the amount, all of
that stuff, too. And so the whole
process is very institutionalized. And
you know it's something that was you
know important for us when we were going
through our due diligence to to make
sure that this was a safe asset.
>> Right. So h have there been no cases of
gold manu you know jewelers or someone
else going bankrupt and and then you
know lenders taking a loss has that
never happened.
>> So Monetary Metals has never had a
default on any of their leases. Um we
also have something called a passing
lease criteria. And so we review every
single lease that that comes in and when
we put gold on lease and there's, you
know, certain requirements that they
need to pass to be able to make sure
that we we can put it on lease. I would
say the, you know, the the jewelry
manufacturers and, you know, finders and
stuff that are actually in contract with
Monetary Metals and and getting leases,
they are very large companies. And so,
you know, they're press released with a
company called Calon, which is publicly
traded hundreds of millions of dollars,
has 3,000 stores. um also a refiner
called AA refining which is one of the
largest refiners in Europe. Um it's you
know these are these are very large
large players. Um and so yeah that's
that's something that's very important
for us too
>> and I guess on on the credit um stack
you guys have complete preference
because um you know they must have you
you know you're you're probably lending
against some sort of inventory that they
already have. Um, so if something
happens, then you can go in and and take
the gold because it's already yours. You
don't have to work for for bankruptcy
proceedings and all that.
>> Yeah, exactly. Everything's 110% uh over
collateralized as well for them to to be
able to accept a lease.
>> Got it. Got it. Um, so you guys have
been working on this for 3 years. Um,
it's finally looks like it's coming to
fruition in a couple of weeks. What What
are some of the lessons that you've
learned from trying to build a product
like this?
No, it's a good question. I think, you
know, when we when we sort of look back
at it, and I think this is with starting
any any sort of company, like there's a
ton of ideas that you have in the in the
beginning and you want you want to
create something massive and, you know,
do everything. And, you know, when we
were starting, we we were like that.
We're like, hey, we're going to create a
full exchange. It's going to be Coinbase
for for real old assets and all that
sort of stuff. And I think that's still
on the on the road map. But
>> you know, for us, it was really
important for us to be able to sort of
nail down and and focus on on one thing
to to start and do that one thing very
well. And that ended up being this GLDY
asset. And so, you know, from there, it
allows us to create what we realize it
creates all the infrastructure for us to
build on that and create additional
things like the silver, copper, oil,
gas. and you know without having to to
worry about you know taking on the on
the whole world to to start and so I
think you know when we started there's a
lot of big ideas like I said and now
that we have you know a very clear path
on hey this is our road map this is what
we're doing first this is how we're
going to grow off of this this is the
the economics that we see on one asset
this is the economics that we see on two
it allows us to to be much more
methodical in uh sort of how we think
about it and I think for you know for
any startup founder you always you
always have you know big ideas for what
you want to be but I think by being able
to really narrow down and focus on one
thing, it it provided us with a lot of
uh actually a lot more room for growth
than it would be if we were sort of
trying to do everything at once. No, of
course that that makes total sense.
And over these three years,
what else has um you know, you've
learned about focus, what have you
learned about the markets themselves and
how they develop? I mean, I think back
to 3 years ago, 2023, crypto markets
looked very very different to to the how
they look right now. Um, have there been
any lessons in how the space is maturing?
maturing?
>> Yeah. And, you know, I think as as
someone who's been in in crypto for
quite a while now, you see the you see
the up ups and downs. You know, I think
uh you know, if you were in the market,
you would remember 2021, how you know
how brutal that was. Everyone thinks
everything was going to zero. >> Yeah.
>> Yeah.
and and you know we just we ended up
having our our head down throughout that
whole process like okay hey like this
isn't going anywhereization
we think is going to be a massive thing
as we sort of go into the this sort of
new age of of finance we've seen all of
the biggest people in the world talking
about it with black rockck you know the
large banks especially in the US and so
I think for us it's we know that we had
a good idea and a good product and all
of the other sort of noise whether it's
the markets going up or going down.
We're in an industry that is, I think,
truly going to revolutionize sort of the
the finance space and and blockchain
itself, not just crypto, but the actual
technology provides those rails for us
to to be able to do that. And and so,
you know, even as a public company, you
know, the markets, they move every day.
But, you know, that when you have a a
product that is going to be, I think,
very very large and and and successful
and it's exciting and it's new, we're,
you know, excited to be able to bring
that out to the out to the market. And
so, by being able to put your head down
and work on it, I think we're we ended
up in a good spot.
>> Um, as of right now, of course, if if I
want to get GLDY tokens, I have to be an
accredited investor and I have to make a
certain minimum commitment, which is in
the hundreds of thousands of dollars.
Um, is GLDY going to be available for
secondary trading as well or is it just
going to be um as of right now uh for
accredited investors only?
>> Yeah. No, so GDY will be available for
for secondary trading. Um there will be
a secondary market for the asset or
actually we should be announcing our our
ATS partner on that that secondary asset
quite shortly here. And so with that,
you know, there will essentially be the
ability for people to participate in the
in the secondary. They'll have to go
through, you know, KYC, AML, all the all
the sort of general requirements for a
uh for a security. Um, but there will be
a secondary market for the for the asset.
asset.
>> Got it. Wait, so what's what's an ATS
partner? Sorry.
>> So ATS is it's an alternative trading
system. It's uh essentially it's a
securities exchange for for digital
assets. Was was there a temptation to
just, you know, tokenize it as an ERC20
and just let it let it go on unis swap
or was that just not going to fly with
with the regulatory environment?
I think for us because we especially
wanted it to be able to be held by ETFs
and you know we're looking much more at
those more institutional and and trady
channels too. Um that was never really a
thought. You know maybe in my brain I
was like oh I'd love to be able to just
you know put this out on a deck and you
know seed some liquidity and you know
let it run but you know I don't think
our lawyers would be too happy if we uh
if we did that. Uh
>> yeah they probably wouldn't. Okay. Um
Henry any parting thoughts? Why should
people buy GLDY?
You know, I think, you know, everything
that we everything that we discussed,
you know, the the ability for you to get
gold price exposure plus the the yield
on top of it, you know, all of a sudden
gives you very interesting returns. You
know, if you're you're thinking you're
looking at the gold price return sort of
historically is around 8%, all of a
sudden you add, you know, 3 or 4% on top
of that, you're getting S&P level
returns with a historically uncorrelated
asset. And so, I think that's something
that, you know, it's uh it's very
interesting for people's portfolios. And
I think if you want gold price exposure,
GLDY is the best asset for you to to do
that with. And then I think, you know,
as the the GLDY is just one asset that
we're going to create. And so when you
think of StreamX as the as the company,
we are the the asset manager, we are the
ones the technology provider to be able
to to create all of this. And so, you
know, you can also look at the the
stock. And so, you know, you can you can
participate in GDY, you can look at at
StreamX, the the company, too. And I
think, you know, it's a it's an exciting
story. We're an exciting market. And uh
you know it's uh it's going to be a
really good 26 I think.
>> And how how will you like let's say it's
the end of 2026 how will you know if it
has been a successful year?
>> So our our goal is by the end of 26 to
have a billion dollars in uh in GLDY
in in that fund also to be able to
launch our our silver with uh with yield
asset too. And so you know I think if we
if we hit those two boxes we're going to
be in a good spot. Obviously, we have
more sort of internal KPIs, but I think
those are sort of the two biggest things
that that we're looking at.
>> Yeah. I mean, I wish you guys all the
best. You have the best possible market
environment for it. So, I think yeah,
you're you're off to a very very good
start in 2026. Henry, thank you very
much for your time.
>> Amazing. Thank you very much.
>> So, you built one of the biggest NFD
projects in the world and then you
pivoted to physical gold. How did that
happen? Well, the funny thing is as I
was building that NFT project, I was
actually in school for mining
engineering. And so I had always sort of
been in the in the gold space, you know,
even when I was 18, I worked at my first
mine up north in in northern BC. It was
a it was a gold project. And so I was I
was involved in the industry and around
a lot of sort of mining and and
commodities focused people. And so I
sort of took the experience with NFTTS
and you know which was really early
stage tokenization
and thought hey can I apply this to one
the degree that I'm getting and two a
market and industry that I think is
going to be big into the the future and
you know when I got together with my
co-founder Morgan we you know he's very
experienced in the in the mining and
commodity space and so we sort of got
together I had my experience in the the
sort of the crypto side of things and
also mining but then him physically
really in mining And we're like, hey, I
think we can can do this better. This is
an industry that has not seen a lot of
innovation in the last 60, 70 years. And
I think tokenization has the ability to,
you know, solve that and and solve some
issues. And that's really how StreamX
was was born.
>> So, you went from mining engineer to
crypto CEO.
What would your professors say?
>> I've spoken with a couple of them
actually. I I went and spoke at McGill,
which is my university, um, a couple
months ago and was speaking with a lot
of my professors and everything. And you
know, it's funny when I was in school, I
was always, you know, hopping out of
class because like we started StreamX
when I was was finishing my degree. I
was always hopping out of class taking
calls and and doing everything and and
my professors are like, "Yeah, you know,
we we sort of thought that this was this
was going to happen. We knew that you
were always doing something with the
NFTts and and now this like, you know,
we're we're obviously proud of you and,
you know, I think that's it's really
cool to see and and they supported me
throughout the the whole thing and so I
you know, they were they were great.
So, you guys are launching the GLDY
token soon, but it's been three years.
You spent three years building this
before launch. Was there anything that
almost made you quit?
>> I think there was a couple times where,
you know, Morgan and I, we were in our
in our early days, you know, we'd raised
a little bit of money from from friends
and family and we were getting started.
We had our development team. we were
working on the the product and you know
there's a couple times when we looked at
our bank account and we're like oh man
like I don't think we're going to be
able to pay our our bills this month and
I remember looking at that and him and I
being like no we'll get through and and
Morgan helped a lot and you know we were
able to to bring on some really good
advisers and investors at that time too
with Frank Chustra Shawn Rusen they were
two of the first you know actual big
checks into this that allowed us to to
really build StreamX and you know I
think looking back at it really
realizing hey you know This was not an
easy process to to be able to get here
and we had a lot of you know really
great people support us in the beginning
who really believed in in the vision and
you know back then it was still really
really an idea and we were you know
building on that idea and those people
that believed us then you know were you
know super happy and you know honored to
to be able to have them support us at
that time to to get to where we are now.
>> Okay. So explain GLDY to someone that
has very vanilla investments.
So, Gildy, the the simplest way to think
about it is you have the ability to own
gold and you get paid for holding that
gold up to 4%. That payment is an
additional gold bullion. And so, if you
think about it from a from a simplest
side, what you would have is say you buy
100 GLDY and the yield's 4%. At the end
of the year, you would have 104 GLDY,
which is equal to 104 ounces of physical
bullion. The the yield itself is through
industrial leasing. And so we actually
make your gold active instead of just
sitting there in a vault. And it gives
you the ability to, you know, get gold
price exposure and the yield on top of it.
it.
>> So gold ETFs will charge you money for
holding gold, whereas you pay people
money to hold gold. Where's the catch?
>> So there's no catch. There's there's no
catch. I think we're just doing it a
little bit differently. and and
tokenization really is what enables us
to to be able to do this. And so when
you think about the gold ETFs, they hold
physical bullion. That bullion sitting
in a vault and they're cause like
essentially charging a management fee to
to be able to give you gold price
exposure. With GLDY, you still get the
same gold price exposure, but instead of
the gold just sitting in the vault and,
you know, not really doing anything, we
we do make it active through these
leases with our partners Monetary
Metals. And so, like I said, instead of
the gold sitting there, it goes onto
essentially client premises like a
jeweler or a finer, and they're able to
use the gold. You can think of it as
them essentially renting the gold from
StreamX and paying us to be able to to
rent it. We then are able to pass on
that yield to holders in additional gold
and gives them really the gold price
exposure because we have title to the
gold the whole time as well as the yield
that that comes from it.
So gold has been around for 5,000 years.
Why does it need a blockchain?
>> So I think it's a really good question
and I think the the biggest sort of
thing that we've seen in the market
right now is gold tokens themselves.
Like there's there's two large ones out
there, PAX and Tether. They trade right
now almost a billion dollars a day and
at a slight premium to gold price. The
reason for this is is because it is the
most efficient way to actually trade
gold in the world. You don't have to
worry about physical settlement. You
don't have to worry about the ETF
management fees or or anything like
that. You actually have direct ownership
of 1 ounce of of physical physical
bullion through the smart contract
itself. And so the smart contract is
what enables us to to create these sort
of liquid markets on you know different
blockchain avenues and and you can trade
them. And so already we've seen that it
makes a lot of sense to tokenize gold
and and then have it trade. And now the
ability to add a yield to that as a
security that can be held within ETFs,
you know, distributed through through
brokers and other channels. I think it
it really builds upon the thesis that
tokenized gold is the best way to trade
it. Now, let's take it a step further
and, you know, open that up to the sort
of traditional markets.
>> If tokenizing gold is so obvious, why
isn't Black Rockck doing it?
I think Black Rockck themselves are
obviously, you know, a very massive
firm. I think they're a firm that is
much more focused on on buy, not build.
And so, you know, with StreamX, what
we're doing, we have a very nimble team.
We have a very sort of unique uh you
know, expertise within our team to to be
able to do this. And I think the simple
answer is we're able to move very fast.
We're able to to capitalize on on this
market. And so, we put all the necessary
partnerships in place. we've put all the
the technology in place and because of
this we have a very unique sort of first
mover advantage right now and you know I
think the the Black Rockcks of the world
they're they're taking notice you know
they're shareholders in in in StreamX
and so as we continue to grow we're
excited to see what happens.
>> So following up on that Black Rockck uh
Black Rockck CEO Larry Frink has said
that they want to tokenize everything.
Black Rockck has $10 trillion in assets.
What happens to StreamX when they decide
to compete with you directly?
>> I think that's the, you know, a similar
point. Black Rockck themselves, [snorts]
they are obviously they have massive
arms into into everything and they right
now they're they're very focused in a
wide range of things. With StreamX, we
are very focused on on this one product
at the moment, which is GLDY. Our
ability to to take market share, move
fast. Our exclusive partnership with
Monetary Metals, which is the largest
gold leasing provider in the world,
gives us a very strong economic moat.
And so we have the ability to scale very
quickly and also, you know, scale to a
point where they notice us. And so if it
comes to that point, like I said in the
beginning, it becomes a a buyer build
situation. And I think the the ability
for them to work with us makes a lot
more sense than them having to to go out
and try and do the whole thing because,
you know, it's already here. And and you
know, I think we're we're in a very good
spot to to show them that.
So, I think a lot of people when they
think of tokenizing things, they think
of digital gold and the first thing that
comes to mind is FTX.
So, how how would I know the the digital
gold that I buy from StreamX actually exists?
exists?
>> Yeah. So, it's a good question. And so,
there's actually a couple different
avenues on on how to verify your gold.
And so, there's one, we have a
partnership with Chainlink. And so
that's a third party oracle for GLDY
where you will be able to see every
month we publish attestations with our
auditor for the the fund that proves hey
this is how much GLDY is minted it is
backed by the same amount of physical
bullion and so with that that's one way
the second is it is a Cayman fund that
has an auditor and so the auditor will
publish quarterly audit reports as well
as those monthly addestations and so
you'll be able to see and and verify
that the gold is is actually there And
then I think if you think about it, you
know, from a security standpoint is the
gold is yours. The it is you in your
title when you hold the token. It is
like a receipt, a receipt of ownership.
And so, you know, there's the ability to
to redeem if needed. And so we mitigate
a lot of those problems through all
that. And and so instead of just, you
know, a synthetic sort of version, which
happened with FTX with Luna and
everything, this is the real direct
ownership of of gold.
So, when I think of buying gold, I think
of grandmas buying gold at Costco.
Meanwhile, Gen Z is out there buying
meme coins. Who is this for?
>> So, I think it's it's funny. It's a
funny question. I think it's actually
for both. You know, I think the the
nature of the asset because, for
example, one, it's a a crypto asset. So,
it's a tokenized security. People, you
know, younger people like myself or, you
know, sort of my under my generation
understand that. and they have the
ability to purchase it the same way that
they would buy a meme cocoin. You know,
they they log into StreamX, they can
deposit USDC and they can purchase the
the asset. And so that's sort of
catering to them. The other way to look
at it is we can also distribute it
through through brokers and sort of
through traditional finance channels
with ETFs and everything, for example.
And so, you know, the the older
generation is able to participate
through the traditional finance rails
that they know and and love as well. And
so, we're really catering to to both
markets. And it was important for us to
make sure that we had that, you know,
traditional finance backing and
institutional backing as well as the
sort of new generation with sort of
crypto and that, you know, quote unquote
memecoin generation.
>> So, I I did some research and you might
be the youngest CEO on NASDAQ right now.
Does that help or does that hurt when
raising billions of dollars? You know, I
think up to this point we we've been
very successful in in raising capital
and I think the our investors and and
the team has has been very supportive
and obviously over the last couple
months there's been a lot of learning,
but we're in a really good spot and I
have a lot of really good people around
me to to be able to to support and do
everything. For example, Mitch Williams,
our chief investment officer, he's
someone who has decades plus of Wall
Street experience. Morgan, my co-founder
as well, very deep capital markets
experience. And so, you know, the the
whole team, you know, any company is not
just the the CEO, it's the the people
that are surrounding them and and
everything that, you know, those people
their knowledge and what they do too.
And so, up to this point, we've managed
to raise a pretty significant amount of
capital. Uh we actually just closed on a
$35 million funding round as well, uh
which was, you know, oversubscribed, no
warrants, very very positive, long only
shareholders. And so, you know, I think
the market's spoken and we're very happy
with with everything we're doing and
gonna continue to to be able to do it.
>> Congratulations on the raise.
>> Thank you.
>> I think, you know, people talk about
raises, they talk about success stories
all the time, but it's not always, you
know, perfection. It's not always
sunshine. What are some of the biggest
mistakes that you've made as NASDAQ's
CEO? You know, I think if you look over
the time, I think we've done everything,
you know, in a pretty good sense. I
think in the beginning, there's, you
know, a couple things obviously with
with any young company um that we should
look at, whether it's in terms of, you
know, who we take money from or or
everything like that. Um speed to market
was a very important thing for us, which
I'm actually very happy, and how fast we
we got to market. And so, with any young
company, there's going to be sort of
growing pains and making sure that we,
you know, set ourselves up good. But I
think something important to note is
with this raise, we managed to to have a
very clean cap table now. No debt. You
know, we have a a very significant
equity layer. And so even if there was,
you know, things in the past that might
have hurt us, we've managed to to I
think, you know, requisite those and and
be in a really good spot now to grow
into into 2026.
>> So for a lot of crypto people, gold has
been a bit of a pet rock. It hasn't
really moved that much up until very
recently. Um, what do you say about that?
that?
You know, I think that's it's it's what
it is. You know, gold itself is probably
the best store of value in the world. I
think we've seen that this year. Gold's
almost, you know, it's over $5,000 when
the the US dollar is going down. I think
the the pet rock nature is not
necessarily a bad thing. You know, it is
it stores value very well. It it hedges
against inflation very well, but now
it's sort of just about taking it to the
next level. It's how can you turn that
asset that does provide the best store
of value into an income generating asset
which what what we're doing with streamX
with with GLDY and so you know I think
it's something where you can still have
the the you know actual value of gold
while also getting the the extra yield
on top of it and which turns it into a
very different instrument and provides
you know more value for for investors.
So, for the next decade, as a crypto
CEO, for the next decade, would you bet
on gold or would you bet on Bitcoin?
>> I think it's a good question.
Personally, I'm betting on both. I I
hold Bitcoin. I I hold, you know, a
pretty decent amount of Bitcoin. Uh I
also hold, you know, a pretty decent
amount of gold. And so, with that, I
think there's there's a place for both
in the in the market. I think Bitcoin
is, you know, going to continue being a
more speculative investment. And so
that's not something that it has reached
the whole, you know, it's a hedge
against inflation or, you know, the
whole digital gold standpoint. I don't
think it's there yet. I think it could
at at some point, but with that, I think
when we see that it'll be a lot less
volatile, which people might not like.
People like the the volatility in
Bitcoin. And so I would recommend
holding both to be honest. I would have
maybe a slightly larger position in gold
right now just because of sort of how
the world's going. But both assets, if
you look in a 10-year 10-year time
frame, I think they're both going to be
up tremendously and and they would both
be, you know, good assets to hold.
>> In the last 12 months, gold has
massively outperformed Bitcoin. Why do
you think that is?
>> I think there's a couple things. I think
in the the world right now and I think
even today the the US dollar reached its
lowest level in four years on the on the
DXY. there's a lot of uncertainty in the
world and a lot of sort of economic
turmoil with you know a ton of different
things happening and you know the US is
is in a in a point where people are you
know getting worried about US dollar
being the the world's reserve currency
and so when we see uncertainty in the
markets and we see you know things that
are happening like this gold is the
asset that people fledge to because they
want a safe haven asset we've seen them
doing that over the last two years
already in preparation for this and now
it's just been really taking off and you
know the thing is I don't see it
stopping anytime soon. As long as there
is uncertainty in the world, you know,
which is is something that I think will
continue to to to be happening over the
next little bit. Gold is going to
continue its rise. It's going to stay
the the world's store of value and I
think it's going to be very positive for
the for the gold market.
>> So gold has returned about 8%
historically. You are saying that you
can add an extra 4% on top. Why isn't
everyone doing this? I think there's a
couple things. One is it's not easy to
to do this. I think two is you need to
be able to have both the the technology
like we've built, you know, for the
tokenization of the asset. You need to
have the like the the right partnerships
in place with the groups like monetary
metals and I I think the whole yield on
gold has been something that people have
been looking at for a long time. And
because of tokenization now, we're
actually able to institutionalize it and
and make it something that is very
scalable and and reduce a lot of
friction points that traditionally might
have been there. And so I think we're
really hitting the market at the right
time when tokenization is a very real
very real thing talked about by very
large institutions. And also the gold
market's at a point where people want
gold exposure. And so by being able to
get into the both of those markets at
the same time, we're in a a very good
spot to to be able to I think execute
and take advantage of the of the market
that we're in.
>> So the the global commodities market is
on the scale of $140 trillion.
Why does tokeniz why does tokenization
help improve the $140 trillion
commodities market?
>> Yeah. No, it's a great question. And I
think there's there's a couple things.
Tokenization itself is it's a it's a
it's a wrapper that allows you to do
things much more efficiently because of
blockchain technology. And so when we
look at the the commodities market right
now, the the number is you know a mixup
of physical of futures and derivatives
trading and you know sort of you take
everything with that. By tokenizing
physical assets, there's a benefit to
you as both a a trader or as a holder
because one, you get the access to the
underlying and you can actually trade
the the underlying commodity in a spot
basis. Two, you don't have to worry
about the futures, you know, contracts
roll risk as well as hedging costs for
those assets, too. You know, say for a
future it cost you four, you know, it's
a 12-month future, it cost you 6%. with
a spot gold token like GDY that gives
you the yield, you can get similar
exposure with no carry cost. And so I
think this is sort of one example on how
this can disrupt and and actually, you
know, make be a benefit for the the
commodity space while also improving
trade around the world with with
tokenization. And so there's a ton of
different avenues that you can go down.
There's a ton of different things to
innovate on. StreamX is obviously
focused on gold right now, but advancing
into many others. And I think it's
really the start of something, you know,
major for the for the industry and a
major shift in sort of how we see
commodities owned, invested, and and
traded in.
>> So Larry Fink, Larry Frink, the CEO of
Black Rockck said that they wanted to
tokenize everything. You spent a lot of
time talking to Wall Street executives.
What's one thing about tokenization that
Wall Street doesn't get?
I think I don't know if it's necessarily
Wall Street that doesn't get it, but
this has been a conversation that I've
had quite a bit over the sort of the
last couple years. People will come to
me and be like, "Hey, I have, you know,
10,000 tons of of gold sitting in a
vault and I want to tokenize it. You
know, I'll create a a massive tokenized
gold product." What they don't realize
is by saying that, they're saying that
they want to sell it. And so cuz when
you tokenize the asset, you put it out
onto the market. The token holders now
own the gold or or own whatever asset it
is. And they're like, "No, no, no. I
don't want to sell it. I just want to I
just want to tokenize it." And I'm like,
you know, it doesn't really work that
way. You can tokenize whatever you want.
I could go and and tokenize a guitar if
I wanted, but it wouldn't have any value
because, you know, one, you would sell
it and you wouldn't own it anymore. And
and two, if you're not going to sell it,
then who would want to buy it? And so I
think that's something that is really
important to note is tokenization
provides an avenue for you know capital
generation and and you know the ability
to to actually create tradable
instruments on assets but those assets
no longer are yours when you actually
sell them into market as as tokens. And
so that's been a little bit of a an
education piece to to to a number of people.
people.
>> Yeah. I've met quite a lot of people in
the mining industry and they tend to be
a little bit more conservative, a little
bit more old school, a little bit more old-fashioned.
old-fashioned.
How have they uh have they been
interested in this whole tokenization
push? How have they reacted?
>> Yeah. No, I would say 100%. I think when
we were getting started 3 years ago, it
was still a little bit of a you know,
you know, what is that? Is it really
going to be real? Like who really knows?
But I think in the last year especially
there has been an immense amount of
interest from you know legacy large
mining projects and large mining you
know people in the in the industry and
so we've had some really interesting
conversations with some big royalty
companies with some executives of some
big royalty companies and even just
mining projects in general and so if you
look at Frank Gustra Shan Rusen they're
two people who are trailblazers in the
in the mining space they built some of
the biggest companies in in the in the
world and they were people who saw it
early. They were able to to you know
come along with us on this ride very
early and were very early believers and
now I think the rest of the market is
really catching up and we've been
getting a ton of inbounds from some you
know pretty pretty senior people in the
space and they are very interested in in
sort of seeing what tokenization could
>> I they came across I came across them in
my research. They're they're pretty big
names. Can you tell me a little bit
about um what they've done?
>> Yeah. Yeah. So Frank himself, he's the
founder of multiple multi multi-billion
dollar mining companies. He's the
founder of Weed and Precious Metals,
Leia Gold, Gold Corp. number number of
others. He's also the founder of
Lionscape Films. And so if you've ever
watched, you know, any of those any of
those movies, Bladeunner, Hunger Games,
a number of others, he's a, you know,
serial entrepreneur, businessman, you
know, a great mentor to myself and also
someone who has been a super great sort
of help for us with with StreamX because
of his experience and and breath of
knowledge. Then Sean, he's someone who's
founded, you know, multi-tens of billion
dollars of mining companies and sold
multi-tens of million billions of
dollars in mining companies as well with
the Cisco group. And so a Cisco gold
royalties, a Cisco mining, they used to
run the largest gold mine in in North
America, which was the Canadian
Malarctic mine. And so by having these
two individuals sort of in our corner
and and really helping us, they they've
helped us a lot. And you know, both from
a a knowledge and, you know, expertise
standpoint, but also from just being
able to to use them as as advisers. So,
the the the founders of multi-billion
dollar mining companies who also happen
to own uh film studios that produce
Bladeunner and um The Hunger Games are
investors in this project.
>> They are. Yeah,
>> that's pretty cool. Um so, taking a step
back to look at the the the product
itself, you will lend out the tokenized
gold that that I would buy. you would
lend out the gold to jewelers. What
happens if tomorrow Tiffany's goes bankrupt?
bankrupt?
>> Yeah. No, that's a good question. One, I
don't know if that would happen and we
wouldn't lease to someone who's about to
go bankrupt. There's very uh very strict
underwriting requirements to it. But
I'll give you the the sort of the the
way that we mitigate against any of
that. And so, one is we have a full
insurance wrapper along the whole policy
with, you know, very large insurance
carriers. There's a second insurance
wrapper on top of that with also very
large insurance carriers. Third is all
of the gold needs to be 110%
collateralized the whole time and they
never have title to it and so it's not
part of a credit estate and so if
there's ever it's an operating lease and
so if there's ever a you know a default
or anything from a credit standpoint we
have the ability to go and claim the the
gold. Also, all of the gold is RFID
tagged and so we know where the gold is
at any given time and and again we're
able to go and claim it and so you know
we make sure that there's no sort of
gaps in the in the policy and we make
sure that you know we have the ability
to claim what is ours throughout the the
whole process given any sort of you know
Yeah, I think it just comes down to the
underwriting and and the you know the
the jewelers and refiners that we decide
to work with. You know, I think if you
look at the the groups, one is like a
Kleon um which is one of Monetary
Metals's largest providers. They're a
publicly traded company with, you know,
thousands of stores, you know, are in
this for the long haul. They are a very
big group and we make sure that when we
underwrite these leases that we have a
passing lease criteria to make sure that
where the gold is going is in a safe
jurisdiction. they, you know, pass all
the underwriting uh requirements, they
have the ability to be fully
overcolateralized, they can be insured,
all this sort of stuff. And so, it's
important for us to make sure that all
of those steps are taken and we're not,
you know, leasing to uh, you know, a mom
and pop jewelry store in in a region
>> Yeah. No, I think uh we say that a lot.
gold. Gold gold's been something that
people have been trying to steal since
it was on carriages going across the the
US, you know, and and everything was
happening there. But I think for us,
like I said, we we need to make sure
that there's a full underwriting
criteria for for every lease where the
asset goes. We want to make sure that
the the gold is fully insured with two
insurance rappers with large carriers
out of London. We also make sure that
the, you know, the gold itself is fully
RFID tagged throughout the whole
process. And so we take all the
necessary steps to make sure that the
gold is never at risk of of being lost
or or stolen as you said. And so I think
think for us it's it's you know the
probably the number one priority when
we're when we're looking at hey where
are we going to put this gold to go on
lease and make it active and earn yield
for our our customers. That's the the
number one thing that we that we look at.
you know, I don't I don't think we will.
I think we we have line of sight to
that. We're in a we're in a really good
spot right now with launch coming up
very soon. We're also going to be
launching our silver product and so, you
know, that's something that, you know,
GLDY is at a billion dollars by the end
of this year. I think silver should at
least be at 500 million. Uh that's
something that is going to really
accelerate really quick. I think
especially with how the gold market is
going. And so when we when we say
numbers especially as a public company
and we're giving that sort of you know
hey this is our goal we're going to hit
those and and you know we have every you
know point to to make sure that we are
able to to hit those numbers that we say.
say.
>> So you guys have incredible momentum you've got um ETFs lining up to buy.
you've got um ETFs lining up to buy. What's one thing that could kill this?
What's one thing that could kill this? you know, I think uh world peace or you
you know, I think uh world peace or you know, any sort of stuff that makes gold
know, any sort of stuff that makes gold all of a sudden not not attractive, but
all of a sudden not not attractive, but you know, I I think that's something
you know, I I think that's something that might not be on our on our horizon
that might not be on our on our horizon right now, sadly. Um I think gold is
right now, sadly. Um I think gold is going to continue to be a very very hot
going to continue to be a very very hot asset. I think, you know, being able to
asset. I think, you know, being able to give exposure to to gold with yield on
give exposure to to gold with yield on top of it is going to, you know,
top of it is going to, you know, continue to be very attractive as we've
continue to be very attractive as we've been marketing it right now. And so, you
been marketing it right now. And so, you know, honestly, I think we're in a
know, honestly, I think we're in a really good spot um to be able to do
really good spot um to be able to do what we need to do, and I'm excited for
what we need to do, and I'm excited for for everything coming into into 2026.
for everything coming into into 2026. >> So, back to your road map. You guys are
>> So, back to your road map. You guys are launching gold soon, then silver, then
launching gold soon, then silver, then oil, then copper. Where does this end?
oil, then copper. Where does this end? >> I you know, the the commodities market
>> I you know, the the commodities market is so large and and the commodities
is so large and and the commodities market itself has has such a wide range
market itself has has such a wide range of sort of tradable instruments that are
of sort of tradable instruments that are used right now. And the great thing with
used right now. And the great thing with tokenization is we can really do
tokenization is we can really do anything and and as long as we can put
anything and and as long as we can put it into a smart contract, we can create
it into a smart contract, we can create a a tradable asset off of it. The reason
a a tradable asset off of it. The reason that we're looking at gold, silver,
that we're looking at gold, silver, copper, oil, and gas is because they're
copper, oil, and gas is because they're all usage commodities. And so they're
all usage commodities. And so they're used essentially as working capital.
used essentially as working capital. That's what allows us to create yield on
That's what allows us to create yield on top of them. As we continue down that
top of them. As we continue down that line and continue to look at other
line and continue to look at other assets, it's simply for us, it's how big
assets, it's simply for us, it's how big is the market and how quickly can we
is the market and how quickly can we scale into it. And so we're pretty happy
scale into it. And so we're pretty happy with these sort of firsts that we've
with these sort of firsts that we've came out with. But I think as we
came out with. But I think as we continue to scale and grow into, you
continue to scale and grow into, you know, really something that is the
know, really something that is the company that tokenizes commodities,
company that tokenizes commodities, there's a wide range of different things
there's a wide range of different things and, you know, probably things that
and, you know, probably things that we're not even thinking about right now
we're not even thinking about right now that 3, four years down the line are are
that 3, four years down the line are are might be some of our biggest products.
might be some of our biggest products. And so I think there's because the TAM
And so I think there's because the TAM is so large, there's so much we can do
is so large, there's so much we can do and and we're very excited to be able to
and and we're very excited to be able to do it while being focused right now.
do it while being focused right now. So you've been quoted as saying that
So you've been quoted as saying that you're building the Coinbase for real
you're building the Coinbase for real world assets. What does that mean?
world assets. What does that mean? >> So I think Coinbase itself is is an
>> So I think Coinbase itself is is an amazing company. You know, they were
amazing company. You know, they were able to bring crypto to the retail
able to bring crypto to the retail individual and the retail user and
individual and the retail user and really make it a mainstream, you know,
really make it a mainstream, you know, asset class for for people to own. When
asset class for for people to own. When we look at tokenization, when we look at
we look at tokenization, when we look at commodities, we want to be the sort of
commodities, we want to be the sort of one-stop shop for people. If they think,
one-stop shop for people. If they think, hey, I want to own a commodity asset, we
hey, I want to own a commodity asset, we want them to go to StreamX, not not even
want them to go to StreamX, not not even if, hey, I want to own a tokenized
if, hey, I want to own a tokenized commodity asset. It's, hey, I want to
commodity asset. It's, hey, I want to own commodities, streamX is the place to
own commodities, streamX is the place to do it. And tokenization is what allows
do it. And tokenization is what allows them to do it easily and also get that
them to do it easily and also get that exposure in a sort of new sense. You
exposure in a sort of new sense. You know, I think in in two to three years
know, I think in in two to three years from now, owning a tokenized asset is
from now, owning a tokenized asset is not going to be any different than
not going to be any different than owning a traditional security. And for
owning a traditional security. And for commodities, Streamax is going to be the
commodities, Streamax is going to be the place to to do that and the place to to
place to to do that and the place to to be able to own and trade them.
be able to own and trade them. >> So, fast forward 10 years from now, if
>> So, fast forward 10 years from now, if everything goes right, what does StreamX
everything goes right, what does StreamX look like?
look like? >> It's a good question. I think 10 years
>> It's a good question. I think 10 years from now, 10 years in crypto and and 10
from now, 10 years in crypto and and 10 years in, you know, the this industry
years in, you know, the this industry that we're in is a very long time. It
that we're in is a very long time. It could feel like a hundred. You know,
could feel like a hundred. You know, I've been in the industry for quite a
I've been in the industry for quite a while right now and the amount of things
while right now and the amount of things that have happened have have been crazy.
that have happened have have been crazy. And so, to be honest, I don't really
And so, to be honest, I don't really know. I think there's, you know, we have
know. I think there's, you know, we have a very clear path on on where we want to
a very clear path on on where we want to get to as a company. And I think if we
get to as a company. And I think if we hit those milestones in, you know, which
hit those milestones in, you know, which we will in less than 10 years, we are
we will in less than 10 years, we are going to be in a in a big spot. Like I
going to be in a in a big spot. Like I said, the the commodities market is so
said, the the commodities market is so large and the amount of, you know,
large and the amount of, you know, assets that we can create and the amount
assets that we can create and the amount of innovation that we can do within this
of innovation that we can do within this industry is is so big. You know, when
industry is is so big. You know, when you think of like the Coinbase for real
you think of like the Coinbase for real world assets, I think that's a real
world assets, I think that's a real possibility. And I think we have the
possibility. And I think we have the ability to be the leader in that space
ability to be the leader in that space and, you know, the primary area for
and, you know, the primary area for commodities to trade worldwide. And I
commodities to trade worldwide. And I think that's something that is, you
think that's something that is, you know, not really pie in the sky. I think
know, not really pie in the sky. I think that's something very doable and we are
that's something very doable and we are on a very good path already with our
on a very good path already with our first asset launch to be able to do that
first asset launch to be able to do that and now as we bring others to market
and now as we bring others to market it'll really sort of solidify that uh
it'll really sort of solidify that uh that thought.
Gold ETFs are decades old. Why hasn't anyone ever thought of creating a
anyone ever thought of creating a yielding gold ETF?
yielding gold ETF? So what's interesting about that is
So what's interesting about that is there are currently yield bearing gold
there are currently yield bearing gold ETFs. However, they have a couple things
ETFs. However, they have a couple things that are not great with them. And so
that are not great with them. And so with a yield bearing gold ETF, what they
with a yield bearing gold ETF, what they do is it's primarily financial
do is it's primarily financial engineering. So, you know, selling
engineering. So, you know, selling covered calls to to get a small yield,
covered calls to to get a small yield, but what happens with that is they do
but what happens with that is they do not get direct gold price exposure. And
not get direct gold price exposure. And so you might get the the you know 6%
so you might get the the you know 6% yield or whatever they're headlining,
yield or whatever they're headlining, but if gold goes up 60% like it or 100%
but if gold goes up 60% like it or 100% like it did this year, you would not see
like it did this year, you would not see that 100% increase. That's because they
that 100% increase. That's because they don't have access to the underlying and
don't have access to the underlying and aren't able to do it like the way that
aren't able to do it like the way that we do it. And so when we think about
we do it. And so when we think about this right now, GDY gives you direct
this right now, GDY gives you direct gold price exposure and so it should
gold price exposure and so it should trade at the spot price of of gold and
trade at the spot price of of gold and then it also pays you in those
then it also pays you in those additional ounces of gold which gives
additional ounces of gold which gives you the yield on top of it. And so the
you the yield on top of it. And so the way that we've set it up that was
way that we've set it up that was enabled through tokenization and through
enabled through tokenization and through the the actual smart contract
the the actual smart contract infrastructure and then the yield
infrastructure and then the yield bearing through leasing with monetary
bearing through leasing with monetary metals is the first of its kind. And I
metals is the first of its kind. And I think we're at the sort of forefront of
think we're at the sort of forefront of this and you know it's because of our
this and you know it's because of our team and then the way that we've been
team and then the way that we've been able to to put this together and move
able to to put this together and move fast in doing this.
>> Yeah. Yeah. So, forgi $200,000 minimum. That's to satisfy the accredited
That's to satisfy the accredited investor requirements. And so, you know,
investor requirements. And so, you know, I think with that, because we're going
I think with that, because we're going to be working with ETFs as well, it'll
to be working with ETFs as well, it'll give ability for for retail investors to
give ability for for retail investors to participate. And so, when we think about
participate. And so, when we think about it, if you want to buy the GLDY and own
it, if you want to buy the GLDY and own it directly, you know, there is that
it directly, you know, there is that $200,000 minimum, but if you are a
$200,000 minimum, but if you are a retail investor who wants exposure to
retail investor who wants exposure to GLDY, you can go buy a GLDY ETF. And so
GLDY, you can go buy a GLDY ETF. And so we may be creating a 100% weighted GLDY
we may be creating a 100% weighted GLDY ETF where you can get the same exposure
ETF where you can get the same exposure just in a different wrapper. And so it
just in a different wrapper. And so it was like I said important for us to to
was like I said important for us to to be able to harvest to to both the
be able to harvest to to both the institutional client as well as the
institutional client as well as the retail client. And that's through the
retail client. And that's through the the traditional finance channels.
So say for example when we create a 100% weighted GLDY ETF you can go and and buy
weighted GLDY ETF you can go and and buy that ETF and get GLDY exposure. You know
that ETF and get GLDY exposure. You know right now on launch that sadly won't be
right now on launch that sadly won't be a possibility just because we do have
a possibility just because we do have those minimums and those are regulatory
those minimums and those are regulatory requirements. But as the market develops
requirements. But as the market develops and as we create these ETFs with our
and as we create these ETFs with our partners you will have the opportunity
partners you will have the opportunity to to participate.
to to participate. Gold has had a tremendous year in 2025.
Gold has had a tremendous year in 2025. What's your view for how gold's going to
What's your view for how gold's going to perform in 2026?
perform in 2026? >> You know, I I I think it's going to be
>> You know, I I I think it's going to be more of the same. I think with the the
more of the same. I think with the the world as it is right now and and with
world as it is right now and and with everything with the dollar debasement
everything with the dollar debasement and, you know, inflation and all these
and, you know, inflation and all these sort of macroeconomic trends that we're
sort of macroeconomic trends that we're seeing, I think it's going to continue
seeing, I think it's going to continue to be a very bullish year for for gold.
to be a very bullish year for for gold. And you know, I didn't think gold would
And you know, I didn't think gold would hit 5,000 in the first month, but I I
hit 5,000 in the first month, but I I think that's showing the amount of
think that's showing the amount of interest that is in the is in the asset
interest that is in the is in the asset right now. And so I think as we scale
right now. And so I think as we scale through 26, we could see some pretty
through 26, we could see some pretty crazy numbers. And if you look at the
crazy numbers. And if you look at the sort of the gold runs of the past,
sort of the gold runs of the past, we're, you know, sort of halfway, if not
we're, you know, sort of halfway, if not a little bit less there in terms of the
a little bit less there in terms of the percentage returns that we've seen. And
percentage returns that we've seen. And so I think it could get pretty pretty
so I think it could get pretty pretty interesting still. And, you know, I
interesting still. And, you know, I think we're we're still in the early
think we're we're still in the early stages of of what it might look like. So
stages of of what it might look like. So when the price of commodities like gold
when the price of commodities like gold is as volatile as it is now, when it's
is as volatile as it is now, when it's the price of gold shoots up, does that
the price of gold shoots up, does that increase demand for borrowing from the
increase demand for borrowing from the people who are borrowing from you guys?
people who are borrowing from you guys? >> Yeah, it's a really good question and
>> Yeah, it's a really good question and and the answer is yes. And so with the
and the answer is yes. And so with the jewelers or refiners that are using gold
jewelers or refiners that are using gold as working capital, when gold price is
as working capital, when gold price is volatile and when gold price is going
volatile and when gold price is going up, it increases their demand for
up, it increases their demand for leasing because it is a much easier
leasing because it is a much easier avenue for them to finance their their
avenue for them to finance their their working capital requirements. If you
working capital requirements. If you think about it in a simple sense from a
think about it in a simple sense from a jeweler, for example, say you went with
jeweler, for example, say you went with the traditional avenue and you got a
the traditional avenue and you got a loan from a bank to to be able to go and
loan from a bank to to be able to go and buy gold. So you got a $100 million
buy gold. So you got a $100 million loan, then you would be able to go out
loan, then you would be able to go out and buy say $100 million worth of gold.
and buy say $100 million worth of gold. But if gold goes up, you know, say 100%
But if gold goes up, you know, say 100% like it did this year, all of a sudden
like it did this year, all of a sudden your $100 million, you are only able to
your $100 million, you are only able to buy half of that in actual units of
buy half of that in actual units of gold. So as a someone who's using gold
gold. So as a someone who's using gold for creating jewelry or whatever, that
for creating jewelry or whatever, that really hurts you. And so with leasing,
really hurts you. And so with leasing, it negates all that and it gives you the
it negates all that and it gives you the ability to lend an announc.
ability to lend an announc. And so it provides essentially the
And so it provides essentially the perfect hedge for them. And for us, it
perfect hedge for them. And for us, it shows a lot more demand. And we're
shows a lot more demand. And we're actually seeing right now lease rates
actually seeing right now lease rates going up, not down, even though the Fed
going up, not down, even though the Fed is cutting. And so it's a it's a unique
is cutting. And so it's a it's a unique sort of uncorrelated effect. As as gold
sort of uncorrelated effect. As as gold price continues to increase, we
price continues to increase, we anticipate seeing more demand for the
anticipate seeing more demand for the the gold itself.
Yeah, you know, I think that's the it's, you know, a very good point with with
you know, a very good point with with silver as well and with gold in any sort
silver as well and with gold in any sort of volatility. Jewelers do not like
of volatility. Jewelers do not like that. They do not like the volatility.
that. They do not like the volatility. they it causes them to to constantly
they it causes them to to constantly have to repric to hedge out their
have to repric to hedge out their positions with traditional borrowing and
positions with traditional borrowing and it also reduces the amount of of silver
it also reduces the amount of of silver or gold that they can borrow and
or gold that they can borrow and increases the rates on what it costs for
increases the rates on what it costs for them to to be able to do that. So for us
them to to be able to do that. So for us as the the provider coming in with
as the the provider coming in with monetary metals through leasing because
monetary metals through leasing because they're able to borrow an ounces and
they're able to borrow an ounces and repay an ounces it gives them the
repay an ounces it gives them the ability to you know create that perfect
ability to you know create that perfect hedge and also gives them the ability
hedge and also gives them the ability for them to not have to worry about
for them to not have to worry about price volatility as much which is very
price volatility as much which is very positive for them which is why we're
positive for them which is why we're sort of seeing so much demand in the in
sort of seeing so much demand in the in the space right now.
the space right now. >> Walk me through an example. Let's say I
>> Walk me through an example. Let's say I invest $100,000 $200,000 tomorrow.
invest $100,000 $200,000 tomorrow. What does it look like by the end of the
What does it look like by the end of the year?
year? >> Yeah. So, if you say bought $100,000
>> Yeah. So, if you say bought $100,000 tomorrow in in GLDY, you would get a h
tomorrow in in GLDY, you would get a h 100,000 or $100,000 worth of gold back.
100,000 or $100,000 worth of gold back. And so, you would own that in GDY
And so, you would own that in GDY tokens. By the end of the year, what you
tokens. By the end of the year, what you would see is depending on on gold price,
would see is depending on on gold price, you would see that increase or, you
you would see that increase or, you know, potentially decrease, but I don't
know, potentially decrease, but I don't really see that in in gold price in your
really see that in in gold price in your in your GDY holdings. And then you would
in your GDY holdings. And then you would also see the 4% yield on top of that.
also see the 4% yield on top of that. And so if everything was stagnant and
And so if everything was stagnant and just for round numbers, say $100,000 was
just for round numbers, say $100,000 was 100 ounces of gold, at the end of the
100 ounces of gold, at the end of the year, you would have if it was 4%, you
year, you would have if it was 4%, you would have 104 ounces of gold. And then,
would have 104 ounces of gold. And then, you know, given the price change in
you know, given the price change in gold, you would be able to see that as
gold, you would be able to see that as well. And so it really gives you that
well. And so it really gives you that ability to get gold price exposure with
ability to get gold price exposure with the yield on top of it.
Yeah, I would say, hey, Larry, it's a it's a pleasure to meet you. Um, I don't
it's a pleasure to meet you. Um, I don't think we're at a point where where that
think we're at a point where where that necessarily makes sense. I think I think
necessarily makes sense. I think I think we see a ton of more growth. We're in a
we see a ton of more growth. We're in a very good spot to to be able to
very good spot to to be able to accelerate. And so the price that we're
accelerate. And so the price that we're at right now is is not the price that I
at right now is is not the price that I think we're going to be at, you know,
think we're going to be at, you know, going into the into the future. And so
going into the into the future. And so as we continue to prove out the the
as we continue to prove out the the model and prove out our business case, I
model and prove out our business case, I think, you know, throughout this year,
think, you know, throughout this year, it's going to be a very very accelatory
it's going to be a very very accelatory year for for Streamax. And so, you know,
year for for Streamax. And so, you know, I'd give him my number and tell them to
I'd give him my number and tell them to call me back in in a couple years and
call me back in in a couple years and maybe see where we're at.
maybe see where we're at. >> Black Rockck invested $47 million into a
>> Black Rockck invested $47 million into a competitor. Are they a threat? Are they
competitor. Are they a threat? Are they a potential acquirer? How are you
a potential acquirer? How are you thinking about this?
thinking about this? >> Yeah. So, I think you know the
>> Yeah. So, I think you know the competitor Securitize I think is who
competitor Securitize I think is who you're speaking about. You know, they're
you're speaking about. You know, they're looking to go public right now and I
looking to go public right now and I think with with securityize one they're
think with with securityize one they're a great company. I've met their CEO. Um
a great company. I've met their CEO. Um they do quite different stuff than us.
they do quite different stuff than us. Their their primary focus right now is
Their their primary focus right now is really in one treasuries as well as
really in one treasuries as well as private credit and tokenization of
private credit and tokenization of private credit. I don't think they're
private credit. I don't think they're too involved in the in the commodity
too involved in the in the commodity space just yet. And so I would see them
space just yet. And so I would see them much more as a group that we would look
much more as a group that we would look to partner with and work together with
to partner with and work together with on this on these tokenizations
on this on these tokenizations initiatives rather than a competitor.
initiatives rather than a competitor. One because they're doing such different
One because they're doing such different things and also because I think there's
things and also because I think there's a ton of different synergies between our
a ton of different synergies between our two companies and you know you know
two companies and you know you know we've I've had conversations with them
we've I've had conversations with them and and going to continue those
and and going to continue those conversations.
conversations. >> Black Rockck's tokenization efforts seem
>> Black Rockck's tokenization efforts seem to be concentrated more along the lines
to be concentrated more along the lines of credit. You mentioned securityize is
of credit. You mentioned securityize is more involved in private credit. Black
more involved in private credit. Black Rockck's products itself they've
Rockck's products itself they've tokenized bonds. Um you chose
tokenized bonds. Um you chose commodities, you chose gold.
commodities, you chose gold. Why did you make that call?
Why did you make that call? >> Well, I think one because of our team's
>> Well, I think one because of our team's experience in the space and you know we
experience in the space and you know we understand the commodities markets. We
understand the commodities markets. We understand the gold markets very well
understand the gold markets very well and we won we saw the sort of the growth
and we won we saw the sort of the growth of the market three years ago when we
of the market three years ago when we started doing this. You know, I don't
started doing this. You know, I don't think we thought that gold was going to
think we thought that gold was going to be at $5,000 right now, but you know, we
be at $5,000 right now, but you know, we saw that there was was a need for people
saw that there was was a need for people to be able to to hold these commodities
to be able to to hold these commodities and trade these commodities in a
and trade these commodities in a different way. And so, I think that's
different way. And so, I think that's one of the biggest things that we sort
one of the biggest things that we sort of focused on when we were doing, you
of focused on when we were doing, you know, starting StreamX initially and and
know, starting StreamX initially and and just looking at, hey, who are the people
just looking at, hey, who are the people that are around us and and what do they
that are around us and and what do they understand? What is our experience as a
understand? What is our experience as a team and where do we sort of see the
team and where do we sort of see the world going? And and so that was
world going? And and so that was commodities and I think commodities are
commodities and I think commodities are going to continue to be a a you know a
going to continue to be a a you know a very important market for the for the
very important market for the for the world and it also gave us the ability to
world and it also gave us the ability to have sort of a niche and and a a very
have sort of a niche and and a a very big TAM to access and you know that's
big TAM to access and you know that's that's been our goal and and it's what
that's been our goal and and it's what we're going to continue to to do.
we're going to continue to to do. >> So gold has had a tremendous year. It's
>> So gold has had a tremendous year. It's up a lot. Bitcoin not so much. What's
up a lot. Bitcoin not so much. What's your prognosis for Bitcoin in 2026?
your prognosis for Bitcoin in 2026? I think you know Bitcoin itself it's a
I think you know Bitcoin itself it's a it's such an interesting asset. It's you
it's such an interesting asset. It's you know people wanted to call it digital
know people wanted to call it digital gold for so long and I think we've seen
gold for so long and I think we've seen that it is uncorrelated to to gold
that it is uncorrelated to to gold especially in times of of turmoil and
especially in times of of turmoil and economic uncertainty like we're in right
economic uncertainty like we're in right now. I think Bitcoin is going to have
now. I think Bitcoin is going to have its day. I'm going to continue to to
its day. I'm going to continue to to hold the Bitcoin that I own for the next
hold the Bitcoin that I own for the next 10 20 years. It's it's not going
10 20 years. It's it's not going anywhere. It's sitting in my ledger. 26
anywhere. It's sitting in my ledger. 26 might be a tough year for for Bitcoin in
might be a tough year for for Bitcoin in in gold terms. And so, you know, if I
in gold terms. And so, you know, if I was an investor coming in right now and
was an investor coming in right now and I had, you know, $100,000, would I put
I had, you know, $100,000, would I put it into Bitcoin or would I put it into
it into Bitcoin or would I put it into gold? I'd probably put it into gold at
gold? I'd probably put it into gold at the at the moment. I think it's going to
the at the moment. I think it's going to be asset that outperforms this year for
be asset that outperforms this year for sure.
sure. >> A lot of young people might be looking
>> A lot of young people might be looking at you and thinking, okay, that guy,
at you and thinking, okay, that guy, he's the youngest CEO on NASDAQ.
he's the youngest CEO on NASDAQ. What can I do to become more like him?
What can I do to become more like him? What advice would you give to a young
What advice would you give to a young person right now?
person right now? Um, I don't know. I think uh, you know,
Um, I don't know. I think uh, you know, for anyone and I think the the biggest
for anyone and I think the the biggest thing that I've sort of thought
thing that I've sort of thought throughout, you know, everything that
throughout, you know, everything that I've done is is just do it. You know,
I've done is is just do it. You know, try it. It might not work out. You know,
try it. It might not work out. You know, I have a a wide list of of failed
I have a a wide list of of failed projects that I tried to launch, you
projects that I tried to launch, you know, over the the last number of years
know, over the the last number of years that, you know, didn't really didn't
that, you know, didn't really didn't really pan out, but they were learning
really pan out, but they were learning experiences and and taught me, hey, this
experiences and and taught me, hey, this is, you know, what went wrong. This is
is, you know, what went wrong. This is how I can build upon that. And so
how I can build upon that. And so StreamX itself also was not an an
StreamX itself also was not an an overnight success. There's there's no
overnight success. There's there's no such thing as that. It it takes hard
such thing as that. It it takes hard work. It takes doing it every single day
work. It takes doing it every single day for, you know, years on end. And so when
for, you know, years on end. And so when you want to do something and you have a
you want to do something and you have a good idea, I would say just do it. Like,
good idea, I would say just do it. Like, you know, take that take that leap, you
you know, take that take that leap, you know, really look and and figure out
know, really look and and figure out what it is that you like to do and what
what it is that you like to do and what you're passionate about. And then from
you're passionate about. And then from there, if you can figure out how to
there, if you can figure out how to build something upon that, you know,
build something upon that, you know, you're going to have a lot of fun doing
you're going to have a lot of fun doing it. And it might not work out the first
it. And it might not work out the first time, but the second or the third it it
time, but the second or the third it it it might. And so I think that's the the
it might. And so I think that's the the biggest thing for me is go out there,
biggest thing for me is go out there, you know, do it and and see what
you know, do it and and see what happens.
happens. Hey, so as a as a young CEO, you must be
Hey, so as a as a young CEO, you must be getting a lot of advice. Some of it
getting a lot of advice. Some of it solicited, some of it unsolicited.
solicited, some of it unsolicited. What's the best advice that you got that
What's the best advice that you got that you ignored?
you ignored? >> Oh, that's a good question that I
>> Oh, that's a good question that I ignored. Um
ignored. Um honestly I think so much of the advice
honestly I think so much of the advice that we've gotten now that we've
that we've gotten now that we've especially since we've been public a lot
especially since we've been public a lot of the solicited advice you know
of the solicited advice you know speaking to adviserss has been very
speaking to adviserss has been very positive and you know there are people
positive and you know there are people who have a lot of experience in the
who have a lot of experience in the space you know block out the noise focus
space you know block out the noise focus on what you're building has been super
on what you're building has been super positive I think being a public company
positive I think being a public company there's always people who are you know
there's always people who are you know there there's investors in a company and
there there's investors in a company and then there's investors in stock and so I
then there's investors in stock and so I think when speaking to people who are
think when speaking to people who are are you know only focused on the share
are you know only focused on the share price and you know not necessarily
price and you know not necessarily focused on the fundamentals of the
focused on the fundamentals of the business they can provide some you know
business they can provide some you know negative commentary to to what you're
negative commentary to to what you're looking at but you know I think with
looking at but you know I think with with myself and you know the rest of the
with myself and you know the rest of the team we we make sure to listen to
team we we make sure to listen to everyone but we want to make sure that
everyone but we want to make sure that you know we also have our own opinions
you know we also have our own opinions and and a very strong you know team to
and and a very strong you know team to to be able to make these decisions and I
to be able to make these decisions and I don't make any decisions on my own you
don't make any decisions on my own you know we make all our decisions together
know we make all our decisions together myself Morgan especially
myself Morgan especially Um, and that's I think been very
Um, and that's I think been very positive for us.
positive for us. >> Okay. What about the worst advice that
>> Okay. What about the worst advice that you've received? What's the worst advice
you've received? What's the worst advice that you got that you followed?
that you got that you followed? >> Um, the worst advice
>> Um, the worst advice I think,
I think, you know, the I don't know. I think
you know, the I don't know. I think there's there's a number of things. You
there's there's a number of things. You know, I think with with anything when
know, I think with with anything when you're when you're building a company,
you're when you're building a company, there's always, like I said, people that
there's always, like I said, people that are looking for sort of short-term hype.
are looking for sort of short-term hype. And, you know, people are always looking
And, you know, people are always looking for news as a as a company as well. I
for news as a as a company as well. I think it's important when you're running
think it's important when you're running the company to make sure that the news
the company to make sure that the news that you put out is actually real and,
that you put out is actually real and, you know, beneficial for the for the
you know, beneficial for the for the company itself and not just, you know,
company itself and not just, you know, sort of fluff pieces that are just going
sort of fluff pieces that are just going out there like a press release for the
out there like a press release for the sake of a press release. And that's
sake of a press release. And that's something that I think is very important
something that I think is very important for us as we move forward and you know
for us as we move forward and you know that as we grow as the company, we want
that as we grow as the company, we want to make sure that the information that
to make sure that the information that we're putting out to the market is, you
we're putting out to the market is, you know, very real and actually has an
know, very real and actually has an economic benefit to the to the company.
economic benefit to the to the company. And so, you know, I think that's
And so, you know, I think that's probably the biggest thing.
probably the biggest thing. >> All right, got it. In one sentence,
>> All right, got it. In one sentence, why should someone buy GLDY?
why should someone buy GLDY? >> You know, if you like gold and you want
>> You know, if you like gold and you want to get extra returns on your gold, GLDY
to get extra returns on your gold, GLDY is the asset for you.
is the asset for you. >> All right. Is there anything that we
>> All right. Is there anything that we haven't discussed so far that you want
haven't discussed so far that you want to highlight?
to highlight? >> No, I think that was I think that was
>> No, I think that was I think that was perfect. You know, I think with with
perfect. You know, I think with with StreamX now, when you think of StreamX,
StreamX now, when you think of StreamX, you think of GDY, you think of all the
you think of GDY, you think of all the other assets we're going to be launching
other assets we're going to be launching is, you know, from a company standpoint,
is, you know, from a company standpoint, we're in a very good spot. We have a
we're in a very good spot. We have a significant amount of capital right now.
significant amount of capital right now. We are, you know, no debt. We got rid of
We are, you know, no debt. We got rid of all the debt on our balance sheet. We
all the debt on our balance sheet. We are coming into product launches. We're
are coming into product launches. We're going to continue scaling. And so, I'm
going to continue scaling. And so, I'm very excited for for everything to come
very excited for for everything to come into into 2026. And you know, I'm I'm
into into 2026. And you know, I'm I'm more than happy with the team that we've
more than happy with the team that we've built and the people that we've been
built and the people that we've been able to get involved in this and, you
able to get involved in this and, you know, really really show what we've been
know, really really show what we've been doing and deliver on the promises we've
doing and deliver on the promises we've made. And I think we're in a really good
made. And I think we're in a really good spot to to be able to do that.
>> Commodities and mining, these are such old school industries
old school industries um full of very very conservative
um full of very very conservative people. And here you've got a super
people. And here you've got a super young tech CEO coming in potentially
young tech CEO coming in potentially revolutionizing the way things are done.
revolutionizing the way things are done. You know, doing something that hasn't
You know, doing something that hasn't been ever done before. Um, what do you
been ever done before. Um, what do you think is one thing about the industry
think is one thing about the industry that most people get wrong?
that most people get wrong? I think the the mining and commodities
I think the the mining and commodities industry specifically is people always
industry specifically is people always thought about it as sort of like the the
thought about it as sort of like the the old school industry and people didn't
old school industry and people didn't really give it a whole lot of whole lot
really give it a whole lot of whole lot of love over the the last couple years
of love over the the last couple years and I think you know when we look at it
and I think you know when we look at it and especially people of my generation
and especially people of my generation you know whether you're you know
you know whether you're you know protesting uh the ability to you know
protesting uh the ability to you know for for oil tankers or pipelines or
for for oil tankers or pipelines or anything like that and then driving
anything like that and then driving there in your you know car that uses
there in your you know car that uses gas. There's a lot of hypocrisy I think
gas. There's a lot of hypocrisy I think in the in the space and you know people
in the in the space and you know people like to give a lot of negative
like to give a lot of negative connotations to mining but when I think
connotations to mining but when I think you actually become part of the industry
you actually become part of the industry and you sort of see how it works is one
and you sort of see how it works is one the environmental aspect of mining is
the environmental aspect of mining is one of the most important things
one of the most important things especially in Canada where I'm from and
especially in Canada where I'm from and so that's something that is very heavily
so that's something that is very heavily regulated as well as very heavily
regulated as well as very heavily mitigated and then I think also you know
mitigated and then I think also you know if you can't grow it you need to mine it
if you can't grow it you need to mine it and so that's something that I think
and so that's something that I think people don't really understand is
people don't really understand is everything that they interact with every
everything that they interact with every single day. This computer that I'm doing
single day. This computer that I'm doing this this interview on know the the
this this interview on know the the phone that you type on that all came
phone that you type on that all came from somewhere and you know it didn't
from somewhere and you know it didn't fall out of the sky. People physically
fall out of the sky. People physically went into the ground and mined it and
went into the ground and mined it and you know refined it and you know turned
you know refined it and you know turned it into these assets that you know we
it into these assets that you know we love and and use every single day. And
love and and use every single day. And when you think about that standpoint you
when you think about that standpoint you maybe give it a little bit more more
maybe give it a little bit more more love. And I think now that obviously the
love. And I think now that obviously the prices are high and people are realizing
prices are high and people are realizing that you know it's industries that that
that you know it's industries that that matter. It's getting a lot more sort of
matter. It's getting a lot more sort of education from people and a lot of more
education from people and a lot of more interest. Um but that's a really
interest. Um but that's a really important thing I think for people to to
important thing I think for people to to realize is it is the backbone of a lot
realize is it is the backbone of a lot of countries economies. It's a backbone
of countries economies. It's a backbone of Canada's it's you know US especially
of Canada's it's you know US especially with oil and everything. So I think that
with oil and everything. So I think that that's really important to note.
that's really important to note. >> I mean I think that's that's there's a
>> I mean I think that's that's there's a very important point there. What is like
very important point there. What is like if you make mining impossible or if you
if you make mining impossible or if you make mining very hard to do then
make mining very hard to do then inevitably all the physical things that
inevitably all the physical things that you have around us are going to get more
you have around us are going to get more and more expensive. The other thing I
and more expensive. The other thing I wanted to mention is mining famously
wanted to mention is mining famously operates in these boom and bust cycles
operates in these boom and bust cycles whereby prices go up. People invest a
whereby prices go up. People invest a ton of money into mining, into
ton of money into mining, into infrastructure, into mining, getting
infrastructure, into mining, getting things out of the ground, and then
things out of the ground, and then prices go down because there's so much
prices go down because there's so much extra capacity, and then people don't
extra capacity, and then people don't invest for for a while. Now, commodity
invest for for a while. Now, commodity prices have gone up a lot, but one of
prices have gone up a lot, but one of the interesting things is that investors
the interesting things is that investors haven't actually put that much more
haven't actually put that much more money into developing new minds. Do you
money into developing new minds. Do you think tokenization might change that?
Change that? >> Yeah. Yeah. No, that's actually a really
>> Yeah. Yeah. No, that's actually a really good really good point. And I think what
good really good point. And I think what we're seeing right now in the market is
we're seeing right now in the market is because gold prices are so high,
because gold prices are so high, projects that were once uneconomical are
projects that were once uneconomical are now very economical to to be able to
now very economical to to be able to mine. The problem is is to get those
mine. The problem is is to get those projects up and running and actually
projects up and running and actually start either taking gold or whatever
start either taking gold or whatever metal it is out of the ground. It does
metal it is out of the ground. It does not happen overnight. It is a very long
not happen overnight. It is a very long process. And so these guys that two
process. And so these guys that two years ago when, you know, gold was down
years ago when, you know, gold was down and it wasn't very, you know, attractive
and it wasn't very, you know, attractive to to invest in, they're all clamoring
to to invest in, they're all clamoring for money. They're being like, "Hey,
for money. They're being like, "Hey, gold's at $5,000. I want to go and and
gold's at $5,000. I want to go and and mine my project." What they don't
mine my project." What they don't realize is it's like 12 years, you know,
realize is it's like 12 years, you know, if not longer to actually be able to
if not longer to actually be able to take the first, you know, ounce of bar
take the first, you know, ounce of bar of gold out of the ground. And so in
of gold out of the ground. And so in these cycles, what we normally see is
these cycles, what we normally see is when it's at its peak like this, money
when it's at its peak like this, money starts flowing in and, you know,
starts flowing in and, you know, investment starts happening and people
investment starts happening and people start, you know, building these
start, you know, building these projects. But then as the cycle, you
projects. But then as the cycle, you know, whether it goes down or, you know,
know, whether it goes down or, you know, sort of levels off a little bit, it's a
sort of levels off a little bit, it's a very long lag time to actually see new
very long lag time to actually see new metal come out into the market. And so
metal come out into the market. And so the ones that really benefit are the
the ones that really benefit are the ones that are already operating and and
ones that are already operating and and manage to get through those bare cycles
manage to get through those bare cycles because when the bull cycle's going,
because when the bull cycle's going, they're already there. They're already
they're already there. They're already producing metal. They're making that
producing metal. They're making that money from the the actual price
money from the the actual price increase. Whereas a lot of the junior
increase. Whereas a lot of the junior miners or people who are in exploratory
miners or people who are in exploratory stage, they can raise money now, but
stage, they can raise money now, but it's going to be a while until we
it's going to be a while until we actually see new new assets come out of
actually see new new assets come out of the ground from them.
Well, tokenization one, it provides a very new funding avenue, I think, for
very new funding avenue, I think, for these these projects and it provides the
these these projects and it provides the ability for, you know, not just the the
ability for, you know, not just the the junior mining projects, but even the
junior mining projects, but even the producing mining projects to earn
producing mining projects to earn additional capital from the gold or, you
additional capital from the gold or, you know, the other metal that they produce.
know, the other metal that they produce. So I I wrote an article called uh you
So I I wrote an article called uh you know tokenization turning commodities
know tokenization turning commodities into perpetual value creating assets.
into perpetual value creating assets. And so like with our business model for
And so like with our business model for example the ability to take transfer
example the ability to take transfer fees to earn the yield etc off the asset
fees to earn the yield etc off the asset you can now instead of just mining the
you can now instead of just mining the gold and then selling it if you tokenize
gold and then selling it if you tokenize that gold turn it into say GLDY you can
that gold turn it into say GLDY you can get the yield off of that gold you can
get the yield off of that gold you can also get the trading fees off of that
also get the trading fees off of that gold. So instead of just a one-time sort
gold. So instead of just a one-time sort of payment that you get from selling it,
of payment that you get from selling it, you can turn that into an asset where
you can turn that into an asset where you can sell that into the market, get
you can sell that into the market, get your spot price back and then continue
your spot price back and then continue to earn fees off the asset itself. And
to earn fees off the asset itself. And so this is something that I think is is
so this is something that I think is is very interesting when you look at it and
very interesting when you look at it and especially the the the large miners and
especially the the the large miners and you know the you know the Agnikos, the
you know the you know the Agnikos, the Numons, the guys that are producing
Numons, the guys that are producing massive amounts of of metal out of the
massive amounts of of metal out of the ground. something that I think will
ground. something that I think will start to catch up to them and and be a
start to catch up to them and and be a very interesting conversation to to be
very interesting conversation to to be able to have.
able to have. >> All right. Excellent. Thank you very
>> All right. Excellent. Thank you very much.
much. >> Amazing.
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