All righty. We are closing this out today with one more presentation. I am Mike Andrusko from Centri Business Consulting. We focus on accounting, consulting, non-attest, no audit. I focus on the crypto and fintech side of things, which is why you have not gotten rid of me all day in the afternoon here. I wanted to introduce Christine from Streamex. Take it away.
Great. First, I just want to start with thanking the ThinkEquity team for having us today. I am Christine Plummer. I am the CFO here at Streamex. I am joined by Laura Kiernan, who is in the back of the room, who leads our investor relations, and with Andrew Motzkin, who is part of our business development team. I will speak for about 20 minutes, and then we will keep the last few minutes for questions. Our goal today is very simple. By the end of the next 20 minutes, you should be able to explain what Streamex does, how we make money, and what you can measure us against over the next 12 months. Our mission fits in one line: Unlock the full potential of commodity assets through tokenization. Commodities are one of the largest asset classes on Earth, and most of the value sits idle.
Gold in a vault earns nothing and costs money to store. We built a regulated platform to change that, and gold is where we started. I want to start by clearing up what we are, because the word tokenization often gets attached to a lot of different things. In one line, we are a regulated commodity tokenization platform, and we are also the issuer of assets on that platform. We are a financial technology company. We built and operate a tokenization platform for commodity capital markets. We are also the issuer of the assets on that platform, so we keep the economics rather than licensing them away. We are regulated first. We have a strong legal structure, third-party custody, independent attestations, and this all came before scale. Our revenue is recurring, scaling with assets under management and trading volume.
Before I move to this slide, I just want to highlight what we are not. We are not a cryptocurrency company, we are not a gold ETF, we are not a mining or royalty company, and we are not a single product story. Gold is the first commercial proof of a repeatable platform. Why would you invest in Streamex? There are really five reasons. First, we own the rails and we keep the economics. All the issuer economics are retained by us rather than paid way to third-party platforms, and every new commodity reuses the same infrastructure. Second, the market is enormous and has just been opened. Commodity capital markets are vast. Third, there is embedded operating leverage we have not yet exercised. Our cost basis is largely fixed, and we earn three fee streams that persist for the life of every token issued. Incremental volume drops down through margin.
Fourth, distribution is the multiplier. We have a vast access network that takes this from thousands of investors on upward. Fifth, the infrastructure is built, and the adoption is the next leg. Legal, custody, attestation, brokerage, and secondary market rails are all in place. GLDY is live. Just to get a little bit into the financials, what we are showing here is that the model has started earning. The second quarter was the quarter where we started earning our first revenue. We booked $146,000 of gold lease revenue, which is the first revenue in the company's history. Operating expenses and net loss fell significantly. On the balance sheet, we ended June with $41.8 million of total liquidity and no debt. That includes both cash and marketable securities, digital assets, and $15 million of gold. There is about $20 million of that that is immediately available.
Behind GLDY today is 3,111 oz of physical gold, and external ownership has grown to 9%. The bigger story is that our institutional stack is now complete. Orca is our 24/7 secondary venue. Siebert and tZERO give us brokerage channels across billions of assets. EisnerAmper provides monthly reserve attestation. Inspira Financial provides qualified custody across millions of accounts. Wintermute provides 24/7 liquidity with about $12 million seeded in same-day settlement. Each of these partners answers a specific institutional question: Where do I trade it? How does my broker hold it? Who verifies the gold? How does it sit in a retirement account? Who makes the market?
Over the next 90 days, we are focused on four things: converting the first institution allocations into GLDY, liquidity bootstrapping for GLDC in Q3, followed by launch, completing our Equity Trust IRA integration, which opens access to tens of billions of retirement capital, and keeping monthly attestation and distributions running without interruption. The question may be why now? Tokenization is inflecting. As you can see, tokenized asset values rose 47% in the first seven months of this year. It went from $25 billion to $37 billion, while the number of holders grew 148%, more than three times faster than value, which tells you adoption is broadening. 84% of financial service leaders call tokenization a strategic priority. 26% are already live. Yet commodities are still wide open.
Tokenized commodities total about $5 billion on-chain against a physical commodity market of roughly $146 trillion, where Treasuries and money market funds, by comparison, are already above $16 billion. We started with gold for a reason. There is roughly $32 trillion of above-ground gold, and $11 trillion is held as physical gold bars, coins, and central bank reserves. Gold ETFs also own hundreds of billions, and tokenized gold is about $3 billion, which is a very small percent of the total. Beyond gold, you have silver, copper, oil, gas, royalties, and streams, which also represent hundreds of billions to trillions of addressable market. If you put this slide and the prior slide together, you have the fastest-growing corner of our financial infrastructure meeting the largest, least penetrated asset class. A little bit about the product, how it works, and why it wins.
This is our inaugural product, and it's live. In one sentence, GLDY is a physical gold bullion-backed security that delivers roughly 3.5% annualized yield paid in additional gold. The mechanics are really straightforward. One GLDY equals one fine troy ounce of gold bullion. That gold is leased out to generate yield. A holder's total return is the gold price change plus the yield payments. There's no future options carry costs that go along with that. The token is tradable and redeemable upon issuance, and it's eligible to be held by ETFs. In other words, holders keep the spot gold exposure they have today and add a yield on top of it. How does this all work? The yield engine comes from our strategic partner, Monetary Metals.
We hold exclusive rights to tokenize yield-bearing gold products with them, and they give us access to their precious metals lending program. This is the foundation for institutional-grade instruments that can scale to billions of dollars. In the appendix, we've included how the money and the metals move. There's lots of details behind those flows. From an investor perspective, what does it look like when you compare GLDY to physical gold and gold ETFs? Why does this matter? If you look at a simple five-year case and you assume 8% gold appreciation and 3.5% yield, GLDY returns about 72%. This is versus 46% for physical gold after storage fees and about 44% for a gold ETF after its expense ratio. There's a very large pool that's out there for ETFs, and you earn no yield, and they cost you money to hold.
Because this yield is paid in gold, you get more gold, and it compounds along the gold price, alongside gold prices. We often get asked, who are our competitors? If you look at comparable tokenized products, there are two yield-bearing peers that hold somewhere between 700 million to 2.25 billion, but they have very small amount of holders. They range between 50 and 100 holders. They pay lower yields at 2.9% and 3.4%, and they require very large minimums starting at $100,000 and $5 million. They don't have secondary markets. They really rely on the mint and redeem for liquidity. The two largest tokenized gold products, which have tens of thousands of holders, they do trade on secondary markets, but they do not pay a yield. GLDY is designed to offer both a yield, a lower minimum investment amount, and secondary market liquidity.
How do we do all of this? This runs all with our tier-one partners and service providers. As you can see on this slide, we have a large network of partnerships that help us move this product forward. Maybe the question now is: How does Streamex make money? We earn three fee streams for the life of every token, a one-time tokenization fee, a recurring lease fee, and recurring transfer fees on trading. Think of it as three meters, one that ticks once when the token is created, one that runs for as long as the gold is on lease, and one that ticks every time the token changes hands. If you use a 30-year NPV model, we estimate that the lifetime value of a single GLDY token is more than $1,500. Of course, there's upside as trading volumes increase.
They require very little permanent capital from us, and obviously, this results in a very attractive return on capital model. If you now scale that up, let's say you have a billion of GLDY outstanding. The base case revenue NPV to Streamex is roughly $400 million. Go to five billion outstanding, it's roughly $2 billion. Then you layer in trading, which is really the upside lever. As you trade, every additional trade earns us a fee without any additional capital. That is why our partnerships with Orca and Wintermute matter so much to the model. They are the ones that turn a held asset into traded ones. Just to talk now about our strategic roadmap. GLDY proves the platform, and the roadmap is really around reusing it. We launched GLDY. Next is tokenized silver, targeted for sometime next year into 2028.
We will follow that by royalties and streams, copper with yield, oil, and gas. We will use the same legal custody and distribution rails. Our technology removes any of the inefficiencies you may see, and our ambition is to become the infrastructure layer for tokenized commodities. Here is what you can measure us against in the next 12 months. In the second half of 2026, our first significant institutional GLDY order and the launch of GLDC. From the second half of this year into 2027, distribution expansion, integrating GLDY as a core asset in other investment strategies through brokerages, custodians, and retirement platforms. In 2027, additional commodities, including, as I mentioned, silver, oil, gas. We are going to also continue to expand the platform functionality. In Q4 of 2027, we plan to host an analyst and investor day.
These are all indicative milestones for our planning, and we will report progress against every one of them each quarter. If we deliver on these, the story moves from an infrastructure that we built to an infrastructure that is earning at scale. Before I finish, I do want to just touch upon our executive leadership team. We bring a lot of experience to this space. Henry McPhie is our Co-founder and CEO. He is a McGill-trained mining engineer and founder of Blockchain Software. Mitch Williams is our CIO, fintech analyst at Credit Suisse, sole portfolio manager of Oppenheimer Funds' flagship value fund, and Global Head of Public Markets at Wafra. Myself, I bring more than 30 years in finance. I was a Global Controller at Coinbase, Deputy Controller at MSCI, and a Managing Director at Morgan Stanley for 25 years. As I mentioned today, Laura Kiernan is with us.
She leads our investor relations program. Over 30 years in IR, leading award-winning programs at both Ubiquiti and WWE. We also have our Head of Development, Kori Handy, who joins us from PayPal, Microsoft, bringing a lot of product development experience. We also have a Board of Directors that adds capital markets, ETF, and accounting depth. Anthony Marciano from NYU Stern, and also former exec at Morgan Stanley and Goldman Sachs. Kevin Gopaul, former Global Head of ETFs and CIO at BMO Global Asset Management. Donald F. Browne, CPA with decades of financial and tax reporting experience, and our Co-founder, Morgan Lekstrom, CEO of NexMetals Resources. I will leave it here. I want three things for you to take away. One, the infrastructure is built. GLDY is live, and Q2 delivered our first revenue. Second, every token we issue earns fees for its whole life on a largely fixed cost base.
The next leg is adoption, starting with our first institutional order and new distribution channels, and you can track us against that calendar quarter by quarter. I will end there and open up for questions.
[Break]
I guess no questions.
Perfectly clear? Okay.
How is the international interest, especially in Asia, where there has been tokenization of it investing? How has the interest in them been like?
Pretty good.
Yeah, since the coin show.
Henry and Dave Hong are. They went down to Hong Kong actually for some work and there is huge demand for things like this. Especially to talk to a couple of sovereign wealth funds. Again, it would be obvious interest. There is a lot of excitement, especially since this is something of their type of value, which is gold metals. It is very popular in Asia. We have something that is tokenized. We had some great conversations. Overall, yeah. It has been pretty great from my understanding.
These are probably stupid questions. I am going to ask anyway. What is the token attached to?
It is backed by gold.
Gold bullion.
Yeah, like physical gold.
Yeah, physical gold bullion.
Bullion form? That's identified.
Yes.
And that token is $1,500 attached to that.
No, our revenue is $1,500.
Our revenue, yes.
Yeah, that's the lifetime value for us.
Okay, I'm sorry.
For our revenue.
I buy a token.
Yes. The token is equated to gold bullion's price, whatever bullion is trading at. That is what my tokens are equivalent to. Do not quote me on our contract.
Yeah.
I will check unless they have done. Our token is equivalent to that in price.
Bullion.
Yeah, so one troy ounce.
One troy ounce. Mm-hmm.
It's attached to the bullion.
Where do you get the gold?
Once I don't know, Andrew, if you want me to answer, you can. Yeah. Once a token is minted, we work through Monetary Metals, our partner. They secure the gold. The gold is then put in a vault at Asahi, tagged, et cetera. Yeah. Then it is leased out through Monetary Metals. They have an extensive leasing program, and that's where we generate the yield.
Okay.
We have an exclusive with Monetary Metals. We are the only ones that can receive it.
They have actual physical custody of your gold?
Yes.
Yes.
It is on a one-on-one basis?
Yeah.
Yes.
If the order is large enough, let us just say hypothetically, you want to redeem it, there are levers in place for that to happen in a hypothetical scenario. The idea is you are going to us because we are going to create that yield for it. I said in a hypothetical scenario, if you were to want to redeem the gold, there is levers in place for that to occur because you technically own the gold. The ideal scenario is you are coming to us because you want to have gold exposure with a product that also gives you more gold in the end, but yielding it out. That is the idea.
You can have other leverage on that gold?
No, I meant lever not in the sense of leverage. Yeah, sorry.
Then you can sell the token if you-
Yeah, if you want instant liquidity, let's just say you don't want the physical bullion, you could sell it real-time and you get your liquidity back.
What about CBER?
Say that again?
CBER next to the
Oh, the new distribution that we announced?
Yeah.
Sorry, what is the question about CBER?
GLDY getting a new distribution with their custody and through CBER. That is my question.
Yeah. CBER, you also have Wintermute. Wintermute gives you 24/7 secondary trading. Orca. That was important to us to have the venues where you could get instant liquidity enabling you to trade it, and CBER was our newest partnership that we just announced. Yep.
Right. If clients want to change from having custody of gold bars to having tokens, they can do that?
Who audits custody and broker policies and customer segregate dollars?
EisnerAmper does monthly attestations. They make sure the gold's there, custody, et cetera.
They also audit the code as well.
Yeah, and they do an annual.
They audit the code.
Yeah.
They audit both the physical gold.
Make sure that's there. They also audit the code, make sure that everything's point blank.
Exactly.
Understanding?
Yes, exactly. Mm-hmm.
Every time it needs to be.
Yep.
Who does that?
EisnerAmper.
Any notable large shareholders?
Uh-
Of Streamex?
Yeah.
Of the company?
Yeah.
I am going to point that to you, Laura.
Yeah. There are investors that are published, that they have filed. Through surveillance, we know that, say, for example, [audio distortion] is about 8.20% of stock. Otherwise, it is mostly retail, management, and insiders own about 52% of the company. Otherwise, legacy wealth owns some, but it is mostly retail right now. So we are working on adding institutional, and there is a lot of passive institutional as well. Sure.
Yeah. You had a question.
What comes first? Do you actually tokenize? Do you sell? Do you market the tokenization first and then the physical gold comes? Or do you first have the physical gold, then the tokenization?
No. Correct me if I am wrong, Andrew, but the tokenization kicks off. When someone wants to buy a token, that kicks off our process. We do not hold gold on our balance sheet. We do not have any exposure to gold.
We are not like a gold vault.
Yeah.
We source it through Monetary Metals. If a buyer comes in, real-time, you get the price, accept the price, go through Monetary Metals, and then start the tokenization process. You get your token on the balance sheet, and we send you all the documentation stating that this is the bullion, this is where it is held.
What amount are we talking about before you go out and actually get the physical gold?
Well, the minimum right now is $25,000 that you can invest. It's for accredited investors only.
$25,000?
For GLDY.
GLDY is an institutional product. GLDC would be the permissionless non-institutional product, which wouldn't have these types of requirements.
Do you have to buy it in the U.S.?
As long as you pass our KYC,
you should be able to buy it anywhere.
Anywhere?
Anywhere, yep.
Anywhere in the world.
It is an institutional-grade product.
Okay.
Who do you lease the gold out to? What counterparties?
Monetary Metals, they do all the leasing. It is their normal program. They run the largest lessor program around gold, and they lease to 20 something or so lessees.
Yeah, about 20 lessees.
Yeah.
Who are these lessees?
Oh, they're big jewelers, big users of gold. How the leasing works for them is that normally they would buy gold, put it on their balance sheet. They'd have to hedge that gold with the price market until they use it. Now they lease it from Monetary Metals, what they need, and then when they are done, they pay it back in gold so they don't have that fluctuation. Monetary Metals has been in this business for. The gold is insured. It's all the.
It's all counter.
Yeah.
Something that would go awry with gold.
Where do you buy the token?
You could buy it either on our website.
At Streamex.com.
You can go through our partners, our secondary providers. You can buy it through Wintermute, you can buy it through Siebert.
What is the volume of the token right now? How much can someone deploy to buy token?
We are at very low levels of actual AUM, but we can handle whatever order comes through.
If you are looking to sell the token, you are selling it to another investor. You are not selling it back to Streamex.
You can. You can redeem it against us, or we have market makers that you can actually just sell the token through. Yeah.
Is all this done in spot money?
It is done at the. The spot price of gold at when you actually put the order in. Exactly.
Okay.
Yeah.
Equity holders of Streamex, I guess they would benefit from price of gold going up because there would be more demand for gold. But you do not really make money on the price of gold going up. You just make money more people.
It's-
buying physical gold.
It's volume-based. AUM goes up, we make money. If trades, we make money.
What's the next commodity after
Silver
silver?
The revenues because the profit margin comes from transactions.
The revenue for Streamex is the
Transaction
is the transaction. Exactly.
Wouldn't there also be, if we're able to arbitrage the gold, been additional revenues?
There is a strategy that we've announced that, [inaudible], if you were to go short gold futures long GLDY, you can make something called 9%.
It can work both ways.
Yeah.
Yeah.
Mitch Williams.
That is the problem.
Yeah, I think Mitch designed that strategy, so we are happy to have a discussion about that.
There are definitely strategies that you can deploy that allow you to arbitrage on that.
Yeah. You will always earn the 3.5% on GLDY, and then obviously the future is it is how the market moves. But you are delta neutral from risk perspective. But yeah, Mitch could walk through.
Yeah. We have clients coming on to work for that specific strategy.
Yeah.
Did I hear correctly that Streamex makes money on the appreciation of gold itself?
No.
You are making money on the fees.
Yeah, exactly. We do not take any view on the price of gold.
I understand that the leasing the gold has been around for 40 years, but as you go into other, maybe there is leasing silver where you generate the yield, but what other commodities? Is there a market where you can lease it to generate a yield?
It's different every market.
Yeah.
As we onboard each commodity, it's a different leasing program. It has to be structured per commodity.
Yeah. We're specifically tailoring to a very niche aspect of commodities and finance that most people don't normally have access to on their own. This is not something that you probably hear about on a daily basis. "Hey, yeah, I'm going to be leasing out my gold." This is specifically designed to democratize that, in a sense, or we're actually leasing our platform in that way.
It's designed to make commodity assets better.
More accessible.
I'm just trying to understand leasing versus owning. I'm owning a fraction of it, not leasing, right? Leasing means I have to give it back.
The GLDY, as a holder, you own.
Okay.
You own. It's the behind the scenes to get the yield. It goes through a lessor program that does not touch the owner of GLDY.
You still own your asset.
You own your asset.
Who pays for it?
Users of gold.
Oh.
Monetary Metals has a network of users of gold, and for them, this is a benefit because they lease it instead of holding it on their balance sheet. You have a big jeweler somewhere, I'm just using it as an example. They need gold. They'll actually lease it from Monetary Metals.
We've been producing a dividend every single month for the last six months.
Yeah.
This is a product that does work.
Yeah. That's what we've proven.
We've been doing financial models.
Yeah. What's the assets of GLD, the ETF? Yeah. How big is GLD, the ETF?
I don't know that off the top of my head. I don't know if you know that, Laura Kiernan.
I think it's billions.
In terms of the size of the market that if we were to convert those assets. It's in the deck, but I can't remember.
I can't remember it as well.
It's like
It's billions.
It's hundreds of billions.
Yeah. I was going to say. Oh. People pay management fees, too.
Yeah.
Exactly.
They pay the ETF so they can pay them. That's the differential. If you're holding the ETF, you're basically getting an expense ratio. Why not move those assets to us? We pay you for them. In fact, it's a simple solution.
Who's paying the transaction fee?
The gross fee on the lease is 6%. From the 6%, we take a percentage, and then the other percentage is paid to Monetary Metals, insurance, cost, et cetera. We net the 3.5% to the investor.
Is the token insured?
It would be physical bullion as insurance. We have insurance on our gold. If there is ever something that goes awry, which there would not be, we have a tree that the guy that is working on it, former cybersecurity for JPMorgan Chase, did all the credit card infrastructure for us to give you an idea. It is not a thing there because it is out of your ways. The point is, you do not really need to insure the token, for instance. If it ever has to do a re-audit, we can re-upgrade the smart contract and re-upload and calibrate what type of insurance that could possibly protect another gold keeper.
I do not want to belabor this too much.
Right.
If the audit comes and there are bars missing, my token, which is attached to that bar, is gone.
Yeah.
But-
Then insurance
I'm insured at the bullion.
You're insured on the bullion.
Yes.
In the smart contract.
Yeah.
Yeah.
Then we would just restructure the bullion on the smart contract level to separate, and then the bullion, let's just say somehow that's gone. You get your insurance.
The distinction between Monetary Metals and you, besides the lease rate, is their customers are owners of the physical gold.
No, you own the physical gold.
You own the physical gold.
Yeah, you're the owner. That's why I said earlier when I said lever, I didn't mean lever like leverage money. Let's say you actually want to redeem physical gold and you have a big enough size, we can actually do that. If you're a big enough size, that's a term.
You retain title to that gold.
Why would I use it with Monetary Metals?
Because they're not tokenizing the gold at all. You would have to go through a transaction.
Yeah, and you don't get the 3.5%.
You don't. Yeah.
We're structured as-
Or more.
Well, they couldn't structure it as a security.
They are not structured as security.
They are just running the lessor program.
They run a lessor program.
It is with the customer's physical gold.
It doesn't work exactly like that. The way they're structured is they're not a security. They run the gold, but by running the gold themselves, you can't actually sell it. The customers, they have to come in with large sizable assets to actually work with them. That's the only thing. Otherwise, everyone would be-
But the GLDY, they take your gold, they lease it out to jewelers and people, and they pay you back ounces.
Mm-hmm. That's exactly.
Yeah. That's it.
Once the gold's tokenized, does it still have to Is it still under the same compliance rules as physical gold? In other words, can I take my tokenized coupon and sell it separately? Because with physical gold, there's a lot of compliance as to what you can and cannot do, especially outside of the U.S.
There is instantly. If you're selling a percentage of it, you're more than welcome to do so because it's a tradable security.
I see this as a way to really get into the bullion business without necessarily having to lift gold from one place to another.
That's exactly.
And carry it out with all that nonsense.
That's-
That's a lot of money.
That's exactly. And you earn a yield on it.
You made it on that. That's exactly what it is.
That is sum total.
Yeah. That's why we're here. We're here to educate everyone about what we're doing.
Yeah
So that people are like, "Wait, this is an actual real option now.
Yeah. I remember in 2024 after President Trump getting there, I went up 30-odd something, whatever it was.
Yeah. Exactly.
But obviously it comes out to GLDY, so let's say GLDY gets to 100, and whatever it is, I guess we'll be very happy people.
Yeah.
We're working our way, and we want to sort of people understand it's like-
Yeah
real world asset backed.
Yes. That is exactly. It is making it accessible to the broader markets and giving you a yield.
Yeah. We are addressing the issues with tokenization. Why tokenize? What is the purpose of it? We have created a purpose for why tokenize.
It is sort of like the options. Does that even work?
Options? Our stock has options. But I think it would go against the strategy that we have around it.
Yeah.
But the adoption of real world asset tokenization has really ramped in the last couple of months.
Yeah.
And it seems like Coinbase and Robinhood listing these tokenized real world assets on their exchanges has contributed to that because a lot of walls were removed with the product.
Yes.
That ultimately potentially could be an exchange source for your GLDY.
Absolutely.
We're definitely open to all the options. We're discussing everything we can internally and externally to take these products somewhere.
Yes. Yeah, like a Coinbase couldn't do a GLDY because it's a security.
Because it's a security and then the walled garden of having the 25 million and everything else.
Yeah.
It's easier to have this GLDC product that can be an ounce.
Yeah.
But that's one-for-one tracker too.
One-for-one tracking.
It's separate.
That's it. Exactly. Any other questions? We're always available. Laura Kiernan's email is up there, but you can reach any of us anytime. Thank you, everyone. Clicker?
What's that?
Clicker for the Is it this one?
I think it's the left one, the green button.
Oh, here. This one. Okay. And it's this one right here, right?
I believe so.
I'll try it.
That's what I was told.
Okay.
Perfect. All set? Awesome. All righty. We are closing this out today with one more presentation. I'm Mike Andrusko from Centri Business Consulting. We focus on accounting consulting, non-attest, no audit. I focus on the crypto and fintech side of things, which is why you haven't gotten rid of me all day in the afternoon here. I wanted to introduce Christine from Streamex. Take it away.
Great. First, I just want to start with thanking the ThinkEquity team for having us today. I'm Christine Plummer. I'm the CFO here at Streamex. I'm joined by Laura Kiernan, who's in the back of the room, who leads our investor relations, and with Andrew Motzkin, who's part of our business development team. I'll speak for about 20 minutes, and then we'll keep the last few minutes for questions. Our goal today is very simple. By the end of the next 20 minutes, you should be able to explain what Streamex does, how we make money, and what you can measure us against over the next 12 months. Our mission fits in one line: Unlock the full potential of commodity assets through tokenization. Commodities are one of the largest asset classes on Earth, and most of the value sits idle.
Gold in a vault earns nothing and costs money to store. We built a regulated platform to change that, and gold is where we started. I want to start by clearing up what we are, because the word tokenization often gets attached to a lot of different things. In one line, we are a regulated commodity tokenization platform, and we are also the issuer of assets on that platform. We are a financial technology company. We built and operate a tokenization platform for commodity capital markets. We are also the issuer of the assets on that platform, so we keep the economics rather than licensing them away. We are regulated first. We have a strong legal structure, third-party custody, independent attestations, and this all came before scale. Our revenue is recurring, scaling with assets under management and trading volume.
Before I move to this slide, I just want to highlight what we are not. We are not a cryptocurrency company, we are not a gold ETF, we are not a mining or royalty company, and we are not a single-product story. Gold is the first commercial proof of a repeatable platform. Why would you invest in Streamex? There are really five reasons. First, we own the rails and we keep the economics. All the issuer economics are retained by us rather than paid away to third-party platforms, and every new commodity uses the same infrastructure. Second, the market is enormous, and has just been opened. Commodity capital markets are vast. Third, there is embedded operating leverage we haven't yet exercised. Our cost base is largely fixed, and we earn three fee streams that persist for the life of every token issued. Incremental volume drops down through margin.
Fourth, distribution is the multiplier. We have a vast access network that takes this from thousands of investors on upward. Fifth, the infrastructure is built and the adoption is the next leg. Legal, custody, attestation, brokerage, and secondary market rails are all in place, and GLDY is live. Just to get a little bit into the financials, what we're showing here is that the model has started earning. The second quarter was the quarter where we started earning our first revenue. We booked $146,000 of gold lease revenue, which is the first revenue in the company's history. Operating expenses and net loss fell significantly. On the balance sheet, we ended June with $41.8 million of total liquidity and no debt. That includes both cash and marketable securities, digital assets, and $15 million of gold. There's about $20 million of that that is immediately available.
Behind GLDY today is 3,111 ounces of physical gold, and external ownership has grown to 9%. The bigger story is that our institutional stack is now complete. Orca is our 24/7 secondary venue. CBER and tZERO give us brokerage channels across billions of assets. EisnerAmper provides monthly reserve attestation. Inspira Financial provides qualified custody across millions of accounts. Wintermute provides 24/7 liquidity with about $12 million seeded in same-day settlement. Each of these partners answers a specific institutional question. Where do I trade it? How does my broker hold it? Who verifies the gold? How does it sit in a retirement account? Who makes the market? Over the next 90 days, we're focused on four things. Converting the first institutional allocations into GLDY, liquidity bootstrapping for GLDC in Q3, followed by launch.
Completing our Equity Trust IRA integration, which opens access to tens of billions of retirement capital, and keeping monthly attestation and distributions running without interruption. The question may be, why now? Tokenization is inflecting. As you can see, tokenized asset values rose 47% in the first seven months of this year. It went from $25 billion to $37 billion, while the number of holders grew 148%, more than three times faster than value, which tells you adoption is broadening, and 84% of financial service leaders call tokenization a strategic priority. 26% are already live. Yet commodities are still wide open. Tokenized commodities total about $5 billion on chain against a physical commodity market of roughly $146 trillion. Treasuries and money market funds, by comparison, are already above $16 billion. We started with gold for a reason.
There is roughly $32 trillion of above-ground gold, and $11 trillion is held as physical gold bars, coins, and central bank reserves. Gold ETFs also own hundreds of billions, and tokenized gold is about $3 billion, which is a very small percent of the total. Beyond gold, you have silver, copper, oil, gas, royalties, and streams, which also represent hundreds of billions to trillions of addressable market. If you put this slide and the prior slide together, you have the fastest-growing corner of our financial infrastructure meeting the largest, least penetrated asset class. So a little bit about the product, how it works, and why it wins. This is our inaugural product and it's live. In one sentence, GLDY is a physical gold bullion-backed security that delivers roughly 3.5% annualized yield paid in additional gold. The mechanics are really straightforward.
One GLDY equals one fine troy ounce of gold bullion. That gold is leased out to generate yield, so a holder's total return is the gold price change plus the yield payments. There's no future options carry costs that go along with that. The token is tradable and redeemable upon issuance, and it's eligible to be held by ETFs. In other words, holders keep the spot gold exposure they have today and add a yield on top of it. So how does this all work? The yield engine comes from our strategic partner, Monetary Metals. We hold exclusive rights to tokenize yield-bearing gold products with them, and they give us access to their precious metals lending program. This is the foundation for institutional-grade instruments that can scale to billions of dollars. In the appendix, we've included how the money and the metals move.
There's lots of details behind those flows. From an investor perspective, what does it look like when you compare GLDY to physical gold and gold ETFs? Why does this matter? If you look at a simple five-year case and you-