Streamex Corp.

Hello and welcome to StreamX first quarter 2026 business and quarterly update call. Please note that this call is being recorded. All lines have been placed on mute to prevent any background noise. All text questions will be placed on the webcast. If you would like to ask a question, please submit it using the Q&A button on the webcast. I'd now like to hand the call over to Adele Carey, Investor Relations. Please go ahead.

Thank you so much, and thank you, everyone, for joining. Welcome to StreamX Corp's first quarter 2026 earnings and corporate update call. I'm joined by Morgan Leckstrom, our Executive Chairman, Henry McPhee, our Chief Executive Officer, Christine Plummer, our Chief Financial Officer, and Mitch Williams, our Chief Investment Officer. A little housekeeping item before we begin. I'd like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today. Please refer to the cautionary language on slide two and three of today's presentation, as well as the risk factors detailed in our most recent Form 10-K and Form 10-Q files with the SEC. We will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filing and in the appendix to today's investor presentation deck. With that, I'll turn the call over to Morgan Lexham.

Thank you, Adele, and good afternoon, everyone. On behalf of the board and entire StreamX team, thank you for joining us today. This was the quarter StreamX went from preparation to proof. We launched our first product, paid our first dividend, retired all of our convertible to venture, and lined up an institutional partnership ecosystem that we believe positions the company to scale meaningfully from here. Today, I'll walk us through the StreamX value proposition, the market opportunity we're attacking, and the headline highlights coming soon. Christine, our CFO, will then take you through the Q1 financial results and balance sheet position. Mitch, our CIO, will cover GLDY, the product itself, and our operational update. And last but not least, Henry, our CEO, will close us out with a partnership ecosystem we've built, the roadmap ahead, our forward outlook, and how we're thinking about the path from here. Then I'll open it up to questions. Let's get into it. What is StreamX? For those new to this call and others that are familiar with StreamX, I want to recap our mission, model, and macro setup that positions StreamX as a growth stage, strong value proposition. The first question someone asks always is, what is StreamX? The answer is we are the entire tokenization ecosystem for real-world assets and securities. That is the technology front to back compliant and scalable. That is the strategic advantage coming into a time that everyone is actively moving to blockchain and tokenization. Freemex operates the technology infrastructure, issuance, custody integration, compliance, on-chain settlement distribution, and we are the issuer of the products that run on that infrastructure. We own the full ecosystem, and during this webinar, you'll see what additions we have made to accelerate that moat. What this means practically, every product we launch validates and strengthens the platform underneath it. And every new product on that platform compounds the value of the work that came before. We expect the marginal cost and time to launch each subsequent product to be meaningfully lower than the cost of issuing the first. Being the ecosystem that is ahead of the curve, investing in StreamX is investing in the compliant tokenized future exposure to the ecosystem that enabled it. we are the infrastructure for not only tokenizing commodities but the cutting edge for tokenizing of security real world assets and developing cutting edge compliant trading avenues our business model is a high margin capital light and fee driven model we generate revenues from tokenization fees technology use fees when trades occur and management fees we are not balance sheet intensive in the way a traditional asset manager or commodities firm would be As AUM scales across products, the platform scales with it. The market is moving fast, more and more into tokenization, and we're at the forefront. I want to walk you through what really is the tokenization opportunity. We speak about tokenization and what you may ask, well, how big is that market? I want to remind everyone to the future that we are building towards. Industry estimates from BCG and others project that tokenized real-world assets market at approximately $16 trillion by 2030. That is not a niche market. This is one of the largest infrastructure transitions underway anywhere in the financial services. The migration of settlement, custody, and distribution from legacy rails to blockchain-based rails. And commodities, a multi-trillion-dollar global market on their own, and among the asset classes best suited to move on-chain. They are standardized. They are physical. They have well-understood pricing mechanics. They're ideally suited to be wrapped in transparent programmable tokens. StreamX was built specifically for this opportunity and is taking advantage of it. I want to jump into the Q1 2026 highlights. This is a slide I want every shareholder listening today to take away from this call. Q1 was about proving the platform and loading the catalyst on both fronts, and we delivered on those. On the financial side, we closed the quarter with a strong cash and investment position of $45.85 million. Our comprehensive loss of $48.6 million for the three months ending in March 31st looks large in isolation, but I want to be very clear, that was actually inside the number that Be very clear with that. What's actually inside that number? $25.4 million was non-cash stock-based compensation. Another $12.2 million was non-cash acceleration of debt discount and issuing costs tied to the convertible, the venture, that we have now fully retired. Those are accounting figures. They are not cash leaving the business. Christine will also walk you through this in detail. On the product side, GLDY officially launched. the first two dividends 10.48 ounces of gold has been paid to holders nav has been tracking the gold price exactly as designed and our first independent attestation form is in progress the infrastructure is live it's audible and operating exactly as we built it to on distribution we have stood up an institutional partnership ecosystem across custody distribution liquidity secondary markets and derivatives. Henry will spend real time on this later. There are operational integrations with some of the most respected names in the digital asset and retirement custody space. So stay tuned to what he's going to say. Onboarding is restored. The KYC integration issues that slowed us and we spoke about out of the gate is resolved and new dedicated sales and service teams actively working through the backlog. And the catalyst calendar from here is concrete. GLBC, a tokenized gold product designed to be composable in DeFi, is the next launch. Silver SLBC, our silver product, has infrastructure ready. And we expect GLBYAM to grow with additional functionality coming online. The three numbers I want you to anchor on are on the right-hand side. $45.85 million in cash and investments. 3,096.6 ounces of GLDY AUM at quarter end, and 10.48 ounces distributed to holders as our first dividend. We've proven the model. Now we can scale it. With the strategic context set, I'll hand over to Christine to walk through our Q1 results, then to Henry to get into the meat of the exciting new updates and developments. Thank you, Christine.

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

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

Thank you, Mitch. that I'm really the most excited to talk through because what this team has built here in a single quarter is frankly remarkable. The thesis is simple. Every buyer needs to pass in and every holder needs to pass out. The EQ system has to be built so that GLDY AUM growth can scale efficiently and rapidly. We've now stitched together the entire flow, buy, hold, trade, exit, with institutional partners that are the best in class in their respective categories. On the buy side, Equity Trust, an IRA custodian integration that unlocks access to $72 billion and 359,000 tax advantage retirement accounts in the U.S. On the hold and trade side, Wintermute, instant 24-7 liquidity provided by a leading institutional market maker. On the secondary market side, Orca, a 24-7 decentralized trading avenue for GLDY. I'm going to walk through each of these in detail because each one on its own is a major catalyst, and I want to be clear. These are not aspirational. These are confirmed partnerships that are currently being integrated, and we anticipate that they'll be operating in the coming weeks, subject to some completion of technical integration and operational testing. First, Orca. We are announcing a development partnership with Orca, Solana's leading decentralized exchange and liquidity infrastructure protocol to bring live 24-7 secondary market for tokenized securities, starting with GLDY. Orca powers hundreds of billions in on-chain trading volume, and through its capital efficient liquidity pools, they are a foundational partner of the Solana ecosystem. The timing of this couldn't be better. The SEC is reportedly preparing to release clarity on the trading of tokenized securities like GLDY, and in multiple statements now and now in guidance published last month, the SEC has released guidance on how blockchain-based interfaces designed to permit transfers of tokenized securities can operate in compliance with the law. The interface that StreamX and Orca have built together is a permissioned, compliant, on-chain secondary trading avenue for all real-world assets. It's squarely aligned with this guidance, and we've been building towards this moment for some time and believe we're exceptionally well positioned as the regulatory framework around tokenized assets continues to take shape in the United States. Building on what we believe this unlocks for GLDY, it will be transformational. Holders will have a compliant, permissioned, blockchain-powered venue where secondary trading of GLDY can occur 24 hours a day, seven days a week, instantly. We expect the ORCA venue to go live to give GLDY option and holders for an option for liquidity in a way that simply does not exist for traditional gold products. But there's also a bigger strategic point I want shareholders to understand. The infrastructure StreamX and Orca have built together is bigger than GLDY. It is the foundation for an entirely new market, a regulated, compliant, on-chain secondary trading venue for tokenized commodities at scale. GLDY is just the first asset to trade on it. This partnership creates a new ongoing revenue stream for StreamX through revenue share with ORCA in addition to the inherent transfer fee of GLDY, and we are excited to be able to be working with the ORCA team and believe this is a defining piece of infrastructure for the category. More information on this partnership and the date of launch of the exchange is to come very shortly. Second, winter meet. Wintermute is one of the world's largest leading crypto-native algorithmic trading and market-making firms. They provide deep liquidity, OTC trading, and infrastructure services across centralized and decentralized digital asset markets. They're a firm that institutions trust to scale global crypto trading activity, and they are not new to the digital asset space. They're a firm that has been doing this at the highest end of the market for years. What Wintermute unlocks for GLDY is the ability to mint and redeem instantly, 24-7. We expect this to reduce the purchase and redemption time from currently T plus two to T plus zero, subject to certain limits in availability. Once the partnership with Winning Meat is live, GLDY holders will be able to purchase or redeem their positions instantly. We believe this will meaningfully reduce any friction for prospective investors in GLDY and increase comfort in relation to liquidity for the asset. Wintermute brings credibility, depth, and 24-7 operational capability for a product designed to be digital, programmable, and an always-on version of gold. More information on this initiative and go-live date will be in the coming weeks. And third, and this one I think is possibly the single largest unlock of the three, equity trust. Equity Trust Company is a leading self-directed IRA custodian. They enable individuals and institutions to hold alternative assets, private equity, real estate, precious metals, cryptocurrency, and now tokenized commodities with tax-advantaged retirement accounts. What this integration unlocks for GLDY is access to $72 billion of U.S. tax-advantaged retirement capital across over 359,000 accounts that previously could not access tokenized commodity products. Let me say that again. 359,000 accounts and over $72 billion of capital now have a path to GLDY. U.S. investors who want exposure to gold inside their IRA have historically had two real options, a gold ETF or physical bullion held by an IRA custodian. GLDY now joins that menu. But unlike those with cost money to hold, GLDY provides these investors with a yield, with on-chain transparency, and with the liquidity infrastructure that we've just discussed with Wintermute and Orca. This is exactly the kind of distribution channel we said that we would open up, and Equity Trust is the gold standard partner for this category. Again, more information on this will follow in the coming weeks. Moving on to the roadmap and product pipeline. So with GLDY proving the platform and the partnership ecosystem is operational, let me talk to you about what's coming next. In Q2, 2026, there's been a slight adjustment from our last call. Rather than launching silver first, we're focusing on scaling GLDY functionality and allocating all resources towards GLDY growth. With the partnerships coming live and closing in on existing indications of interest in the pipeline, Even with the silver, even though the silver infrastructure is ready to go, it's the best decision for the company at this time. We expect Q3 2026 to include the launch of GLDC and SLVC. GLDC is the one that I want shareholders really to focus on. It will be a non-security retail accessible tokenized gold product backed by GLDY. It's designed for wide distribution, including DeFi integrations, RWA vault infrastructure, and every dollar of GLDC issued will be collateralized by GLDY. which means that as GLDC scales, GLDY also scales. SLVC is silver. It is the same playbook. The infrastructure is already set up and the smart contract is ready. We want to sequence this after additional GLDY functionality is growing and live and in steady state. In Q4, we will expand the functionality on GLDY, GLDC, SLVC, scale our platform uses, and launch an initial pilot on royalties and streams, a category we believe is uniquely well-suited to tokenization. Then looking into 2027 and beyond, we are setting the stage for additional commodity asset launches across copper, oil, gas, and other industrial energy commodities, as well as expanding into additional jurisdictions. Every one of these products runs on the same platform that GLDY approved. That is the compounding model. Now on the market activity and the path forward. I want to address the recent market activity directly. STEX has experienced somewhat of a downward pressure in the recent months. We are aware that the shareholders expected GLDY AUM to grow on a faster timeline, and I hear that, and I want to address it head on. What we've proven is that the model works. The product works. NAV tracks the gold price. The first couple of dividends have been paid. The first attestation is in progress. The infrastructure is live, auditable, and is operating exactly as designed. We hit some early operational hiccups, primarily with the KYC vendor that delayed onboarding. That issue has now been resolved. The backlog signups are now being actively worked on by a dedicated sales and service team. The path forward, the pipeline continues to grow. We expect steady growth in GLDY's AUM in the coming months. Indications of interest are moving towards closing, and the catalyst calendar ahead is concrete. GLDC launch, SLVC launch, the partnerships, rollouts going live, and continued AUM growth. The platform thesis is intact. The platform proof points are landing. The calendar is loaded, and we are heads down, executing. Looking forward, here are the four catalysts I want every shareholder to track. First, the partnerships going live. Equity Trust, Wintermute, and Orca are all rolling out now, with the additional partnerships anticipated in Q2 and Q3 of 2026. Second, the GLDC launch, retail accessible tokenized gold backed by GLDY. Designed to grow GLDY AUM, the target is early Q3. Third, the SLVC launch, the retail and institutionally available tokenized silver product with wide distribution potential sequenced after the GLDY functionality scales. And fourth, GLDY AUM growth combined with increased functionality and steady growth is expected as the backlog onboarding clears, the sales and marketing ramp, and the partnership and distribution channels open in earnest. A final note on the capital structure. As of April 2026, our shares outstanding and ownership breakdown are detailed on the slide. Insider ownership, directors, officers, employees, and advisors stands at 51.26%. That alignment is intentional and we are proud of it. Morgan and I as co-founders continue to forego our equity grants for the year to reduce dilution and demonstrate alignment with the shareholders. We are listed on the NASDAQ under the ticker STEX. Our January 2026 financing raised $40.25 million in gross proceeds, which capitalized the company through this build-out phase, and we have initiated analyst coverage from Needham and Sievert, both well-respected names in the sector. Our capital structure is clear, our balance sheet is strong, our team is aligned, and our product is live, and our roadmap is concrete. Now, let me close out with this. Q1 2026 was the quarter StreamX went from theory to proof. We launched GLDY, we paid out our first two dividends, we retired our convertible debt, we resolved the early operational issues, and we put a concrete catalyst calendar together. GLDC, SLVC, AUM scaling, and now this month we are standing up an institutional partnership ecosystem with ORCA, Wintermute, Equity Trust, with additional partnerships coming live over the next quarters. The market for tokenized real-world assets is projected at $16 trillion by 2030. Commodities are among the asset class best suited to lead that migration on-chain. StreamX is built specifically for this opportunity, and we believe we are positioned to lead the category. Thank you for the continued support. We are extremely excited about what's ahead. With that, I will now open the line for questions. amazing well thank you very much for everyone for for tuning in to the to the call now we will go through a few questions i will see the questions that are here posted and i will direct them add certain individuals to the team who just presented for now for the first question we will start with mitch so the question is GLDY is at 14 million AUM. What milestones signal the company to be on track for sustained growth? Mitch, I'll let you answer.

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

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

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

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

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

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

Equity Trust, this is a part of the ecosystem. When we talk about GLDY scaling, this allows us to scale all assets in the future in different channels. So that fundamental base, that base of the floor, the base of your house, that's the foundation for building up. Now that we've got those foundations in place and we'll be launching on each one of those, the scale will happen quick. You will see a J curve type action. One of the key points to that is going forward, we now have that infrastructure set up. Again, I can't reiterate that enough. The ecosystem that StreamX is and what the investors get from buying in StreamX is you get access to the years and years of work to set all that up, the technology, the backbone for all that tokenization infrastructure. That's what puts us ahead and that's what makes the difference. That's where you see the AUM scale click.

Thank you, Morgan. And the last question I think we're going to answer here is, can you walk through the GLDC mechanics? How does every GLDC result in increased GLDY AUM? will take this one and so this is actually a very very exciting uh process that we are that we're developing here and bringing to market now or will be bringing to market now with with gldc and so when we or how how we have set up gldc is to be a tokenized gold asset that is a non-security it is fully permissionless which means that it can trade anywhere and can trade essentially through all of the different crypto channels that give the ability for worldwide trading 24 seven 24 seven settlement that tokenization gives us the ability to have while also giving us the ability to have a non a credit investor non-security product that still benefits GLDY. And so with GLDC, it will be backed by GLDY inherently. And so every time someone buys a dollar of GLDC, one dollar of GLDY will be minted. And so if you can think of that, a product that can be distributed widely all around the world and giving people exposure to tokenized gold while still being backed by yield-bearing gold assets, and increasing GLDY AUM for us, it becomes very, very powerful. And so this is really just another step in increasing GLDY functionality and increasing the AUM growth of GLDY specifically. On top of that, there's different integrations that we'll be rolling out and putting out more information on as we bring GLDC to the market, but the ability to get yield on GLDC through different avenues that is not inherent to the asset. And so these are things that you will see materializing in the coming months and things that I am very excited for in terms of the growth of the StreamX ecosystem as a whole, the growth of GLDY and the benefit of the company. And so with that, I think we will end it there. We won't take any more questions now. If anyone has any additional questions that they might not have been able to ask on the call, please reach out to our team. Adele's email is up on the screen right now. And so we would be more than happy to speak with you and answer any of those questions. In closing, I want to leave you just reiteration of what we said at the end of the call. This truly is a transformative month, and this second quarter now that we're going into will be a transformative quarter for StreamX and for GLDY and the ecosystem as a whole. There is a number of additional partnerships that are going to be coming online. The ones that we've announced today are extremely, extremely important for what we've been doing and opening up distribution for the assets that we create. There will be more information on these coming out in the coming weeks. And overall, I'm very excited about the growth of the company. We're in a very good spot financially. We're in a very good spot from an operations and implementation standpoint. And now it's time to scale. Thank you very much, everyone, for joining. Excited to continue this quarter and through the rest of the year. Like I said, if you have any questions, please feel free to reach out to Adele. I'm even more than happy to speak with you. Thank you.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.