Earnings

Streamex GLDY Gold Adds 240 Ounces After Slow Quarter

The Tip Desk · November 13, 2026 · 4 min read

Gold behind GLDY reached 3,351 ounces as outside ownership doubled to 17.7% and lease income rose to $145 thousand.

Streamex Corp. (STEX), a technology company building tokenized commodity products, added 240 net new ounces of gold behind GLDY in the third quarter, lifting the vault to 3,351 ounces from 3,111 at June 30. That followed only 15 net new ounces in the second quarter. The company issued 208 new GLDY tokens to subscribers, compared with 27.

Outside holders owned 17.7% of outstanding GLDY at September 30, up from 9.0% at June 30. GLDY assets under management were $14.0 million at market value, up 12% in the quarter.

Gold lease income was $145 thousand in the third quarter, versus $0.1 million in the second quarter, the first income under the tokenized gold platform. Year-to-date lease income was $291 thousand. Excluding about $12 thousand of first-quarter income recognized in the second quarter, the company said lease income grew approximately 8.2%. GLDY paid 31 ounces in lease yield in the quarter, up from 19, and recorded seven consecutive monthly distributions, every one paid in gold.

Co-founder and Chief Executive Officer Henry McPhie said the first quarter launched GLDY, the second built distribution around it, and the third was about scaling that distribution and adoption. Over the last ninety days, he said, an institutional investment manager began running a gold carry strategy with GLDY as its long leg, outside ownership doubled, and the Cask Foundation began bootstrapping liquidity for USGY. An initial $1 million institutional allocation was indicated for that carry strategy, subject to documentation and funding.

GLDY is expected to go live on the IRA platform of Equity Trust, which has about $73 billion of assets under custody and administration and around 368,000 accounts. GLDY would be the first tokenized asset on the platform. Several distribution partners with more than $160 billion of combined assets sit in the GLDY access network; CNB Custody went live in October.

Operating expenses were $18.1 million, including $9.3 million of non-cash stock-based compensation. Of the $2.8 million increase from the second quarter, $2.2 million was non-cash stock-based compensation; the remainder was mainly external legal counsel and costs supporting product development. Net loss widened to $17.5 million, or $(0.09) a share, from $14.6 million, or $(0.08) a share, in the second quarter. Adjusted EBITDA was $(7.2) million, compared with $(6.6) million.

The company remained debt-free. Total liquidity position declined to $36.5 million from $41.8 million at June 30. Total cash and investments were $13.2 million versus $24.5 million, and working capital was $22.0 million versus $32.8 million. Operating cash burn averaged $1.5 million a month, down from $1.6 million in the second quarter.

Chief Financial Officer Christine Plummer said most of the net loss is non-cash and that burn came in above what the company expected in August. She said fees scale with assets against a largely fixed cost base, so once fees cover fixed costs, incremental assets should flow through to Adjusted EBITDA.

Liquidity bootstrapping began in October for USGY, the Cask Gold Yield Vault, which holds its spot gold position in GLDY. The Cask Foundation expects to launch USGY publicly once initial bootstrapping is complete. GLDC is set up and ready, with launch by the Cask Foundation anticipated in early 2027. A Streamex subsidiary acts as servicer to the Cask Foundation.

Streamex will report on each of the following when it reports fourth-quarter 2026 results: more capital into the carry strategy and new institutional buyers of GLDY; support for the Cask Foundation as it completes initial liquidity bootstrapping and launches USGY publicly, and USGY’s contribution to GLDY assets under management; funding the first GLDY IRA accounts on Equity Trust; GLDC; and bringing operating cash burn to a range of $1.1 million to $1.3 million a month, from $1.5 million in the third quarter. The second-quarter release had expected operating cash burn of approximately $1.1 million per month in the third quarter, excluding non-recurring accounting and consulting services, one-time personnel costs, and marketing expenses.

More on STEX

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

STEX — all coverage and financials