Good afternoon and thank you for standing by. My name is Bella and I will be your conference operator today. At this time, I would like to welcome everyone to StreamX Q3 2026 Business and Quarterly Update Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star. Then the number 1 on your telephone keypad. To withdraw your question, press star 1 again. I would now like to turn the conference over to Laura Kiernan, Head of Investor Relations. Please go ahead.

Thank you, Bella, and good afternoon, everyone. Welcome to StreamX's third quarter 2026 earnings call. I'm Laura Kiernan, Head of Investor Relations. With me today are Henry McPhie, our co-founder and CEO, and Christine Plummer, our CFO. Our earnings release went out earlier today, and a replay of this call will be available on ir.streamx.com shortly after we finish this. Today's call includes forward-looking statements based on our current expectations. They are subject to risks and uncertainties, and actual results could differ materially. Please see the cautionary language on slides two and three of the deck and the risk factors in our most recent 10-K and 10-Q. We'll also refer to non-GAAP measures, including adjusted EBITDA, total cash and investments, and total liquidity position. Definitions and reconciliations are in the release and in the appendix to the deck. Finally, we'll refer to a fund run by an institutional investment manager It is a private fund and offered only under Rule 506 of Regulation D. StreamX is not its issuer, manager, or placement agent. We reference it only to describe our own business and nothing on this call is an offer or solicitation of interest of the fund. We will also discuss USGY, a product of the Cask Foundation, which is not available to U.S. persons and is not being offered on this call. and with that I will hand the call over to Henry.

Thanks Laura and thanks everyone for joining.

At the end of our August 17th call I laid out six commitments for the 90 days which ends on November 15th. On this call I'll walk through each one where they stand and also set out a new list of 98 commitments to hold us to near the end. The way I think about this year is Q1, we launched a product, GLDY. Q2, we built the distribution around it, and Q3 was the continued scale and distribution and adoption of it. Here's what that looked like. An institutional investment manager launched a fund using GLDY as the long leg of a gold carry trade. There was an initial million-dollar USD order of that fund from a leading institutional investor, and we're seeing additional subscriptions scaling in. As of September 30th, we added 208 net new ounces of gold into GLDY against 15 last quarter, and as of September 30th, outside ownership doubled to 17.7%. Next week, GLDY is also expected to go live on the Equity Trust platform as the first tokenized assets in its IRA. and the CAST Foundation, an independent foundation that Estremix subsidiary services begins bootstrapping liquidity into its first product, USGY, which puts the delta neutral gold yield on chain. With that, let's get into the presentation. To start, please take a look at our disclosures on slides two and three and in our filings.

I'll give a second to read these.

Alrighty, on to slide four. So here's the plan.

I'll start with our new brand and reintroducing the company. Then I'll cover how we did against our August 90 day timeline. Christine will cover the Cordis financials, then I'll come back for the business, the market, how GLDY is growing, equity trusts, the gold carry trade, and the Cask Foundation, and USGY, which adds a new revenue line. I'll close with what to hold us to over the next 90 days, and then we'll start taking questions.

You may have noticed that this deck looks different.

Today is the first time that we're showing our new brand publicly. At StreamX, we believe that your wealth and investments should not only preserve value, it should actively create it. As we build the modern financial infrastructure, our position as the platform for tokenized commodities gets stronger. The brand moves us from being seen as a tokenization company to a financial brand that people trust to preserve and grow their wealth. For investors, it should be simple and institutional grade. You shouldn't need to know an asset is tokenized. You should see gold that pays you, held where you already invest. You'll see it on StreamX.com today and in our investor materials.

For anyone new to the story, here is StreamX in a minute.

One, we're a financial technology company. We build and run a tokenization platform for commodity markets, and we are also the issuer of assets on it. The second part matters. We keep the economics instead of paying them away to a third party platform, and we put the legal structure and physical custody and institutional custody in place. We are not a crypto company, a gold ETF or a miner. We don't take exploration or resource risk, and we're not a one product company. Gold is the first asset on a platform designed to repeat across multiple commodities. We're Nasdaq listed, we have no debt, and we ended the quarter with just over $36.5 million of total liquidity. The model is recurring revenue. We earn from issuance, AUM, and transaction fees on every GLDY outstanding, and now servicing revenue from Cask Foundation products as well. Moving on, so here are the six commitments from August and where each one of them stands. One, the first institutional allocation. An initial million dollar anchor investment was made into an institutionally managed investment fund, which runs the gold carry strategy with GLDY as its long leg. Since this initial order, we have seen exciting interest in the fund and anticipate seeing more inflows in the coming weeks and months. With the fund growing significantly in just over four weeks of being live, one thing I want to clarify about this is by no means are we saying that institutional adoption is complete with these initial orders. The announcement of the fund and the institutional allocation was an exciting milestone because it proved that a respected institutional investment manager and an institutional investor have allocated both resources to create the fund and took time to review the asset as they allocate capital into it. We think that these initial orders, the first of many and the interest that we've already seen, we're excited to continue to see the fund scale with the GLDY AUM within it. Two, institutional holders on the register. In August, I said that we wanted institutions on the register. The fund just discussed is a holder of GLDY and the participants into the fund are institutional companies and investors. We remain focused on growing the amount of institutional investors through a number of avenues, which we'll discuss on this call. 3. Liquidity Bootstrapping This started in October. The Cask Foundation was first set up, and the bootstrapping for its initial vault, USGY, has started. The Cask Foundation expects to launch USGY publicly once initial bootstrapping is complete, and we'll get deeper into what this means later in the call. 4. GLDC GLDC is set up and ready to go. USGY is going to go first, and I'll explain why when we get to Cask. Five, equity trust. This is now done. This is something that I'm extremely excited to announce. GLDY is expected to go live on equity trust platform next week. GLDY will officially be the first tokenized asset on equity trust IRA platform with over $70 billion and 350,000 people within the platform. Stay tuned for more information coming next week and later in this call. Six, attestations and distributions. Seven straight monthly distributions have been paid, every one in gold with independent attestations by Eisner Amper. Overall, I'm proud of the team being able to deliver what we did in these last 90 days. Now we focus on continuing to scale, onboard more investors and partners, and launch new products and grow AUM. With that, I'll hand it over to Christine to talk Q3 financials before going deeper into the business and our commitments for the next 90 days.

Thanks, Henry, and good afternoon, everyone. I will cover the quarter's results, the balance sheet, liquidity, cash burn, and capital structure. Henry has covered the GLDY and CAF columns, so I will focus on the financials. Four things to take from this page. First, income. Gold lease income was $145,000 for the quarter and $291,000 year-to-date. Q2's reported $146,000 included $12,000 that related to Q1, so on a like-for-like basis, lease income grew about 8%. It's still small, but it grows with the ounces behind GLDY. Second, costs. Operating expenses were $18.1 million, and $9.3 million of that was non-cash stock-based compensation. Third, the bottom line. Net loss was $17.5 million, or $0.09 a share, against $0.08 in Q2. Adjusted EBITDA was a loss of $7.2 million. And fourth, the balance sheet. No debt, $36.5 million of total liquidity, and $22 million of working capital. Just to note on comparisons, we've compared Q3 versus Q2. We acquired StreamX Exchange Corporation in May 2025. The 2025 periods include only part of its operations and aren't directly comparable. Prior year figures are in the release and the 10Q. The main movement this quarter was at operating expenses, and most of it was non-cash. Operating expenses rose $2.8 million from Q2, and 2.2 million of that was higher non-cash stock-based compensation. Excluding that, expenses rose 0.6 million, mainly external legal counsel and cost-supporting product development. That flowed through to the bottom line. Net loss widened by 2.9 million to 17.5 million. Adjusted EBITDA, which excludes stock compensation, moved only 0.6 million to a loss of 7.2 million. For the nine months, net loss was $78.7 million, or $0.44 a share. Most of that was non-cash or non-recurred. $41.8 million of stock-based compensation, $4.4 million of depreciation and amortization, and $15.2 million of one-time charges on the debentures we settled in February. That's about $61 million in total, so the cash cost of running the business is much lower than the net loss suggests. The balance sheet is still debt-free. Total assets were $150 million, liabilities $13.5 million, and stockholders' equity $136.4 million. Working capital was $22 million against $32.8 million at June 30th. Three things moved, and they're in the panel on the right. First, in July, we lent $5 million USDC and $1,069 GLDY to Winter Mute, our liquidity provider, The GLDY can trade around the clock. The USDC moved out of digital assets and now sits on the balance sheet as a $4.6 million loan receivable net of allowance recallable on 30 days notice. Second, physical gold at cost rose to $16.5 million from $15.5 million. This is from new GLDY subscriptions and lease income paid in gold. Third, cash and marketable securities sell to $12.3 million from $18.5 million as we funded operations. Just one note on gold, we carried at cost, not at market value, and as of September 30th, its market value was about $14 million, roughly $2.5 million below its carrying amount. There are three liquidity numbers worth knowing, and this slide shows how they fit together. The simplest way to think about it is in three layers. Total liquidity is $36.5 million, down from $41.8 million at June 30th. The first layer is $13.2 million, which is immediately available at September 30th, in cash, markable securities, and stablecoins. The second layer is another $6.8 million, which is accessible on a near-term basis under the terms of the underlying agreement. That's the $4.6 million winter mute loan, which is recallable on 30 days' notice, and supports GLDY's 24-7 trading and the 2.2 million metal layer investment, which is redeemable on written notice. 1.7 million of it quarterly and half a million on 30 days. Together with the first layer, that's about 20 million we can reach in the near term. The third layer, the remaining layer, is the 16.5 million in physical gold carried at cost. And this is held as a reserve inventory backing every GLDY token outstanding. So $13.2 million plus $6.8 million, which is the $20 million accessible on a near-term basis, plus $16.5 million gets us to the total of $36.5 million of total liquidity. Since quarter end in early November, we invested $6 million of the GLDY reserves into MetaLayers Digital Fund 1, which has T plus 2 redemption. That brings our immediately available liquidity to about $19.2 million. The next slide covers our cash burn, the run rate we are targeting, and our capital structure. Operating cash burn averaged about $1.5 million a month in Q3. That's down from $1.6 million in Q2, but above the $1.1 million we targeted. The gap was mainly external legal counsel and marketing costs tied to product development. The table shows how we get to our target. About $0.3 million a month of Q3 costs are unexpected to repeat. that's 0.1 million each in professional services and marketing, one-time personnel costs, and legal services. That takes us to a targeted run rate of 1.1 to 1.3 million a month from Q4 through 2027. That's a target, not a forecast, and it's on Henry's list for the next 90 days. We also have additional levers, monetizing part of the company's GLDY holdings, which is consistent with our stated capital strategy, the strategic alternatives process that is now underway for the pure EP patent portfolio, and continuing evaluation of legal and professional service costs. On our capital structure, we have about 117.5 million common shares outstanding and 68.4 million exchangeable shares, which convert one for one. This totals 185.9 million shares fully diluted as of September 30th. We're building the business on a fee base These scale with assets against a largely fixed cost base, which gives us strong operating leverage and room to scale without adding capex. Now back to you, Henry.

Thanks, Christine. Now let's get into the business.

So I'll start with the market. And so tokenized real world assets on-chain are now at about $40 billion, excluding stablecoins. That's more than three times where they were at two years ago. And on October 28th, the DTCC switched on its tokenization service with BlackRock, Goldman Sachs, and JP Morgan, all among the participants. The DTCC sells within the U.S. securities market, so that's the core plumbing of Wall Street moving on chain. Gold also had a big quarter. Global Gold ETF holdings hit a record 4,256 tons, and central banks bought 321 tons. Their biggest quarter since late 2024. Demand for gold is as strong as it has been. Now, look at the gap. There's about $32 trillion worth of gold above ground. Around $11 trillion of it is held as financial gold, and only about $5 billion of that is tokenized. And the two largest gold tokens pay their holders nothing. GLDY is the only gold security that pays a yield and pays it in gold. Gold is one commodity. The global commodities market is roughly $147 trillion, and most of it is still run on paper and ledgers. Whoever owns the rails when that market moves on chain owns the economics of the move, which is what we're building.

Here's how that's showing up in GLDY.

We ended the quarter with 3,351 ounces up from 3,111. And today we're sitting at 3,360.8 ounces. That's 249.8 net new ounces against 15 in Q2. As of September 30th, we issued 208 new Geely Y to subscribers and outside holders went from about 280 ounces to about 593. So outside ownership more than doubled. And Geely Y AUM is around 14 million at market value, up 12% in the quarter. The product continues to perform exactly as it was designed. NAV tracks gold one-to-one with zero tracking error since launch. We paid 31 ounces of gold additional GLDY in lease yield this quarter, up from 19, and we paid seven monthly distributions in a row, all in gold. The reserve is independently attested by Eisner Amper, Invisible, and Chainlink's proof of reserves, Oracle. One thing I want to be clear on, this is not scale yet, but with what we're seeing, it is starting to feel like scale is rapidly advancing. and with the three initiatives I'm about to cover, Equity Trust, The Cary Trade and USGY, scale will only increase from here. The fund is live, Equity Trust is expected to go live next week and USGY is in bootstrapping now.

This is the distribution behind that growth.

Several partners with more than $160 billion of assets between them, covering brokerage, custody, liquidity, funds, and now retirement accounts. Since August, CND custody went live in October, adding qualified custody for RAs and advisors, and Equity Trust is expected to go live next week. Our approach is leverage. We don't acquire investors one at a time. Our goal is to make GLDY available to the clients of brokerages, custodians, funds, and retirement platforms, which takes the audience from thousands of investors to millions.

Now, into the Equity Trust relationship and launch in more detail.

Equity Trust has been in the business for more than 50 years. Thank you for joining us. GLDY in an IRA gives investors the same gold exposure, but instead of paying to hold it, investors get paid 3.5% more gold annually accruing inside that tax-advantaged account with independent attestations and 24-7 liquidity. For StreamX, retirement money is an extremely attractive market for GLDY. US IRAs hold almost $20 trillion in assets, and working with Equity Trust as one of the most respected IRA custodians in the country gives us distribution into that market, which an already established customer base exists. GLDY is expected to go live on the Equity Trust platform next week. Alongside the launch, we will be educating IRA holders and their advisors on what's now available to them. So keep your eye out for a ton of more content and information coming out with this announcement. Now, let's get into the gold carry trade that is currently being run with GLDY by an institutional investment manager that we've spoken about. Here's how it works. You hold gold on the long leg and short gold futures perpetuals on the short leg. The two cancel each other's price exposures, so the position is delta neutral. You're not betting on where gold goes. What you earn is the basis and the funding spread between spot and futures along with cross-venue pricing gaps. ShieldyY makes this trade better. If you hold the long leg in bullion or an ETF, it earns nothing or costs you money to hold. ShieldyY is the only gold security that pays a yield, so it adds 3.5% on top. In the illustration on the slide, that lists the target return from around 6.6% to 10+. We have seen three things that make this attractive to allocators. One is delta neutral yield. So there's no price exposure and the yield is dollar denominated. Two, it can scale. The gold futures market is over $200 billion. And so gold growth isn't constrained by liquidity. And three, because these markets are deep and liquid with low targeted volatility, it works as a very attractive cash management product for investors. An institutional investment manager runs this strategy, and since launching just over four weeks ago, we have seen very strong demand. I anticipate that we will continue to see stable and significant inflows into the fund through the end of this year and into 2027. With the long leg being in GLDY, you will be able to see GLDY AUM increasing as this fund grows. So this is the Gates scoreboard that we committed to republishing every quarter. That brings us now to the Cask Foundation. So in August, we talked about GLDC. GLDC was really the start of something bigger, the Cask Foundation. Kask is an independent Cayman Foundation company that issues permissionless on-chain products with no minimums and no gating, open to participants outside the U.S. A StreamX subsidiary is its servicer and not the issuer of the Kask products. The initial plan for Kask was to launch GLDC, a permissionless gold token that's backed by GLDCY, first. and many more. For StreamX shareholders, there are two important things to note with Cask. GLDY sits behind Cask products. So as Cask grows, so does the GLDY base that we earn fees on. And as a servicer, StreamX earns revenue from the foundation's products. That's new revenue line and grows with every product that Cask launches. So let's talk a little bit about USGY and the Cask Gold Yield Vault. This is a delta-neutral gold yield on-chain vault that is fully permissionless. USGY will target a 10.1% APY and year-to-date the gold carry trade has returned an estimated 8.7% in a relatively low-volume crypto market. Targeted volatility is 0.35% annualized and the targeted maximum drawdown is 0.27%. That's a yield profile with very little price movement because the gold exposure is hedged. The strategy is very similar to the existing fund that we're running. and captures pricing gaps between the physical, futures and tokenized gold. And it earns from the basis spreads, funding rates and cross venue arbitrage. Its spot leg, gold leg, is held at GLDY, which adds GLDY's targeted yield of about 3.5% on top of the short funding rate. Risk controls are built in. The capital is spread across venues with no exposure capped for venue. With exposure capped for venue, assets and instruments, leverage is low and bounded and it's only used to hold hedges, never to add direction. Perp positions are capped as a share of each market's open interest, and positions are attested for by a third party accountable, and custody runs and fortifies MPC infrastructure. On access, there will be no minimum investment. A seven-day redemption unlock is available for participants outside the U.S. Liquidity bootstrapping began in October, and the CAST Foundation expects to launch USGY publicly once initial bootstrapping is complete. USGY is issued by the CAST Foundation, is not available to U.S. persons, and is not being offered on this column. For StreamX, USGY's gold leg is held in GLDY so every dollar deposited grows GLDY AUM and as a servicer to CAASQ, we earn revenue from the product. Okay, so we've gone over a couple of exciting things that we've done and are coming. Here's what to hold us to on the Q4 call. One, grow the institutional demand, bring more capital into the carry strategy and new institutional buyers of GLDY. With USGY, complete the initial liquidity bootstrapping and launch publicly by the CAST Foundation and report how it adds to GLDY AUM. Fund the first IRA accounts on Equity Trust. GLDC is set up and ready. And with the CAST Foundation expecting a launch early 2027 as USGY scales, bring the burden back down to $1.1 to $1.3 million a month and then keep attesting and distributing monthly. We'll report on each of these in February the same way that we did today. And so to finish, gold is the first product of this platform. It is not the last. Commodities are a market of roughly $147 trillion that still runs largely on paper. Every asset we bring on train trades around the clock and settles instantly, and we earn on each one for as long as it's outstanding. Today, that means GLDY is across several partners, Equity Trust, The Carey Trade, USGY. Next is GLDC, USGY Public Launch, and more brokerages and custodians. After that, tokenized silver in 2027 and more commodities on the same rails. The infrastructure is built. The work now is filling it with assets.

And this quarter, you can see that it's starting.

With that, that is the end of our prepared remarks. Thank you very much for listening. We will now take questions, including the ones submitted ahead of the call. You can also submit questions to the webcast, and if we don't get to yours, email ir at streamex.com, and we will follow up. Operator, we are ready for the first question.

At this time, I would like to remind everyone, in order to ask a question, press star, visit number one on your TELSA keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Ashi Shah with Sidoti & Co. Please go ahead.

Thank you for taking my question. You've made some encouraging progress this quarter, particularly with the acceleration in the GLDY adoption and the expansion of your distribution network. As you look into 2027, what do you see as the biggest catalyst of growth and which channels of products do you believe could drive the most meaningful acceleration in the AUM?

Absolutely, absolutely. Thank you very much, Rachi. And so I can take this one. I'll say that there's probably three main avenues where I see very exciting sort of growth potential. One would be in the institutional investment fund that's running the gold carry trade right now. Having launched that just four weeks ago, the amount of interest that we've seen from investors who want to participate in that fund has been actually extraordinary. It's something that we've been very excited to see. And so I anticipate through the end of this year or into early 2027 to see significant AUM come in from there. I think investors really like the Delta neutral yield trend. and many more. The second would be through USGY and the vault that the CAST Foundation is launching. And so it's running a very similar trade to that institutional fund. However, it opens up access to anyone to be able to participate, obviously barring US people, but the rest of the world is very large. And so I was just on a trip In Singapore, Hong Kong, in Asia and within that region, there's been pretty significant interest in what we're doing. I think gold is a very big market there. And so for us being able to target markets outside the U.S. is going to continue to be very important in our growth trajectory and bringing products with casks like USGY to market, I think will prove to show very, very attractive for investors. direct investments into GLDY itself. We've continued to scale our sales team. We've continued to get into new channels, one with Equity Trust as a big example of IRA capital and IRA investors there, as well as within different RA networks with CMB, with Inspra, the other custodians, and then continuing to work through different relationships and partnerships that we've been are brewing for a number of months now. And so through those three channels, I think GLDY is going to, the AUM growth will be shown through those. And I'm very excited to be able to show the market how our work has sort of paid off with those channels themselves.

Right. Thank you so much, Henry. That's very insightful. And just as a follow-up, as the business continues to scale and you introduce additional products, like the USGY or the GLDC. How should we think about the evolution of your revenue mix and the margin profile? And longer term, what do you see as the key milestones that would move StreamX towards sustainable profitability?

absolutely absolutely and so the the way that i would look at the revenue profile is there we have our base revenue um you know model from the gldy asset which is one the the yield you know the management fee and so that that's one percent we have the the ongoing transaction fees that occur when people get in and out of the asset and then we have the sort of initial tokenization fee when people purchase or sell the asset itself. And so that's a base fee that through these different avenues of distribution, whether that's through the Carey Fund, whether that's through USGY, those fees are accruing to the GLDY that we issue and we own that. And so a big part of our model is that we actually own the assets that we issue. We're not issuing assets for other people. We own the economics. And so that's a very important part When we look at different products launched through the Cask Foundation, Cask as an entity itself will make money. StreamX as a servicer to the foundation... Thank you.

That's really helpful.

Thank you.

Yeah. Okay.

Your next question comes from the line of John Todaro with NEDAM. Please go ahead.

Hey, Henry. It's Austin Ortiz on the line for John Todaro. Hope everything's been well. So I have two questions. So first one, what do you expect for first-year IRA funding and how much of the $1 million institutional allocation is committed versus funded? Is the 17.7% outside ownership concentrated in a few holders, and how sticky is it?

Yeah, great question, Tawson, and thanks a lot for joining the call. The million dollars is funded already. That was funded a couple weeks ago. We expect that number to continue to increase with additional funding over the next little bit into the fund here. In terms of IRA capital and our projections on that, we haven't given any formal guidance in terms of what it looks like for the amount of money coming in from the IRA channels, but we do have visibility and a number of investors and people who will be participating through the equity trust channel as IRA investors. I think when you look at the market, especially within IRA money, that is very sticky capital. That is people who are saving for their retirements and the yield component when they want to invest in gold becomes very attractive for them because it's money that Sticks and holds for a very long time. They want to be able to accrue that yield within there. For the fund itself, the institutional fund as well as USGY, that capital is made to look more like a cash management tool. That's something where because the underlying instruments within that fund are very liquid, it allows people to get in and out of it as they need for that cash management tool. and many more. Thank you for joining us today. Thank you. That was very helpful.

And maybe just as a follow-up, how are conversations sort of accelerating with other institutional asset managers outside of the institutional funds investing in USJY and the yield strategy and IRAs? Maybe are you seeing sort of a pickup in conversation with banks or other large asset managers in the U.S.? Just any color on that would be helpful.

Yeah, absolutely, absolutely. And so we're in conversations with many large asset managers, both in the U.S. as well as outside the U.S. now, as we've started to look outside of this market. I can say that there have been conversations that have been going on for a number of months now that feel like they are advancing quite rapidly at this point. And I can also say that there's a lot of new conversations happening. as we've launched these new products and brought more custody options for investors to be able to participate in, specifically within the RIA network within the US, as well as the ETF and ETP and ADR network within the US as well, bringing more trad-fi opportunities for investors to be able to participate in these assets too. And so without saying anything directly in terms of names and timing on those, I can say that they are rapidly advancing and we have and continue to, especially with the new sales team that we brought on, bring quite a few additional potential partnerships and allocators to the mix and are excited to see those advance both into the GLDY asset directly as well as the different products that we've been able to launch now.

Got it. Sounds good. Thank you, Henry, for that. Congrats on the progress so far and looking forward to speaking again soon.

Thanks, Austin.

Your next question comes from the line of Victor Murphys with Think Equity. Please go ahead.

Thank you.

As GLDY AUM scales, can you just help us understand the actual revenue economics per dollar of third-party AUM, issuance fees, recurring management fees, transaction fees? Absolutely, absolutely.

And so the simplest way to think about it is, like I mentioned, three fee streams on one GLDY itself. And so the main, you know, sort of the management fee itself is 1%. And so that's on total AUM of the asset. That comes out of the lease yield itself. And so actually, as an investor, your ounce of gold is never invaded by that fee. That comes from the lease yield before you see the 3.5%. The second would be a tokenization fee on the initial purchase of the asset. And so when anyone logs into the platform or purchases the asset directly from us, there's a 25 basis point fee on that initial purchase. And then the third is the transaction and transfer fees on the asset itself. And so every time that the asset turns over or changes hands, there's a 10 basis point fee that occurs when that happens. And so that's something where the way that we look at it is tokenized gold products right now trade rapidly in the market. And these are the more permissionless products. And so a little bit different than GLDY, but on the transaction fee itself, if you look at a Pax Gold or a Tether Gold trading 80 to 100 times per year at that scale, our GLDY obviously won't trade that much initially, but as scale increases, gold is a very liquid market. We expect these transaction fees to become much more profitable for the company. And so on GLDY specifically, Those are the main fees themselves. We are also bringing additional revenue lines, both through USGY and the Cask Foundation, as well as through the different funds and additional products that will launch with silver, oil, gas, etc. And so that's sort of the main way to think about it. Those other assets will be similar sort of fee based to GLDY. And so our goal really is to own Thank you. Quick follow-up. Approximately what level of AUM would you need?

to reach operating cash flow breakeven?

It depends on a couple different factors, just because with the new products that we have launching, they don't necessarily equate directly to GLDY AUM. We haven't guided to any sort of fixed number of AUM in terms of breakeven, but what I can say is that as AUM scales up, Next question comes from the line of

Brian Vitten with CBIRT. Please go ahead.

Great. Thanks, guys.

Can we first clarify from last quarter, I think originally it was the Euriferous Foundation and now it's CASC. Are those the same entity philosophically? And then it sounds like, you know, institutional is the near term up for AUM growth. Can you just talk about the balance of growth long term? Do you still envision or potentially envision more of the GLDY AUM coming from GLDC or GLDY over the long term?

Absolutely. And so, yeah, to your first question, Brian, Oriferis is the same as CASC. It's the same entity. We changed the name. Oriferis was a little bit of a mouthful. There's a lot of vowels in there. And so now it is the CASC Foundation. It'll be essentially an independent foundation that launches the permissionless products that we create or that we service and work with CASC on doing. In terms of growth and where we're seeing it, I think it's actually very potentially very sort of even. between the more retail and permissionless on-chain capital and then also the institutional capital. And the reason I say that is because, one, on the GLDY side, we've started to see pretty significant interesting growth coming, one, through the fund that we launched with the investment manager, and two, now through the direct GLDY outreach that we've been doing and now with Equity Trust going live. And that would be considered accredited retail with Equity Trust, for example. and so we do see a lot of levers on the institutional side and we do see a lot of you know potential growth there and I anticipate that you will see that in the next coming the next couple weeks and months but then as we bring products like USGY and VLDC to market in a more permissionless avenue it allows for growth and scale at a rate and in a you know sort of a A target market that is different than what we've been targeting initially for GLDY. And I think it can scale actually very quickly because there's a lot of different levers that can be pulled on chain when you're targeting this on chain capital. And when people are searching for yield opportunities, they look for sort of three main things. They look for what is the size of the market? How big can it get? They look for the trust and the transparency and the safety of the yield. And then they look at sort of who the issuer is and who the partners are, the people that are issuing it. And so we are actually set up in a very good position because with these products, the trade itself is a very liquid and deep trade. is run by an institutional investment manager serviced by a public company, which is us. And then the market that we're attacking is a very, you know, obviously large and, you know, the yield there is very safe too. And so that's something where we expect to see, you know, pretty interesting growth. I anticipate being able to show that, you know, in the near term here and are very excited to be able to show sort of how our on-chain products, you know, perform as well as with our more institutional products.

Okay, great. Thanks, Henry. And then just on the regulatory front, obviously a lot of cards have turned over post-election. Can you just give us an update as far as the appetite from large exchanges or otherwise to be an anchor holder of GLDC?

Absolutely. And so with GLDC and also with GLDY, we wanted to make sure that we followed all regulations. And it's very important for us that we follow all regulations, both inside the U.S. as well as now outside the U.S. and so an asset like GLDC, an asset like USGY is for non-US investors. It is something where there is a very large market across the world and there's a very large market in Asia, there's a very large market in Europe, Middle East, etc. of people who want to be able to participate in these products and so we make sure that as a US public company all of the gating and different things are in place so we ensure that it is fully compliant for non-U.S. people to be able to participate while gating. U.S. investors, very similar if you look at how Hyperliquid or other of these sort of offshore products do it. And then with GLDY, something really important to know is a lot of people waiting for the Clarity Act. We took the stance from the beginning that this product needs to exist regardless and operate and be compliant regardless of if the Clarity Act passes. I think the Clarity Act is something that it can be a catalyst, but we can operate and continue to operate as we are doing without any need of new regulation or new potential things coming out of the U.S. government. And so that's very important for us. We make sure to follow all the legal and regulatory All right. Thanks, Henry.

Thanks, Brian.

That concludes our Q&A session. I will now turn the call back over to Henry McPhie for closing remarks.

Thank you very much and thank you everyone for your great questions and thanks for tuning in. I think in closing, what I'd just like to say is that this feels very much like going into this fourth quarter. It feels like a very exciting time for StreamX. It's been a year of building. It's been a year of getting all of the pieces in place. Some of them may have taken longer than we expected. Some of them were met with a lot of challenges that we had to be able to address take on and be able to really solve. And that's something that I would say the team has done a very good job with doing. As we look into the end of this year, as we look into 2027, I'm extremely excited to be able to show sort of how all these things that are now coming together in this last quarter will continue to show how we grow the company, how we grow AUM and the products that we create and continue to make more money. and so on and so forth. Thank you everyone for joining. Thank you everyone for your questions, like I said, and if you have any other questions or want to speak with any members of management or talk. and ask us more clarifying, feel free to send an email to the email irxtremex.com or reach out directly. I'd be more than happy to answer them. So thank you very much, everyone. And let's have a good Q4.

That concludes our call for today. Thank you all for joining. You may now disconnect.