Streamex (NASDAQ: STEX): Tokenising Gold With Yield
Ticker: NASDAQ: STEX | Sector: Tokenisation / Fintech | Rating: BUY | Price Target: US $8.00 (+54% Upside) | Date: 22 / 10 / 2025
Streamex has pivoted into real-world-asset (RWA) tokenisation with GLDY, a physically backed gold token that pays yield via a leasing partnership — targeting a multi-hundred-billion-dollar gold ETF market that currently offers no income. Below is a quick teaser of our coverage; grab the full report for valuation detail, comps, and scenario analysis.
Investment Thesis
- Gold that pays you: Unlike traditional bullion or gold ETFs, GLDY intends to generate yield (target ~4% annualised) while the underlying is physically backed and audited.
- Tokenisation tailwinds: The RWA market is accelerating — tokenised commodities are gaining traction among institutional investors seeking yield and diversification.
- Execution runway: With fresh management alignment, meaningful insider ownership and binding financing commitments (US $1.1 billion) the company appears capital-ready. Key execution variables include custody, audit transparency and distribution partnerships.
Valuation & Price Target
Based on peer EV/oz benchmarks and our forecasted GLDY AUM ramp, we derive a BUY rating and US $8.00 price target, implying ~54% upside from a reference price of US $5.21 (21 Oct 2025).
Key Catalysts & Timeline
- Initial GLDY AUM ramp and subscription uptake (H2 2025)
- Custody and audit disclosures; third-party verification of gold backing (late 2025)
- Distribution deals with institutional channels or platforms (2026)
- Regulatory clarity on tokenised commodities and yield-paying digital assets
Risks & Considerations
- Execution risk: Token issuance, custody, audit and platform readiness remain unproven.
- Regulatory risk: The yield-paying nature of GLDY may attract securities or derivatives regulation.
- Market risk: Gold price volatility, investor appetite for non-traditional yield products and tokenisation skepticism could temper performance.
- Competitive risk: Other platforms might launch similar products, eroding first-mover advantage.
Conclusion
Streamex offers a compelling combination of gold exposure plus yield in a tokenised format — a differentiated prospect in the gold and fintech spaces. While execution and regulatory delivery are critical, the margin of upside (≈54%) and positioning in an emerging RWA sector make it an attractive speculative BUY in our view.