Streamex Corp (STEX) 2026 Q1 法說會逐字稿

Hello, and welcome to Streamex first-quarter 2026 business and quarterly update call. Please note that this call is being recorded. (Operator Instructions)

各位好，歡迎參加 Streamex 2026 年第一季業務與季度更新電話會議。請注意，本次電話會議將被錄音。（接線員指示）

I'd now like to hand the call over to Adele Carey, Investor Relations. Please go ahead.

現在我想把電話會議交給投資人關係的 Adele Carey。請開始。

Thank you so much, and thank you, everyone, for joining. Welcome to Streamex Corp.'s first-quarter 2026 earnings and corporate update call. I'm joined by Morgan Lekstrom, our Executive Chairman; Henry McPhie, our Chief Executive Officer; Christine Plummer, our Chief Financial Officer; and Mitch Williams, our Chief Investment Officer.

非常感謝，也謝謝各位的參與。歡迎參加 Streamex Corp. 2026 年第一季財報與公司最新進展電話會議。我與我們的執行董事長 Morgan Lekstrom、執行長 Henry McPhie、財務長 Christine Plummer，以及投資長 Mitch Williams 一同出席。

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 slides 2 and 3 of today's presentation, as well as the risk factors detailed in our most recent Form 10-K and Form 10-Q filed with the SEC.

在開始之前先做一點例行事項提醒。我想提醒各位，今天的電話會議將包含以前瞻性陳述為主、基於我們目前的預期與假設。這些陳述受風險與不確定性影響，可能導致實際結果與今日所述有重大差異。請參閱今日簡報第 2 與第 3 頁的警示性文字，以及我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 與 Form 10-Q 中所詳述的風險因素。

We will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filings and in the appendix to today's investor presentation deck.

我們也會在本次電話會議中提及若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表，可在我們的申報文件以及今日投資人簡報附錄中取得。

With that, I'll turn the call over to Morgan Lekstrom.

接下來，我把電話會議交給 Morgan Lekstrom。

Thank you, Adele, and good afternoon, everyone. On behalf of the Board and entire Streamex team, thank you for joining us today. This was the quarter Streamex went from preparation to proof. We launched our first product, paid our first dividend, retired all of our convertible debenture and lined up an institutional partnership ecosystem that we believe positions the company to scale meaningfully from here.

謝謝你，Adele，各位下午好。我代表董事會與 Streamex 全體團隊，感謝各位今天加入。本季是 Streamex 從準備走向驗證的一季。我們推出了第一個產品、發放了第一筆股利、清償了所有可轉換公司債，並建立起我們相信能讓公司自此具備實質擴張能力的機構合作夥伴生態系。

Today, I'll walk us through the Streamex 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 the partnership ecosystem we've built, the road map ahead, our forward outlook and how we're thinking about the path from here. Then I'll open it up to questions. So let's get into it.

今天我會帶大家了解 Streamex 的價值主張、我們正在攻克的市場機會，以及即將到來的重點亮點。接著，我們的財務長 Christine 將帶各位回顧第一季財務結果與資產負債表狀況。我們的投資長 Mitch 將介紹 GLDY 這項產品本身以及營運更新。最後但同樣重要的是，我們的執行長 Henry 將以我們建立的合作夥伴生態系、未來路線圖、前瞻展望，以及我們如何思考接下來的發展路徑作結。之後我會開放提問。那我們開始吧。

What is Streamex? For those new to this call and others that are familiar with Streamex, I want to recap our mission, model and macro setup that positions Streamex as a growth stage, strong value proposition. The first question someone asked always is what is Streamex?

Streamex 是什麼？對於第一次參加本次電話會議的新朋友，以及熟悉 Streamex 的朋友，我想回顧我們的使命、商業模式與宏觀環境配置，這些因素使 Streamex 成為一家處於成長階段、具備強勁價值主張的公司。大家最常問的第一個問題總是：Streamex 是什麼？

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.

答案是：我們是針對實體世界資產與證券的完整代幣化生態系，提供端到端的技術、合規且可擴展。當所有人都在積極走向區塊鏈與代幣化之際，這正是我們的策略優勢。

Streamex 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.

Streamex 營運技術基礎設施、發行、託管整合、合規、鏈上結算與分銷，同時我們也是在該基礎設施上運行之產品的發行方。我們擁有完整生態系。

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.

在本次網路研討會中，各位將看到我們為加速這道護城河所做的新增與強化。實務上，這代表我們每推出一個產品，都會驗證並強化其底層平台；而平台上的每一個新產品，也會讓先前投入的工作價值持續複利累積。

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 Streamex is investing in the compliant tokenized future exposure to the ecosystem that enables it.

我們預期，推出後續每一個產品的邊際成本與所需時間，將顯著低於發行第一個產品的成本。作為走在趨勢前端的生態系，投資 Streamex 就是投資於合規的代幣化未來，並取得對於促成該未來之生態系的曝險。

We are the infrastructure for not only tokenizing commodities, but the cutting edge for tokenizing of securities, 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.

我們不僅是商品代幣化的基礎設施，也是在證券與實體世界資產代幣化，以及開發前沿合規交易途徑方面的領先者。我們的商業模式是高毛利、輕資本、以費用為驅動的模式。我們的收入來源包括代幣化費用、交易發生時的技術使用費，以及管理費。

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?

我們不像傳統資產管理公司或商品公司那樣高度依賴資產負債表。當各產品的 AUM（管理資產）擴張時，平台也會隨之擴張。市場正快速走向代幣化，而我們站在最前線。我想帶各位了解代幣化機會到底是什麼。我們談代幣化時，你可能會問：這個市場到底有多大？

I want to remind everyone the future -- 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.

我想提醒各位，我們正在打造的未來。BCG 等機構的產業估計預測，到 2030 年，代幣化實體世界資產市場規模約為 16 兆美元。這絕不是小眾市場。

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 multitrillion dollar global market on their own and among the asset classes best suited to move on chain.

這是金融服務業正在進行的最大型基礎設施轉型之一：結算、託管與分銷從傳統軌道遷移到以區塊鏈為基礎的軌道。而商品本身就是數兆美元規模的全球市場，也是最適合上鏈的資產類別之一。

They are standardized. They are physical. They have well-understood pricing mechanics. They are ideally suited to be wrapped in transparent programmable tokens. Streamex was built specifically for this opportunity and is taking advantage of it.

它們具備標準化特性；它們是實物資產；其定價機制清晰且被充分理解；非常適合包裝成透明、可程式化的代幣。Streamex 正是為了這個機會而打造，並正在把握它。

I want to jump into the Q1 2026 highlights. This is a slide I want every shareholder listening today take away from this call. Q1 was about proving the platform and loading the catalysts 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.

我想直接進入 2026 年第一季重點。這一頁是我希望今天收聽的每位股東都能帶走的重點。第一季的核心是驗證平台，並在兩個面向上裝載催化劑，而我們做到了。在財務面，我們以 4,585 萬美元的強勁現金與投資部位結束本季。

Our comprehensive loss of $48.6 million for the three months ending in March 31 looks large in isolation, but I want to be very clear that was actually inside the number -- to be very clear that, what's actually inside that number, $25.4 million was noncash stock-based compensation and another $12.2 million was noncash acceleration of debt discount and issuing costs tied to the convertible debenture that we have now fully retired.

截至 3 月 31 日止三個月的綜合損失為 4,860 萬美元，單看數字似乎很大，但我想非常清楚地說明：在這個數字裡，2,540 萬美元是非現金的股份基礎給付，另有 1,220 萬美元是與可轉換公司債相關、目前已完全清償之債務折價與發行成本的非現金加速攤銷。

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.

這些都是會計數字，並非現金流出公司。Christine 也會在稍後為各位詳細說明。在產品面，GLDY 已正式推出。前兩次股利已向持有人支付合計 10.48 盎司黃金。

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.

淨值（NAV）如設計般精準追蹤金價，我們的第一份獨立查核證明正在進行中。基礎設施已上線，可供稽核，並且完全依照我們的設計運作。在分銷面，我們已建立涵蓋託管、分銷、流動性、次級市場與衍生品的機構合作夥伴生態系。Henry 稍後會花時間深入說明。我們已與數位資產與退休金託管領域中一些最受尊敬的品牌完成營運整合。

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 team is actively working through the backlog. And the catalyst calendar from here is concrete. GLDC, a tokenized gold product designed to be composable in DeFi is the next launch.

所以請持續關注他接下來要分享的內容。開戶導入已恢復。我們在一開始提到、曾拖慢進度的 KYC 整合問題已解決，新的專職銷售與服務團隊正積極處理累積的待辦量。而從現在起的催化劑行事曆也很明確。下一個推出的是 GLDC：一款為在 DeFi 中可組合（composable）而設計的代幣化黃金產品。

Silver, SLVC, our silver product, has infrastructure ready, and we expect GLDY AUM to growth 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 have proven the model, now we can scale it.

白銀方面，SLVC（我們的白銀產品）基礎設施已就緒；我們也預期 GLDY 的 AUM 將隨著更多功能上線而成長。我希望各位記住右側的三個數字：現金與投資 4,585 萬美元、季末 GLDY AUM 為 3,096.6 盎司，以及作為首次股利已分配給持有人的 10.48 盎司。我們已驗證這個模式，現在可以擴大規模。

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.

在策略脈絡已建立後，我將把時間交給 Christine 說明第一季業績，接著交給 Henry 深入分享令人振奮的新更新與發展。謝謝你，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 launched late in the quarter and meaningful subscription activity only began ramping in the final weeks of March.

好的。謝謝你，Morgan，也謝謝各位的參與。先從營收端開始，我們在 2026 年第一季未認列 GAAP 營收，這與 2025 年第一季一致。原因很簡單：GLDY 在本季較晚才推出，而具規模的認購活動直到 3 月最後幾週才開始加速。

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, an additional distribution channel.

我們預期，隨著 AUM 擴張、次級交易基礎設施上線，以及我們的合作夥伴生態系活動（作為額外的分銷通路）推進，與產品相關的營收將在後續季度開始顯現。

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.

在上市窗口期間，短期營收預期將較為有限。這反映了我們刻意採取的導入期經濟設計，旨在激勵早期採用、推動通路合作夥伴導入，以及為 AUM（資產管理規模）播種。隨著我們從上市階段邁向穩態營運，我們預期單位經濟效益將顯著提升。這與任何成功的金融產品上市所呈現的模式相同：先播種，再擴張。

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 noncash stock-based compensation embedded in G&A.

在營運費用方面，我們於 2026 年第一季申報的總營運費用為 3,570 萬美元，相較於 2025 年第一季的 300 萬美元。最大單一項目為嵌入於 G&A（一般及行政費用）中的 2,540 萬美元非現金股票基礎薪酬。

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.

扣除該項後，現金營運費用反映的是在上市前對平台、合規與市場推進能力的刻意投資，而非常態化的費用水準。我們亦認列了 150 萬美元的折舊與攤銷。在資產負債表方面，本季末我們在 GLDY SPV 中持有約 4,580 萬美元的合併現金、可出售證券及黃金資產。

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 debenture. Operating cash use was $10.2 million, consistent with where we'd expect a pre-revenue ramp business to be.

重要的是，隨著我們可轉換公司債已全數清償，總負債已自 2025 年底的 5,420 萬美元降至目前的 1,400 萬美元。營運現金使用額為 1,020 萬美元，符合我們對於尚在營收爬坡前期之業務的預期。

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 on capital position is simple. With the debentures retired, Streamex is well capitalized with a clean capital structure.

本季的投資與籌資活動主要由兩項策略性動作主導：我們於一月完成的股權募資，以及運用募資款項加上出售黃金所得，全面清償可轉換債務。資本狀況的重點很簡單：在債券清償後，Streamex 資本充足，且資本結構乾淨。

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.

管理層認為，我們擁有足夠資源以滿足至少未來 12 個月的預期營運資金需求、資本支出及其他流動性需求。我們可以在此對資產負債表再補充一些細節。

We ended 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, 0 debt. How did we get here? Three coordinated capital actions in the quarter.

我們於第一季末持有 4,585 萬美元的現金與投資，總資產 1.733 億美元，總負債 1,400 萬美元，股東權益 1.593 億美元，而且我想強調的是：零負債。我們如何達到這一步？本季有三項協同的資本行動。

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.

第一，去槓桿。我們清償了合計本金 5,000 萬美元的可轉換債務。這個壓力因素已消除。第二，以股權為主導的融資策略。我們在 2026 年 1 月的公開發行中募集約 4,025 萬美元的總募資額，條件使我們得以清償債務，而非累積債務。

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.

第三，資產變現。我們出售了剩餘的 LBMA Good Delivery 金條，該金條原本用於為債券持有人提供擔保。現金收入約 2,640 萬美元，相對帳面價值 2,350 萬美元，產生 290 萬美元的已實現收益。

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.

關鍵在於，資本隨後被重新部署至代幣化商品基礎設施與支撐 GLDY 及其後續產品的數位資產生態系。其結果是一份資產負債表，使我們能專注於成長，而非融資。

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.

營運資金為 4,260 萬美元，手上現金 690 萬美元，並由可出售證券補充。管理層預期在目前的資金消耗水準下，跑道超過 12 個月，而且這還未計入 GLDY 擴張或未來產品帶來的任何營收貢獻。

With that, I'll hand it over to Mitch to walk through GLDY and the operational update.

接下來，我把時間交給 Mitch，請他說明 GLDY 與營運更新。

Thank you, Christine, and good afternoon, 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.

謝謝你，Christine，各位下午好。我將用幾分鐘談談 GLDY，我們創新的「Gold with Yield」上市產品。GLDY 是一種代幣化、可產生收益的黃金資產，與金價一比一追蹤，並在金價變動之外額外支付收益。

As of today, we have over 3,000 ounces of gold supporting GLDY, representing about $14 million in AUM, and we 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.

截至今日，我們有超過 3,000 盎司黃金支撐 GLDY，約代表 1,400 萬美元的 AUM，且自上市以來已向持有人分配超過 10 盎司作為股息。NAV 持續緊密追蹤金價，這對潛在的機構持有人而言是一個有力的驗證點。

And 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.

此外，我們第一份由獨立第三方出具、用以驗證儲備與流通代幣相符的查核報告正在進行中。這些都是重要的數據點，因為華爾街雖然喜歡談創新，但對於成為新產品的第一批使用者也可能有所遲疑；因此，展示產品如承諾般運作，對於採用與吸引我們所期待的規模化資金流入至關重要。就規模化資金流而言，這些驗證點有助於我們與機構參與者的持續對話，而相關成果也正開始以具體方式逐步顯現。

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.

在本簡報稍後，Henry 將宣布一些早期合作夥伴關係，隨著代幣數據更為完整，這些合作目前正接近完成。提醒一下，GLDY 的重要可觸及市場包括 IRA 投資人、DeFi 交易場域、ETF、傳統金融（TradFi）商品投資人等。

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, SLVC 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.

「Gold with Yield」顯然是一個更優越的產品，而代幣化則是更優越的形式。GLDY 是整個生態系的驗證點。支撐此發行、託管整合、合規、結算與分銷的基礎設施已上線、可稽核，並已驗證可行。同一套基礎設施也將支援 GLDC、SLVC 以及此後每一個商品擔保產品的上市。我們已完成大量艱難工作，並預期未來擴張的效益將十分明確。

Moving to slide 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 Streamex website. You should just check it out if you're interested in the company or the token.

接著看第 11 頁投影片。這裡提醒大家如何購買 GLDY。如果你有興趣，其中一種購買方式是透過 Streamex 網站上的自有平台。如果你對公司或代幣有興趣，建議你去看看。

There's signup 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.

網站上有註冊頁面，僅限合格投資人，且最低投資額已從 20 萬美元下調至 2.5 萬美元。你可以註冊，讓代幣鑄造到你的錢包；或者如 Henry 將宣布的，我們很快也將透過即時流動性合作夥伴支援盤中交易。

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 of 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.

接著看第 12 頁投影片，營運更新。我想歡迎我們的新任營運總監 Kevin Jimenez，他已經投入大量工作來改善 GLDY 的營運。我們預期在 Kevin 的領導下，GLDY 的客戶體驗將持續被簡化並提升。在銷售方面，我們認知到快速擴大銷售與分銷是優先事項。

We scaled our team to four salespeople and a head of sales is joining shortly. They are running outreach across multiple channels, targeting accredited investors, ETFs, registered investment advisers and family offices. Additionally, we have a backlog of sign-ups that have been waiting in queue and the sales team is taking a high-touch approach to evaluating and potentially closing on these opportunities.

我們已將團隊擴編至四位業務人員，且銷售主管也將於近期加入。他們正透過多個渠道進行外展，鎖定合格投資人、ETF、註冊投資顧問（RIA）與家族辦公室。此外，我們也有一批仍在排隊等待的註冊名單，銷售團隊正以高接觸（high-touch）的方式評估並可能促成這些機會成交。

We anticipate this marketing and sales initiative ramping further into Q2 as the partnership launches that 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.

我們預期這項行銷與銷售計畫將在第二季進一步加速，因為 Henry 將提到的合作夥伴上線將帶來更低摩擦的分銷方式。接下來，我把時間交給 Henry，請他說明合作夥伴布局如何推動生態系，以及我們的前進路徑。

Thank you, Mitch. This is the section of the call 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 a path in and every holder needs a path out.

謝謝你，Mitch。這是我在本次電話會議中最期待談的一段，因為這個團隊在短短一季內所打造的成果坦白說非常驚人。核心論點很簡單：每一位買方都需要一條進場路徑，而每一位持有人都需要一條出場路徑。

The ecosystem 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.

必須建立一個生態系，讓 GLDY 的 AUM 成長能夠高效率且快速地擴張。我們現在已與各自領域的頂尖機構合作夥伴，把整個流程串接起來：買入、持有、交易、退出。

On the buy side, Equity Trust, an IRA custodian integration that unlocks access to $72 billion and 359,000 tax-advantaged retirement accounts in the US on the hold and trade side, Wintermute, instant 24/7 liquidity provided by a leading institutional market maker.

在買入端方面：Equity Trust，作為 IRA 託管機構的整合，讓我們得以觸及美國 720 億美元資產與 359,000 個具稅務優惠的退休帳戶；在持有與交易端方面：Wintermute，由領先的機構級造市商提供 24/7 即時流動性。

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.

在次級市場端方面：Orca，為 GLDY 提供 24/7 的去中心化交易渠道。我將逐一詳細說明，因為每一項合作本身都是重大的催化劑。

And I want to be clear. These are not aspirational. These are confirmed partnerships that are currently being integrated, and we anticipate that they will be operating in the coming weeks, subject to some completion of technical integration and operational testing.

我想說清楚：這些不是願景或目標，而是已確認的合作夥伴關係，目前正在進行整合；我們預期在未來幾週內即可運作，前提是完成部分技術整合與營運測試。

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.

首先是 Orca。我們宣布與 Orca 建立開發合作夥伴關係。Orca 是 Solana 領先的去中心化交易所與流動性基礎設施協議，將為代幣化證券帶來 24/7 的即時次級市場，並以 GLDY 作為起點。

Orca powers hundreds of billions in on-chain trading volume and through its capital-efficient liquidity pools, they're 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.

Orca 驅動了數千億美元的鏈上交易量，並透過其資本效率極高的流動性池，成為 Solana 生態系統的基礎合作夥伴。這個時機再好不過了。據報導，美國證券交易委員會（SEC）正準備就 GLDY 這類代幣化證券的交易釋出更明確的指引。

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 Streamex and Orca have built together is a permissioned, compliant on-chain secondary trading avenue for all real-world assets.

而且在多次聲明中，以及在上個月發布的指引裡，SEC 已就「為允許代幣化證券轉移而設計的區塊鏈介面」如何在符合法律的情況下運作提供了指導。Streamex 與 Orca 共同打造的介面，是一個具許可制、合規的鏈上次級交易管道，可用於所有現實世界資產。

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.

這與該指引完全一致；我們也已為這一刻籌備了一段時間，並相信隨著美國代幣化資產的監管框架持續成形，我們具備極佳的戰略位置。基於我們認為這將為 GLDY 解鎖的能力，這將帶來變革性的影響。

Holders will have a compliant permissioned blockchain-powered venue where secondary trading of GLDY can occur 24 hours a day, 7 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.

持有人將擁有一個合規、具許可制、由區塊鏈驅動的交易場所，使 GLDY 的次級交易可 24 小時、每週 7 天即時進行。我們預期 Orca 的交易場所上線後，將為 GLDY 的選擇權與持有人提供一種傳統黃金產品根本不存在的流動性選項。但我也希望股東理解一個更大的策略重點。

The infrastructure Streamex 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.

Streamex 與 Orca 共同打造的基礎設施不僅僅是為了 GLDY。它是全新市場的基石——一個可規模化運作、受監管且合規的鏈上代幣化商品次級交易場所。GLDY 只是第一個在其上交易的資產。

This partnership creates a new ongoing revenue stream for Streamex 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.

此合作除 GLDY 既有的轉移手續費外，亦透過與 Orca 的分潤機制為 Streamex 創造新的持續性收入來源。我們很高興能與 Orca 團隊合作，並相信這是該類別的關鍵基礎設施之一。關於此合作與交易所上線日期的更多資訊，將在近期很快公布。

Second, Wintermute. 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.

第二，Wintermute。Wintermute 是全球最大、領先的加密原生量化交易與做市公司之一。他們在中心化與去中心化數位資產市場提供深度流動性、場外交易（OTC）與基礎設施服務。這是一家受機構信賴、可擴大全球加密交易活動規模的公司，而且他們並非新進者；多年來一直在市場最高端提供服務。

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 2 to T plus 0, subject to certain limits and availability. Once the partnership with Wintermute is live, GLDY holders will be able to purchase or redeem their positions instantly.

Wintermute 為 GLDY 解鎖的是 24/7 即時鑄造與贖回的能力。我們預期在特定限制與可用性條件下，將把目前的購買與贖回時間從 T+2 有望縮短至 T+0。一旦與 Wintermute 的合作上線，GLDY 持有人將能即時買入或贖回其部位。

We believe this will have -- 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.

我們相信這將——這將顯著降低 GLDY 潛在投資人的摩擦，並提升市場對該資產流動性的信心。Wintermute 為一項旨在成為數位化、可程式化、且永遠在線的黃金產品帶來公信力、深度與 24/7 的營運能力。

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.

關於此項計畫與上線日期的更多資訊，將在未來幾週公布。第三，而且我認為這可能是三者中單一最大解鎖點：Equity Trust。Equity Trust Company 是領先的自主管理 IRA（個人退休帳戶）託管機構。他們讓個人與機構得以透過具稅務優惠的退休帳戶持有另類資產、私募股權、不動產、貴金屬、加密貨幣，而現在也包括代幣化商品。

What this integration unlocks for GLDY is access to $72 billion of US 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. US 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.

此整合為 GLDY 解鎖的是：可接觸到美國具稅務優惠的退休資金 720 億美元，涵蓋超過 359,000 個帳戶——這些帳戶過去無法接觸代幣化商品產品。我再說一次：359,000 個帳戶與超過 720 億美元的資金，現在都有一條通往 GLDY 的路徑。美國投資人若想在其 IRA 中配置黃金，歷來主要只有兩個選項：黃金 ETF，或由 IRA 託管機構保管的實體金條。

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 road map and product pipeline.

GLDY 現在也加入了這份選單。但不同於那些持有需要成本的選項，GLDY 為這些投資人提供收益、鏈上透明度，以及我們剛與 Wintermute 和 Orca 討論的流動性基礎設施。這正是我們所說要打開的分銷通路類型，而 Equity Trust 是此類別的黃金標準合作夥伴。同樣地，更多資訊將在未來幾週跟進。接下來談路線圖與產品管線。

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 are focusing on scaling GLDY functionality and allocating all resources towards GLDY growth.

因此，隨著 GLDY 證明平台與合作夥伴生態系已可運作，我來談談接下來的規劃。在 2026 年第二季，相較我們上次電話會議，做了些微調整。我們不再先推出白銀，而是專注於擴展 GLDY 的功能，並將所有資源投入 GLDY 的成長。

With the partnerships coming live and closing in on existing indications of interest in the pipeline, even with the -- 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.

隨著合作夥伴陸續上線，且管線中既有的意向（indications of interest）逐步接近成交，即便——即使白銀的基礎設施已準備就緒，這仍是公司此刻最好的決策。我們預期 2026 年第三季將包含 GLDC 與 SLVC 的推出。

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.

GLDC 是我希望股東真正聚焦的產品。它將是一個非證券、零售可及的代幣化黃金產品，並由 GLDY 作為支撐。其設計目標是廣泛分發，包括 DeFi 整合、RWA 金庫（vault）基礎設施；且每發行 1 美元的 GLDC 都將由 GLDY 作為抵押，這意味著 GLDC 規模擴大時，GLDY 也會同步擴大。SLVC 則是白銀，採用相同的策略劇本。

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 usage and launch an initial pilot on royalties and streams, a category we believe is uniquely well suited to tokenization.

相關基礎設施已建置完成，智慧合約也已就緒。我們希望在更多 GLDY 功能成長、上線並進入穩定運作後，再依序推出。在第四季，我們將擴充 GLDY、GLDC、SLVC 的功能，擴大平台使用量，並就權利金與串流（royalties and streams）啟動初步試點——我們認為這一類別特別適合代幣化。

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 proved.

接著展望 2027 年及以後，我們正為更多商品資產的推出鋪路，涵蓋銅、石油、天然氣及其他工業與能源商品，同時也將擴展至更多司法管轄區。上述每一項產品都運行在 GLDY 已驗證的平台之上。

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.

這就是複利式的模式。接下來談市場動態與後續路徑。我想直接回應近期的市場表現。STEX 在近幾個月面臨一定的下行壓力。我們知道股東原本期待 GLDY 的資產管理規模（AUM）能以更快的時間表成長；我聽到了，也想正面回應。

What we've proven is that the model works. The product works. NAV tracks the gold price, the first dividend, 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.

我們已證明這個模式可行、產品可行。淨值（NAV）追蹤金價；第一筆股息、前幾筆股息都已發放。第一次查核證明（attestation）正在進行中。基礎設施已上線、可稽核，並且完全依設計運作。

We hit some early operational hiccups, primarily with the KYC vendor that delayed onboarding. That issue has now been resolved. The backlog sign-ups are now being actively worked on by a dedicated sales and service team. The path forward and the path forward, the pipeline continues to grow. We expect steady growth in GLDY's AUM in the coming months.

我們在早期遇到一些營運上的小插曲，主要是 KYC 供應商導致的延遲，影響了用戶上線。該問題現已解決。先前積壓的註冊申請，正由專責的銷售與服務團隊積極處理。後續路徑——後續路徑方面，管線仍在持續成長。我們預期未來幾個月 GLDY 的 AUM 將穩步增加。

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 -- the 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.

意向正朝成交推進，且前方的催化劑行事曆相當明確：GLDC 上線、SLVC 上線、合作夥伴與各項推廣正式啟動，以及 AUM 持續成長。平台論點依然成立。平台——各項驗證指標正在落地，行事曆已排滿，我們正全力以赴執行。展望未來，以下是我希望每位股東追蹤的四個催化劑。

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.

第一，合作夥伴上線。Equity Trust、Wintermute 與 Orca 目前都在推進上線流程，並預期在 2026 年第二季與第三季還會有更多合作夥伴加入。第二，GLDC 上線：由 GLDY 支撐、零售可及的代幣化黃金，旨在推動 GLDY AUM 成長；目標為第三季初。

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.

第三，SLVC 上線：面向零售與機構皆可取得、具廣泛分發潛力的代幣化白銀產品，將在 GLDY 功能擴展後依序推出。第四，GLDY AUM 成長：隨著積壓的上線流程清理完成、銷售與行銷加速、以及合作夥伴與分銷通路全面開啟，預期在功能提升的同時，AUM 將呈現穩健成長。

A final note on the capital structure. As of April 2026, our shares outstanding and ownership breakdown are detailed on the slide. Inside our ownership, directors, officers, employees and advisers stands at 51.26%. That alignment is intentional, and we are proud of it.

最後補充一點關於資本結構。截至 2026 年 4 月，我們的流通在外股數與持股結構明細已在投影片中說明。在我們的持股結構中，董事、高階主管、員工與顧問合計持股為 51.26%。這種一致性是刻意為之，我們也以此為榮。

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 Siebert, both well-respected names in the sector. Our capital structure is clear. Our balance sheet is strong.

Morgan 和我作為共同創辦人，持續在今年放棄我們的股權授予，以降低稀釋並展現與股東一致的立場。我們在納斯達克上市，股票代號為 STEX。我們於 2026 年 1 月的融資募集了 4,025 萬美元的總募資額，讓公司在此建置擴張階段獲得充足資本；同時，我們也已啟動 Needham 與 Siebert 的分析師覆蓋，兩者皆為本產業備受尊敬的機構。我們的資本結構清晰。我們的資產負債表強健。

Our team is aligned, and our product is live and our road map is concrete. Now let me close out with this. Q1 2026 was the quarter Streamex went from theory to proof. We launched GLDY. We paid out our first two dividends.

我們的團隊目標一致，我們的產品已上線，我們的路線圖也很具體。現在讓我做個結語。2026 年第一季是 Streamex 從理論走向驗證的一季。我們推出了 GLDY。我們發放了前兩次股息。

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.

我們償還了可轉換債務。我們解決了早期的營運問題，並制定了具體的催化劑行事曆：GLDC、SLVC、AUM 擴張。而在本月，我們正與 Orca、Wintermute、Equity Trust 建立機構級合作夥伴生態系，未來幾季還會有更多合作夥伴陸續上線。代幣化實體資產（RWA）的市場規模預計到 2030 年將達 16 兆美元。

Commodities are among the asset classes best suited to lead that migration on chain. Streamex 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.

大宗商品是最適合率先帶動資產上鏈遷移的資產類別之一。Streamex 正是為了這個機會而打造，我們相信我們已具備領先此類別的定位。感謝各位持續的支持。我們對未來的發展感到非常振奮。

With that, I will now open the line for questions.

接下來，我將開放提問。

Amazing. Well, thank you very much for everyone for tuning in 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 at certain individuals to the team who just presented. For now, for the first question, we will start with Mitch.

太棒了。非常感謝各位收聽本次電話會議。現在我們將回答幾個問題。我會查看這裡已張貼的問題，並把問題指派給剛才簡報的團隊成員。首先，第一個問題我們從 Mitch 開始。

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.

問題是：GLDY 的 AUM 為 1,400 萬美元。哪些里程碑能顯示公司正走在可持續成長的軌道上？Mitch，我請你回答。

Thanks, Henry. Look, the milestones that are within our control are operational, right? 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.

謝謝你，Henry。你看，我們能掌控的里程碑是營運面的，對吧？也就是我們先前已談過的那些。因此，重要的是要看到 GLDY 的價格追蹤黃金價格。依照 GLDY 的設計，費用不會從你持有的那一盎司黃金中扣除。

Your ounce of gold is maintained at all times, fees only come out of lease side. That's unique in the industry to the best of our knowledge. The fact that the dividends are being paid shows that the Gold with Yield is real, right? 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.

你的一盎司黃金會始終維持不變，費用只會從租賃端（lease side）產生。就我們所知，這在業界是獨一無二的。股息能夠發放，顯示「帶收益的黃金」（Gold with Yield）是真實可行的，對吧？因為我們最初募資時，很多人懷疑你是否真的能做到「帶收益的黃金」。所以我認為我們已經證明了這點。

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.

接著，我認為要觀察這些合作夥伴陸續加入。你必須理解，這些合作背後需要投入大量工作：盡職調查、與律師通話、雙方投入數百小時的工作。我認為這些就是關鍵里程碑。我知道你的問題提到 AUM。AUM 是這些事情之後才會跟上的，對吧？所以必須先把這些事情做成，AUM 才會隨之而來。

Amazing. No, thank you very much, Mitch. 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?

太棒了。不，真的非常感謝你，Mitch。下一個問題要問 Morgan。Morgan，代幣化實體資產市場預計到 2030 年達 16 兆美元。你怎麼看這個成長坡道的現實形狀？會是線性成長嗎？還是你預期一旦監管更明確，就會出現階梯式跳升？

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.

這是個好問題。就像任何金融變革一樣，你會看到它呈現 J 曲線：一開始推進很慢，就像 Mitch 在解釋我們的 GLDY 資產時所說的，慢慢來、慢慢來。然後一旦採用開始發生，速度就會非常快。

So it's really positive that not only the SEC, but a lot of the 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 Streamex ahead of the curve. So when you ask about the whole side of the industry and size of it, I think $16 trillion is actually -- could be an underestimation.

因此，非常正面的是，不僅是 SEC，全球許多大型銀行與大型機構也都開始表態：我們要上鏈、我們要代幣化、我們要 24/7 交易。而這正是讓 Streamex 走在趨勢前端的原因。所以當你問到整個產業的面向與規模時，我認為 16 兆美元其實——可能還是低估。

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.

如果只看大宗商品市場本身，其規模就遠遠——顯著大於這個數字。若再把 ETF 市場以及實體資產（RWA）領域的其他部分疊加進來，你看，未來 10 年內某個時間點，一切都會上鏈。那不是 16 兆美元的市場，而是 300 兆美元以上的市場。這就是我們目前所領先的趨勢曲線。

Great. Thank you, thank you, Morgan. The next question, I'll take this one. And so what does instant liquidity mean with Wintermute? And how does that benefit the company?

很好。謝謝，謝謝你，Morgan。下一個問題我來回答：與 Wintermute 的「即時流動性」是什麼意思？這如何讓公司受益？

So this is a really good question. And to explain it very simply, currently, for investors to purchase GLDY, it is a T plus 2 process. And so an investor submits their order, they -- we then go take those cash and take that cash and buy physical gold, credit the GLDY tokens to the user when the physical gold has been purchased.

這是個非常好的問題。我用最簡單的方式說明：目前投資人要購買 GLDY，是一個 T+2 的流程。也就是投資人提交訂單後，我們——會拿到這筆現金，用這筆現金去購買實體黃金，並在實體黃金買入後，將 GLDY 代幣記入使用者帳戶。

That is inherently a T plus 2 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 facility with Wintermute, it allows us to reduce that timeline down from T plus 2 essentially to instantly.

這本質上就是 T+2 的流程，對投資人而言未必是最佳體驗，因為他們希望能立刻知道自己成交的黃金價格。透過與 Wintermute 建置這個即時流動性機制，我們可以把時間軸從 T+2 基本上縮短到即時。

And so holders or 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 the market develops and for especially user functionality, it is very important and very beneficial for people to know.

因此，無論是買入或賣出 GLDY 的持有人或投資人，都能清楚知道自己拿到的確切價格，並能即時進出該資產。隨著市場發展，尤其在使用者功能體驗上，這點非常重要，也非常有利，因為人們會很重視能否清楚即時掌握。

And even when we think about ETF clients who want to be able to have that 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.

即使我們從 ETF 客戶的角度思考，他們希望該資產具備足夠流動性，這也能提供非常強的後盾。對公司而言，這等於為資產增加了額外功能，讓更多人更容易參與：第一，因為他們知道可以很快買到；第二，因為他們知道若想退出該資產，本身就有流動性可用。接下來我們要看的下一個問題，我先在這裡讀出來，然後再交給其他人回答。

So how have conversations evolved with RIAs, 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?

問題是：自 GLDY 上線以來，與 RIA、ETF 供應商及其他資產管理人的對話有何演變？傳統資產管理人是否在等待更進一步的監管明確性才會投資？如果《Clarity Act》出現正面結果，我們是否應預期會有更多資金流入？

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 clarity for investors. GLDY, the way that it's set up is not actually necessarily impacted by Clarity.

我先簡短回答，然後我會把後半段交給 Mitch 補充。不過就《Clarity Act》本身而言，我認為它會為投資人提供更多明確性。GLDY 以目前的架構來看，其實不一定會受到 Clarity 的影響。

It is a fully compliant and regulatory safe asset from the way that it is set up and especially within the US. 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, et cetera.

依其設計方式，尤其在美國境內，它是一個完全合規、且在監管上安全的資產。因此，我認為對整體市場而言，監管明確性會非常重要，並將為 GLDY 開啟許多管道，例如在中心化交易所等交易場域的交易。

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 RIAs and ETF providers and how those have been going.

所以市場確實對此感到興奮，但它不一定會對 GLDY 本身造成直接影響。Mitch，我請你談談與 RIA 與 ETF 供應商的對話，以及目前進展如何。

Thanks, Henry. Yes. 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 to their clients knows that it gives them an advantage.

謝謝你，Henry。是的。你看，我認為當我們與這些供應商交流時，產品的價值主張很清楚，他們也很希望能提供這個產品，因為任何能為其客戶帶來更好報酬的投資工具，都能讓他們取得優勢。

And I'd say the biggest problem solve 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.

我想我會說，作為一個新產品，最大的待解問題通常在託管端。因此，這些服務提供商需要一些時間，才能對代幣化資產的託管機構感到放心。

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 some ETF providers said they're more comfortable holding the token on swap instead of directly.

我們確實正在推進相關解決方案。因此，我們有信心那邊會有所進展。以 ETF 端為例，我認為我們在最後一刻看到的一件事是，有些 ETF 提供商表示，他們更願意透過掉期持有該代幣，而不是直接持有。

So if you just look at how 33 Act and 40 Act regs work for ETFs, there are some reasons for them to hold -- for them to want to hold the asset on swap. What 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 fairly short term in terms of providers and asset levels for swap agreements.

所以，如果你只是看 33 法案與 40 法案對 ETF 的監管運作方式，他們想要透過掉期持有資產是有一些原因的。就時程而言，這在實務上意味著我們必須去找掉期交易商並開始對話，讓該代幣獲得掉期核准；而這些進展都很順利。我們預期在相當短期內，會就掉期協議的提供商與資產規模層級發布一些公告。

Thank you, Mitch. 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, RIA, 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.

謝謝你，Mitch。下一個問題是：你提到目前 AUM 為 1,400 萬美元，而你們宣稱的目標是拿下 ETF 市場的 1%，這暗示 AUM 目標為 50 億美元。你能否帶我們了解你預期將推動拐點的具體里程碑、通路整合、ETF 上市、RIA、IRA 上線（onboarding）？以及在你們目前的管線下，較為務實的 12 到 18 個月 AUM 目標區間為何？我會先談第一部分，然後交給 Morgan 補充。

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 Equity Trust platform.

我認為有幾件事非常重要值得關注。第一是我們剛在這通電話上宣布、與 Equity Trust 的最新消息。那是一家管理數十億資產、約 700 億美元 AUM 的公司，且在 Equity Trust 平台內有 40 萬、33 萬個帳戶。

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 is proof that the institutional distribution conversations are rapidly expanding and rapidly increasing.

這就是一個機構型分銷通路的例子；GLDY 因為其架構方式，以及我們為了走到今天所做的工作，使我們能夠進入這樣的通路。因此，這也證明機構分銷的對話正在快速擴大、快速增加。

On the ETF side, I think Mitch just touched on that. But then the RIA and IRA 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 GLDY through their 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.

在 ETF 端，我想 Mitch 剛剛已經提到。但在 Equity Trust 之外的 RIA 與 IRA 上線方面，尤其是看財富管理機構與券商，我們正在推進不同的整合；我預期在接下來幾週會推出，讓人們能透過其傳統管道購買 GLDY，並讓它感覺就像一項資產一樣簡單，跟買股票、債券或傳統 ETF 一樣容易。

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 Equity Trust, and you will see that as that goes live. And then all the conversations that are continuing to be onboarding with the more institutional channels are all progressing rapidly. I'll let Morgan touch if he has any other points that he wants to talk about there.

因此，當我們思考這些不同通路，以及我們持續推進這些整合的能力時：第一，我們現在已經透過 Equity Trust 證明了這點，而且你會在其上線後看到。接著，所有持續進行、正在導入更多機構通路的對話也都在快速推進。我讓 Morgan 補充看看他是否還有其他想談的重點。

Yes. Thanks, Henry. I think one of the things to stay focused on as investors and even as a management team is all these items that we just touched on, Wintermute, 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 of the base of your house, that's the foundation for building up.

是的，謝謝 Henry。我認為無論是投資人或管理團隊，都需要聚焦的一點是：我們剛提到的這些項目——Wintermute、Orca、Equity Trust——都是生態系的一部分。當我們談 GLDY 的擴張時，這讓我們未來能在不同通路擴張所有資產。因此，那個根本的底座——就像房子的地基——就是向上建構的基礎。

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.

現在我們已經把這些基礎打好，並且會在每一個項目上線後，規模化會很快發生。你會看到類似 J 曲線的走勢。其關鍵點之一是：往後我們已經把那套基礎設施建置完成。

Again, I can't reiterate that enough. The ecosystem that Streamex is and what the investors get from buying in Streamex 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 quick.

再次強調，我怎麼說都不為過。Streamex 的生態系，以及投資人透過投資 Streamex 所獲得的，是多年多年建立這一切的成果——技術、以及支撐整個代幣化基礎設施的骨幹。這就是我們領先的原因，也是差異化所在。也正是在這裡，你會看到 AUM 很快擴張。

Thank you, Morgan. And the last question that 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? I will take this one. And so this is actually a very, very exciting process that we're developing here and bringing to market now or will be bringing to market now with GLDC.

謝謝你，Morgan。最後一個我們要回答的問題是：你能否說明 GLDC 的運作機制？每一個 GLDC 如何帶來 GLDY AUM 的增加？這題我來回答。這其實是一個非常、非常令人振奮的流程；我們正在開發，並且現在正在把它推向市場——或即將透過 GLDC 推向市場。

And so when we -- or how we have set up GLDC is to be a tokenized gold asset that is a nonsecurity. 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 24/7 settlement that tokenization gives us the ability to have, while also giving us the ability to have a accredited investor nonsecurity product that still benefits GLDY. And so with GLDC, it will be backed by GLDY inherently.

我們對 GLDC 的設計，是把它做成一個代幣化黃金資產，且屬於非證券（nonsecurity）。它是完全無需許可（fully permissionless）的，這代表它可以在任何地方交易，基本上也能透過所有不同的加密通路進行交易，並具備代幣化所帶來的全球 24/7 交易與結算能力；同時也讓我們能提供一個合格投資人（accredited investor）的非證券產品，仍然能讓 GLDY 受益。因此，GLDC 天生會由 GLDY 作為支撐。

And so every time someone buys $1 of GLDC, $1 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 asset and increasing GLDY AUM for us, it becomes very, very powerful.

因此，每當有人買入 1 美元的 GLDC，就會鑄造（mint）1 美元的 GLDY。你可以這樣想：一個能在全球廣泛分銷的產品，讓人們接觸代幣化黃金，同時仍由具收益（yield-bearing）的黃金資產作為支撐，並為我們增加 GLDY 的 AUM，這會變得非常、非常有力。

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 integration 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.

所以，這其實只是提升 GLDY 功能性、並特別推動 GLDY AUM 成長的另一個步驟。此外，隨著我們把 GLDC 推向市場，我們也會推出不同的整合，並釋出更多資訊；其中包括透過不同途徑讓 GLDC 取得收益的能力，而這些收益並非資產本身所內建。

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 Streamex 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.

因此，這些事情你會在接下來幾個月逐步看到落地。我對於整體 Streamex 生態系的成長、GLDY 的成長，以及對公司的助益，都感到非常期待。那麼，我想我們就到這裡結束，現在不再接受更多提問。

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 e-mail 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.

如果有人還有其他問題、在電話會議上沒能提問，請聯絡我們的團隊。Adele 的電子郵件現在就在螢幕上。我們非常樂意與你交流並回答這些問題。

In closing, I want to leave you just a 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 Streamex and for GLDY and the ecosystem as a whole.

最後，我想再次重申我們在電話會議結尾所說的：這確實是一個具轉型意義的月份，而我們即將進入的第二季，也將是 Streamex、GLDY 以及整個生態系具轉型意義的一季。

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.

還有多項額外的合作夥伴關係即將上線。我們今天宣布的這些，對於我們一直在做的事情、以及為我們所打造的資產打開分銷通路而言，都極其、極其重要。接下來幾週會有更多相關資訊釋出。

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.

整體而言，我對公司的成長非常興奮。我們在財務上處於非常好的位置；在營運與落地執行層面也處於非常好的位置。現在，是時候擴張規模了。

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, and we'll be more than happy to speak with you. Thank you.

非常感謝各位參與。很期待在本季以及今年剩餘時間持續推進。就像我說的，如果你有任何問題，請隨時聯絡 Adele，我們非常樂意與你交流。謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以斷線。