Fintech Co. Launches Blockchain-Bases RWA Tokenization Platform
Research Report

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Disclosures for Siebert Research, Streamex Corp., October 17, 2025:

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We are initiating coverage on Streamex Corp. (STEX:NASDAQ)  with a Buy rating after the company launched its blockchain-based Real-World-Asset (RWA) tokenization platform. Streamex is laser-focused on bringing Gold ownership "on-chain" and democratizing Gold yield for institutional investors. Early days, but we believe Streamex has a nontrivial (6-12 months) headstart over future competitors in terms of its token design, Gold yield generation, and distribution capabilities. We expect Streamex to reach US$3 billion of Gold-backed token AUM in 2027E. This would translate to 0.75% of the incumbent ~US$400 billion spot Gold ETF market. Our Price Target of US$11 is predicated on 13x 2027 EV/Revenues on our US$137M estimate.

The key tenets of our thesis are the following:

1. "On-Chain" Gold Pioneer with First Mover Advantage on ~US$1 Trillion of Near-Term TAM

• Streamex successfully tokenized Gold ownership and Gold yield holistically into an institutional-grade, regulatory-compliant digital asset (GLDY). GLDY offers superior yield (up to 4%), liquidity (24/7), and ownership rights relative to every digital spot Gold investment product we are aware of.

• Digital spot Gold represents a mere 1.5% of total Gold market cap today. We believe tokenization is a step-change technologically versus incumbent spot Gold ETF products. This presents a near-term TAM of US$400 billion. We also expect digital spot Gold, more broadly, to become a larger share of total Gold market cap. Every 1% change in digital spot Gold share is an additional US$280 billion of TAM for Streamex.

2. We Believe Streamex's Gold Yield Generation Capabilities are "One of One"

• GLDY's token yield comes from third party Gold leasing income facilitated through an exclusive tokenization and revenue sharing agreement with Monetary Metals, a US-based Gold leasing company with a 10-year track record spanning ~75 Gold leasing deals and zero lease defaults. We further address counterparty risk on page 8. We understand MM has line of sight to US$1 billion of near term leasing capacity and several billion over the medium term. We believe the exclusivity gives Streamex a meaningful moat in Gold yield generation capabilities.

3. Streamex Signed a Letter of Intent with Simplify, a Regulated ETF Issuer (US$10B AUM):

• The potential partnership gives Streamex an institutional-grade distribution channel that jumpstarts inflows into GLDY, in our view. We get the sense a formal partnership is a matter of when, not if and would be non-exclusive. We like the idea of integrating Streamex tokens into regulated ETFs as it helps institutionalize Streamex tokens and increase token liquidity during the initial ramp period. We are expecting 1-2 new distribution partners to arise near-term. We would note Simplify's largest ETF accumulated US$3.5B of AUM in 3 months since launching in July.