Streamex Corp., a Nasdaq-listed company building commodity markets through tokenization, has secured an initial $1 million institutional allocation into a relative-value strategy that uses its gold-backed token GLDY as the long gold position, according to a person familiar with the matter.
The strategy is managed by Metalayer Capital, a systematic investment manager founded by former Two Sigma executives, through its Aureon Relative Value Fund. It pairs GLDY with an offsetting short position in gold-linked perpetual futures, making it largely indifferent to whether gold prices rise or fall. The goal is to capture the yield GLDY pays, targeted at 3.5% per year in additional gold via a gold-leasing program.
The allocation was cited as final, with follow-on investments anticipated, though further purchases remain at the investor's discretion and are not assured. The arrangement matters because capital deployed into the long leg flows into GLDY, increasing assets under management on which Streamex earns fees.
Streamex co-founder and CEO Henry McPhie said converting the first institutional allocations into GLDY was at the top of the company's 90-day goals announced in August. He called the arrangement “a fundamentally different growth channel than selling to one investor at a time.”
Metalayer Capital also acts as a liquidity provider for GLDY on certain venues and can mint and redeem the token directly with the issuer. Streamex does not manage or sponsor the fund and is not compensated based on money the fund raises. GLDY is offered only to eligible investors under securities registration exemptions and has made six consecutive monthly distributions, most recently in September, with reserves published through a Chainlink proof-of-reserves feed.
