An institutional-backed Metalayer Capital strategy leverages GLDY as the long component of a delta-neutral gold trade, unlocking a fresh demand pipeline for Streamex’s yield-bearing tokenized gold, with expectations of future capital injections.
Streamex Corp., a Nasdaq-listed technology firm revolutionizing commodity markets via tokenization, has landed an institutional capital commitment, serving as a test case for whether tokenized assets can attract capital beyond retail purchasers.
An initial $1 million allocation—with additional investments expected—has been committed by a prominent institutional investor toward a relative-value strategy utilizing GLDY, the gold-backed token from Streamex, as its long gold asset, according to an individual familiar with the situation who lacked authorization to speak publicly. Operated by systematic investment manager Metalayer Capital, the trade is executed through the Aureon Relative Value Fund, the source noted.
Established by former Two Sigma executives, Metalayer Capital opted not to issue a statement.
The source explained that the strategy combines GLDY alongside a corresponding short position in gold-linked perpetual futures, rendering the trade largely market-neutral regardless of gold price fluctuations. Instead, the approach focuses on capturing the yield generated by GLDY, which Streamex aims at 3.5% annually in extra gold acquired through a gold-leasing mechanism.
The operational mechanics are crucial for Streamex: capital directed into the long leg flows straight into GLDY, expanding the asset base that generates fee revenue for the business.
While the first $1 million deployment is complete and subsequent investments are projected, the real milestone is the buyer profile, signaling that tokenized instruments such as GLDY are beginning to capture the attention of institutional funds alongside high-net-worth retail participants.
Earlier in August, Streamex outlined a targeted roadmap for the ensuing 90 days.
“Converting the first institutional allocations into GLDY was at the top of that list,” stated Henry McPhie, co-founder and chief executive officer of the firm. He described the partnership as “a fundamentally different growth channel than selling to one investor at a time.”
Aside from the initial $1 million, any further deployment remains entirely at the discretion of the investor, with no guarantees that additional GLDY tokens will be acquired.
The organizations share additional connections. The insider noted that Metalayer functions as a GLDY liquidity provider across select trading platforms and maintains the ability to mint and redeem tokens directly with the issuer. Streamex neither manages nor sponsors the fund and receives no financial compensation tied to the fund’s fundraising activities.
Available exclusively to qualified purchasers via securities registration exemptions, GLDY has historically drawn retail accredited buyers searching for yield. Streamex has delivered six uninterrupted monthly payouts for the token—most recently in September—and maintains transparency of its gold holdings through a Chainlink proof-of-reserves feed.
Frequently Asked Questions
What is GLDY?
GLDY is a yield-bearing, gold-backed token issued by Streamex that targets a 3.5% annual yield through a gold-leasing program.
Who is managing the investment strategy?
The relative-value strategy is managed by Metalayer Capital, a systematic investment firm founded by former Two Sigma executives, through its Aureon Relative Value Fund.
How does the delta-neutral trade work?
The strategy pairs a long position in GLDY with a corresponding short position in gold-linked perpetual futures, making the trade largely neutral to gold price movements while earning the yield generated by the token.
What role does Metalayer play beyond the fund?
Metalayer also serves as a liquidity provider for GLDY on specific trading venues and can mint and redeem the token directly with the issuer.
How is Streamex’s gold reserve verified?
Streamex publishes its gold reserves publicly using a Chainlink proof-of-reserves feed.
