Metalayer's GLDY strategy secures $1 million-plus institutional allocation

An institutional investor made a final initial allocation of $1 million to Metalayer Capital's Aureon Relative Value Fund. The fund uses Streamex's GLDY token as its long gold position. Metalayer offsets that position with short gold-linked perpetual futures. The strategy is designed to be largely indifferent to whether gold prices rise or fall. It seeks to earn the yield that GLDY pays. Streamex targets that yield at 3.5% a year in additional gold through a gold-leasing program. Further investments are anticipated. The rest of the commitment remains at the investor's discretion. No additional GLDY purchases are assured. Money deployed into GLDY increases the assets under management on which Streamex earns fees. Henry McPhie, Streamex's co-founder and chief executive, said converting the first institutional allocations into GLDY was among the company's goals for the 90 days following August. He called the arrangement a different growth channel from selling to individual investors. Metalayer was founded by former Two Sigma executives. Metalayer also provides liquidity for GLDY on certain trading venues. Metalayer can mint and redeem GLDY directly with Streamex. Streamex does not manage or sponsor the fund. Streamex is not compensated based on money the fund raises. GLDY is offered only to eligible investors under exemptions from securities registration. Its holders have largely been accredited investors seeking yield. Streamex has made six consecutive monthly distributions on GLDY. The most recent distribution was in September. Streamex publishes its gold reserves through a Chainlink proof-of-reserves feed.