Feb. 3 at 11:57 AM
$STEX
Just read the latest Siebert note on STEX and it’s hard not to like the setup here. They reiterated Buy and bumped the PT to
$12.50, driven largely by the recent raise that leaves the company with ~
$41M in cash and no debt. Importantly, they cleaned up the balance sheet by taking out expensive converts, so the capital is now almost entirely growth fuel.
The big near-term catalyst is GLDY (Gold with Yield), launching with ~
$100M in expected AUM and offering ~4% yield — a huge step up from traditional gold products. Management also has a clear pipeline behind it (silver, royalties/streaming), which starts to make this feel like a real platform, not a one-off product.
What stood out most is how clean the path to profitability looks. Low burn, scalable fee revenue, and multiple launches ahead put breakeven around 2026, while the broader tokenized real-world asset opportunity is still very early. Well-capitalized, multiple shots on goal, and strong upside if execution hits.
