Streamex (STEX): How Does the GLDY Gold-Backed Stablecoin Launch Change the Valuation Story?

Streamex (STEX) is making headlines with the launch announcement of GLDY, a gold-backed stablecoin pre-sale targeting institutional investors. The offering promises an annualized yield and relies on physical gold custody through regulated infrastructure.

See our latest analysis for Streamex.

Momentum around Streamex has picked up in dramatic fashion. After announcing shelf registration plans and unveiling the GLDY stablecoin pre-sale, the company posted a staggering year-to-date share price return of 289.3%. While the 1-day drop of 7.3% signals volatility, the longer-term total shareholder return story is even more eye-catching, with a 1-year TSR of 1,918.5% despite longer-term losses since inception. For investors, sentiment appears to be shifting alongside Streamex’s push into tokenized assets, fueling interest in both the growth trajectory and risk profile.

If you’re on the lookout for compelling movers beyond just Streamex, now’s the ideal moment to discover fast growing stocks with high insider ownership.

With the stock having surged this year and a bold new stablecoin initiative underway, investors must now ask if Streamex is trading below its true value or if markets have already priced in rapid future growth.

Price-to-Book Ratio of -53.1x: Is it justified?

Streamex currently trades at a price-to-book ratio of -53.1x, meaning its market value is deeply negative relative to its shareholders’ equity. With a last close at $5.45, this negative ratio suggests fundamental challenges compared to both peers and industry benchmarks.

The price-to-book (P/B) ratio compares a company's market price to its book value, offering a snapshot of how investors are valuing the company relative to its net assets. It is particularly significant for asset-light or capital-intensive sectors but turns problematic if equity is negative.

Negative equity, as seen with Streamex, typically signals accumulated losses that exceed assets. This makes traditional valuation approaches less meaningful and often points to ongoing operational and financial hurdles. Investors should be aware that such a large negative multiple is not only atypical, it highlights an urgent need for capital or a change in fundamentals to justify current trading prices.

The industry average for price-to-book in US Medical Equipment is 2.6x, which puts Streamex’s figure in stark contrast. While peers are valued above their book values, Streamex’s negative equity makes meaningful comparison unfeasible and there is no realistic parallel until a return to positive equity is achieved.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book Ratio of -53.1x (ABOUT RIGHT, given negative equity)

However, shrinking annual revenue and significant net losses remain warning signs that could quickly temper optimism around Streamex's turnaround story.

Find out about the key risks to this Streamex narrative.

Build Your Own Streamex Narrative

If you see things differently or want to dig even deeper, you can explore the data on your own and shape your own view in just a few minutes. Do it your way.

A great starting point for your Streamex research is our analysis highlighting 5 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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