Streamex plunges on dilutive $35M offering at 13% discount
Gold tokenization specialist raises capital to repay $50M convertible debt, faces shareholder dilution up to 48%
Streamex Corp. shares tumbled in extended trading Thursday after the company announced a highly dilutive public offering that will substantially expand its shareholder base. The Florida-based technology firm, which recently pivoted from medical devices to gold tokenization, priced 11.67 million shares at $3.00 each, representing a 13% discount to Thursday's closing price of $3.46.
The $35 million offering translates to approximately 42% dilution for existing shareholders, based on the company's current 28 million shares outstanding. Underwriters Needham & Company and Siebert have been granted a 30-day option to purchase an additional 1.75 million shares, which would increase total dilution to roughly 48% and gross proceeds to $40.25 million if fully exercised.
Streamex, formerly known as BioSig Technologies, completed a strategic rebranding in September 2025 to focus on institutional-grade tokenization of real-world assets, particularly gold. The company's "Streamex Model" involves tokenizing physical gold contracts into digital tokens, facilitating 24/7 global trading with instant settlement. It has launched a gold-backed digital security token called GLDY and targets the $22 trillion gold market with products designed for distribution by ETFs and retail brokers.
Despite the strategic pivot, Streamex continues to operate its legacy PURE EP™ medical device platform, which delivers real-time cardiac signal data to electrophysiologists during ablation procedures. The division reported over 100 completed cases using the platform's Near Field Tracking algorithm as of February 2024.
Financial performance remains challenging. The company reported $40,000 in revenue for 2024, a 122% increase from $18,000 the prior year, but posted losses of $10.51 million. This represents a 63.8% improvement from 2023 losses, though the company carries an accumulated deficit of approximately $294.1 million as of September 30, 2025. Historical regulatory filings have included going-concern warnings.
As of January 16, 2026, Streamex reported unaudited cash of $21.5 million, gold holdings valued at $26.3 million, and marketable securities of $10.5 million. The company also carries $50 million in senior secured convertible debt, which appears to be the primary target for repayment using offering proceeds.
The offering was conducted under a shelf registration statement on Form S-3 declared effective by the Securities and Exchange Commission on December 17, 2024. The company stated that net proceeds will be used primarily to repay existing indebtedness and for general corporate purposes and working capital.
Streamex's stock has experienced significant volatility, trading within a 52-week range of $0.40 to $14.11. The current price of $3.46 represents a roughly 75% decline from the highs. Despite the challenging financial metrics, one analyst maintains a Strong Buy rating with a price target of $12.00, suggesting potential upside of approximately 238%.
The company recently announced a strategic partnership with Simplify Asset Management, an ETF manager with $10 billion in assets under management, to integrate tokenized gold yield assets. This partnership aims to further tokenization opportunities as Streamex prepares to launch products for the commodity sector.
Investors will be watching closely for Streamex's next earnings report, currently projected for February 17, 2026, which should provide insight into the progress of its gold tokenization strategy and how the offering proceeds are being deployed to strengthen the balance sheet. The company's ability to execute its pivot into the burgeoning real-world asset tokenization market while managing its debt load will be critical to restoring shareholder confidence after this dilutive capital raise.