BioSig and Streamex eye $1.1b for a gold-backed treasury strategy on Solana

Nasdaq-listed medical device technology firm BioSig Technologies and real-world asset tokenization company Streamex are looking to raise up to $1.1 billion in financing to launch a gold-backed treasury management strategy powered by Solana.

BioSig and Streamex said in a press release on July 8 that the companies have entered into a definitive agreement that will see them raise up to $1.1 billion from a leading institutional investor. 

Streamex & BioSig plan to raise the funds via a debenture, offering the sale of $100 million in senior secured convertible notes and equity line of credit of up to $1 billion. The debentures will be convertible into shares of BioSig’s common stock.

Per the announcement, BioSig and Streamex are eyeing a real-world assets footprint via gold. Their goal is to bring a chunk of the $142 trillion commodities market onchain via Solana (SOL). 

Blockchain technology will help unlock liquidity, transparency and accessibility, said BioSig chief executive officer and Streamex co-founder Henry McPhie.

Gold tokenization a huge opportunity

BioSig’s announcement follows a merger with Streamex that saw the company become one of Nasdaq’s largest gold bullion holders, and the financing initiative, led by Cantor Fitzgerald, Clear Street and Needham & Company as placement agents seeks to cement this status. CIBC World Markets acted as strategic advisor.

Streamex sees RWA tokenization as a major ecosystem in the evolving market, and says gold tokenization has the potential to dwarf Bitcoin (BTC) as traditional financial institutions embrace tokenized assets exposure.

Per data by rwa.xyz, the global onchain RWA value is around $24.5 billion across stablecoins, U.S. Treasuries, commodities, private credit, stocks, global bonds and institutional funds. About $418 million of this value is currently on Solana.

Morgan Lekstrom, co-founder of Streamex and chairman of BioSig, integrating physical gold with the value of tokenization is a major milestone.