Research summary
GOLDST and SILVST are gold and silver tokens on STRATO, BlockApps’ chain, with lock-and-mint copies on Ethereum. The metal sits with BA Gold Enterprises on West 47th Street in New York. On 2026-09-23 there were 6,025 GOLDST and 59,790 SILVST on STRATO, and a few dozen tokens on Ethereum. The terms give holders title to and beneficial ownership of the metal under a bailment, the strongest kind of claim. The rest of the paperwork undercuts it. The same terms call the metal both “allocated, not segregated” and “held in segregated custody,” and define GOLDST as one gram where every other page says one ounce. Three different companies appear as issuer or account holder. The last vault letter, from June, confirms less silver than the tokens now outstanding. The STRATO token code lets its owner burn any holder’s balance, which the terms never mention. Redemption is in person in Manhattan only. The assessment is adverse.
Observable review triggers
- STRATO reconciles the segregation clauses and the GOLDST unit in its terms, and names one issuer
- A vault letter or audit after June 2026 confirms metal for the whole supply, allocated to holders
- The STRATO owner burns a holder’s balance, or the Ethereum Safe switches off transfers
- Redemption opens by shipment or outside New York
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized commodity
- Chains examined
- Ethereum
- Instruments
- GOLDST, SILVST
- Reviewed
- Next review