Increase in Gold Price: The value of Tether Gold tokens held by the company increases as the gold market price rises. Since 1 XAU₮ = 1 ounce of physical gold, the rise in gold prices directly enhances the company's net asset value. Leverage Returns: The company has obtained funding through $50 million in preferred debt financing (annual interest rate of 6%, 36-month term) to purchase more Tether Gold. This leverage strategy can amplify returns when gold prices rise. The debt is secured by $67 million in Tether Gold as the first priority collateral. Collateral Yield: The company provides unencumbered gold holdings to Antalpha as collateral for Antalpha to offer loans to its clients. This arrangement can generate an annualized yield of 50-100 basis points (0.5%-1.0%) for Aurelion, with Antalpha assuming all default risks. Wealth Management and Asset Management Services: In addition to the gold vault business, Aurelion continues to offer traditional wealth management and asset management services, providing investment consulting and asset allocation services for high-net-worth clients.

Aurelion's profit model has significant market significance and innovative value: Providing Regulated Gold Exposure for Investors: Traditional physical gold investments face issues such as high storage costs, poor liquidity, and inconvenient transactions. While gold ETFs address some of these problems, they still incur management fees. Aurelion offers investors a transparent, low-cost, and highly liquid gold investment channel through blockchain technology and the regulatory framework of listed companies. Connecting Traditional Finance with the World of Cryptocurrency: Aurelion, as a Nasdaq-listed company, provides traditional investors with a bridge to enter the cryptocurrency and blockchain space. Investors can indirectly invest in tokenized gold by purchasing AURE stocks without the need to directly hold a cryptocurrency wallet or understand blockchain technology. Hedging Against Inflation and Cryptocurrency Volatility: In the context of global inflationary pressures and high volatility in the cryptocurrency market, the value of gold as a traditional safe-haven asset is being re-evaluated. Aurelion's model provides investors with an investment tool that allows them to enjoy the hedging properties of gold while also leveraging the advantages of blockchain technology. Promoting the Development of Real World Asset Tokenization (RWA): Aurelion is the first Tether Gold treasury company on Nasdaq, and its successful operation will provide a demonstration effect for more real asset tokenization projects, promoting the development of the RWA (Real World Assets) field.

Detailed Explanation of Tether Gold (XAU₮)

Aurelion Inc.'s core asset is Tether Gold (XAU₮), a cryptocurrency stablecoin launched by TG Commodities S.A. de C.V. in 2020. The main features of XAU₮ include: 1:1 Gold Backing: Each complete XAU₮ token represents one troy ounce of physical gold that meets the Good Delivery standards of the London Bullion Market Association (LBMA). XAU₮ can be subdivided to six decimal places (i.e., the minimum increment is 0.000001 ounces). Blockchain Technology: XAU₮ is currently issued as an ERC-20 token on the Ethereum blockchain, allowing for 24/7 trading and transfer, unrestricted by the traditional gold market trading hours. Verifiability: Each XAU₮ token corresponds to gold that has a unique serial number, purity, and weight information, allowing holders to easily view the details of the gold bars associated with their address. Redeemability: XAU₮ holders can redeem the tokens for physical gold (requiring at least the amount of one whole gold bar, typically around 430 ounces) or cash in USD. The redemption fee is 25 basis points of the gold market price, plus delivery costs. No Custody Fees: Unlike traditional gold investments, Tether Gold does not charge custody fees, which is one of its main advantages.

Market Position

As of January 2026, Tether Gold dominates the gold-backed stablecoin market, accounting for approximately 60% of the total market supply, with a market capitalization exceeding $4 billion (some data indicates over $22 billion). This makes XAU₮ the leading tokenized gold product globally.

Relationship with Bitcoin

Aurelion's CEO Björn Schmidtke is a long-time supporter of Bitcoin. He is the co-founder and chairman of Penguin Group, a leading Bitcoin mining company in South America. Schmidtke views Tether Gold as an institutional complementary asset to Bitcoin, believing that:

• Bitcoin is "digital gold," with long-term value storage capabilities.
• Tether Gold (XAU₮) is "real digital gold," a redeemable stablecoin backed by physical gold.
• XAU₮ can combat inflation and has sufficient stability for paying for daily necessities (such as electricity bills).

Relationship with Tether Company

Tether, the company that issues the USDT stablecoin, is one of the important investors in Aurelion, having subscribed for $15 million in the $150 million financing in October 2025. Tether is not only the largest stablecoin issuer in the world but also one of the largest private holders of gold and U.S. government debt.

Relationship with Antalpha

Antalpha (NASDAQ: ANTA) is a major anchor investor and strategic partner of Aurelion. Antalpha is a leading digital asset lending platform, managing assets of over $1.6 billion. In financing transactions:

• Antalpha subscribed to approximately $43 million in PIPE financing.
• Antalpha provided $50 million in preferred debt financing.
• The founder and CEO of Antalpha, Moore Jin, serves as a director of Aurelion.
• Aurelion provides unpledged gold to Antalpha as collateral to generate returns.