数字黄金：解锁7,000亿美元市场机遇 DIGITAL GOLD MARKET REPORT Unlocking a $700-Billion Opportunity 2026

DIGITAL

GOLD

TableofContents

Foreword4

ExecutiveSummary

5

Thedigitalgoldmarkettoday:anicheataninflectionpoint

Whyappealisnot(yet)converting

11

Theresult:a$160billionmarketby2031

17

Anewgenerationofgoldinvestors

23

5

Whattowatch:

foursignsofabreakout

27

Glossary

31

Methodology33

BCG

Foreword&

ExecutiveSummary

BCG

4

WORLD

FOREWORDDIGITALGOLD|MARKETREPORT

Foreword

ByDavidTait

ChiefExecutiveOfficer,

WORLDGOLDCOUNCIL

Theappealofgoldhasenduredforthousandsofyearsbecause

whatitrepresentshasnotchanged:ascarce,physical,trustedandstrategicasset,andareliablestoreofvalue.However,asthefinancialworldbecomesincreasinglydigitalised,thegoldmarketmustadapt.Tokenisationanddigitalinfrastructurewillbethearchitectures

throughwhichanewglobalmarketwillbebuilt.

TheWorldGoldCouncilwasfoundedtosustainandstrengthentrustandintegrityinthegoldmarket,andthatmandateiswhywearesteppingintothedigitalgoldmarket.WeintendtolaunchGoldasaService,asharedinfrastructuretoenabledigitalgoldproductissuance,becauseweareconfidentofthescaleoftheopportunity.Thisreportreinforcesthatconfidence

withdataandproofpointsdrawnfromaglobalconsumersurveyandin-depthconversationswithindustryexperts.

Wearealsorealisticaboutthescaleofthetask

ahead,whichincludeschallengesaroundtrust,

access,productutilityandcostthathaveconstrainedmarketgrowthtodate.Thereismuchworktodo,

andnosingleinstitutioncantackleeverythingalone.Indeed,buildingaliquidandtrusteddigitalgold

marketwillrequiretheindustrytoembracethesamestandards,andweareaskingourpeersandcolleaguestoworkwithustobringthatvisiontolife.Industry-

wide,open,andvoluntarystandardsontransparencyandinvestorprotectioncouldhelpbuildtrust.

Regulatoryclaritymattersasmuchasany

technicalinfrastructure.Whererulesareunclearor

inconsistent,digitalproductsstruggletoscale,evenwhendemandisstrong.Governmentsandregulatorshaveavitalroletoplay,andwewillcontinuetoworkwiththemtomovetheagendaforward.

Digitalgoldpresentsbothinvestorsandproviders

withasignificantopportunity.Whatmustcomenextiscollaborationtoensurethegrowingmarketmeetstheneedsofallthosewhowanttotakepart.

BCG

WORLD

DIGITALGOLD

MARKETREPORT

EXECUTIVESUMMARY

ExecutiveSummary

Thephysicalinvestmentgoldmarketisworthabout$13trillion.

Butdigitalgold,includingvaulteddigitalgoldandtokenisedgold,representslessthan1%oftheglobalmarket.

Whydoesitmatter?

Weareseeingsignsofaninflectionpoint.Withmorerecentlylaunchedtokenisedproductstriggeringa

surgeinactivity,thefledglingdigitalgoldmarkethasgrownintoa$45-$55billion¹category.Tokenised

goldgenerated$90billionofcumulativespottradingvolumesinthefirstquarterof2026,morethanin

thewholeof20252.Moreimportantly,widerfinancialmarketsareinthemidstofastructuraldigital

transformation.Asaresult,tokenisedinvestmentsareincreasinglymainstream.

Forthepurposesofthisreport,andtounderstand

digitalgold'spotential,wesurveyedmorethan12,000retailinvestorsgloballyandinterviewed20leading

experts,helpingusunpackthedriversofadoptionandfactorsshapingdemand.Ourkeyfinding:

Appealisstrongbutisnot(yet)convertingat

scale.Nearly9in10retailinvestorssignalawillingnesstoinvestindigitalgoldundertherightconditions.

1.RefertotheMethodologysectionforfurtherdetailonhowthesefigureswerecalculated

2.CoinGeckoRWAReport2026

EXECUTIVESUMMARYDIGITALGOLD|MARKETREPORT

Ourmodellingsuggeststhatifstakeholdersaddresstheprincipalbarrierstoadoption,theycanboostbothparticipationandportfolioallocations,unlockingupto$700illion3inlatentdemand.Fullyrealised,

thiswouldcreateamarketthatroadlymatchesphysicallyackedgoldETFstoday.

$700B

Totallatentdemandfordigitalgoldinthelongterm

Perhapsamorerelevantquestionis:howmuch

potentialdemandcanbeconvertedintoinvestmentoverthenextfiveyears?Ourbasecaseisthatthe

digitalgoldmarketcouldgrowatapproximately27%CAGR,reaching$160–$170illiony20314.

Fulfillingthispotentialwillbecontingentonmarketparticipantsaddressingfourbarriers:

1

Trustastheswingfactor.Nearlyfourinfiveinvestorssaytheirpriorityistotrustthe

providerbeforeinvesting:whenaskedwhatwould

makethemmoreopentodigitalgold,themost

citedanswerisevidencethattheproductissafeandlegitimate.Anotherimportanttrustleverisaclearandaccessiblepathtoredeemholdingsforphysicalgold,whichwouldgiveinvestorsconfidencethatareal

assetbackstheirposition.Regulationandconsumerprotection,seenacrossinvestorsegmentsasakeybarriertoentrywillplayanimportantrole,too.

2

Accessthroughfamiliarchannels.

Wheredigitalgoldisembeddedinmainstreamchannelssuchassuper-apps,paymentplatformsandbankingapps,asseeninIndia,ChinaandIndonesia,penetrationisuptoseventimeshigherthanin

marketswheresuchdistributiondoesnotyetexist.

3

Newutilitiesforgold.Unlockinglatentdemandpartiallyhingesonwhatdigitalgoldcanbeusedfor,notjusthoweasyitistobuy.Yieldgeneration,enabledbylendingoruseascollateral,isthetop-citeduniquesellingpoint,aheadofbeingabletouseittomakepayments.Thispointstoa

potentiallysignificantshift:productinnovationcouldgiveinvestorsnewwaystousegold,alongsideitslong-standingroleasastoreofvalue.

4

Competitivepricingisaprerequisite.

Evenwhereotherbarriersareaddressed,

digitalproductsmustcompeteonpricewith

alternativeformats,includingphysicalgoldandgold-backedETFs.Whilealowpriceisnot,onitsown,amajorreasontoinvestindigitalgold,anuncompetitivepricepointisrankedasthesecondmostcommonbarriertoentry.

Newmoneyforgold.

Around65%oflatentdemandcomes

frompeoplewhohavenotyetinvested

ingold.Amongthosewhoalreadyhold

goldinotherforms,morethanhalfwouldfundadigitalgoldinvestmentwithmoneynotcurrentlyallocatedtotheasset.Ratherthancannibalisingdemandforbars,coinsorgold-backedETFs,digitalgoldisthuslikelytoattractnewinvestors,andnewmoney.

Criticalfornear-termuptakeisthe

activationofayoungeraudience.Awarenessofdigitalgoldreaches50%among25–34-year-olds,comparedwithjust23%amongthose

aged55andolder.Youngercohortsaretwiceaslikelyasoldercohortstosaytheywouldinvestifbarrierstoentrywereaddressed.

Inconclusion,thenextfiveyearswillbecrucialindeterminingwhetherdigitalgoldwillbreakout.Successinaddressingthefourbarrierswillspurparticipation,whileafailuretoaddress

thematmeaningfulscalecouldleavedigitalgoldasarelativenicheinthewidermarket.

3.RefertotheMethodologysectionforfurtherdetailonhowthesefigureswerecalculated

4.Allscenariosaremodelledbasedonan'allelsebeingequal'basis,includingthegoldprice

6

1.

Thedigitalgoldmarkettoday:anicheatan

inflectionpoint

1.THEDIGITALGOLDMARKETTODAY:ANICHEATANINFLECTIONPOINTDIGITALGOLD|MARKETREPORT

Thedigitalgoldmarkettoday:anicheataninflectionpoint

Thisreportconsidersdigitalgoldfromtheretailinvestor’spointof

view.Itsizesthemarkettodayandshowswhysofewinvestorswho

finditappealinghaveboughtit,andwhatitwouldtaketochange

that.Thereportfocusesontwoproducts,tokenisedgoldandvaulteddigitalgold(seepage9:Thisreport’sscope).Ourfindingsdrawonasurveyofmorethan12,000retailinvestors,interviewswith20industryexpertsandamarketmodelwhichpointstothreescenariosforthe

yearsupto2031.

EXHIBIT1

Digitalgoldisatinyproportionofthewidermarket

Digitalgoldsitsinoneofthelargest,mostliquidassetclassesintheworld,withabout220,000

tonnesaboveground.Thegoldmarketisworthmorethan$30trillionatcurrentprices,spanningjewellery,bars,coins,gold-backedETFs,OTC5andcentralbankreserves.Thephysicalinvestmentgoldmarketisworthabout$13trillion6.

WGCabovegroundgoldstocks

Totalgold

$30T

Physicalinvestmentgoldmarket

$13T

ETFs

$600B

Digitalgold

$50B

Whilephysicalgoldisenduring,thewaysinwhichpeopleownithavechangedovertime:frombars

andcoinstopapercertificates,ETFs,vaulteddigitalaccountsand,mostrecently,tokens.Eachinnovationhasloweredbarrierstoentryandexpandedthe

market,oftenbysplittinggoldintosmallerandmoreaffordableunits;from400-ouncebarstoone-ouncecoins,toETFsharesworthjustafewdollars.

Tokenisationextendsthattrend,offeringthe

potentialtodivideownershipintoevensmallerfractions.Italsoconnectsgoldtoaroadershiftinthefinancialindustry,whichisthatdigitalassetsarebecomingincreasinglymainstream,supportedbyyounger,digitallynativeinvestors.

5.Overthecounter

6.AsofAugust2026.Includingcentralbanks,bars,coins,goldETFsandOTC;GoldHub

8

1.THEDIGITALGOLDMARKETTODAY:ANICHEATANINFLECTIONPOINT

DIGITALGOLD

MARKETREPORT

Fornow,digitalgoldremainsanicheproduct.

Itstotalvalueoutstandingisabout$45-$55billion,equivalenttoaround370tonnes.Thisrepresentsroughly0.4%ofphysicalinvestmentgoldandlessthan9%ofthe$600billiongold-backedETFmarket.Onereasonisthatdigitalgoldhasfacedstructuralchallengeswhichhaveconstrainedadoption.

DIGITAL

GOLD

SeeourWhitepaper:

DigitalGold:TheCaseforaSharedInfrastructure

○2|BG

Thisreport'sscope

Forthepurposesofthisreport,digitalgold

encompassestwoproductcategories(Exhibit2):

Tokenisedgold:Adigitaltokenthatgivesinvestorsownershipofaspecificquantityofphysicalgold

heldinsecurecustody.Eachtokencorrespondstoafixedquantityofgoldandthetokenpricetracksthegoldprice.

Vaulteddigitalgold(digitalgoldcertificate):

Anapp-orplatform-basedaccountenablinginvestorstoownphysicalgoldheldinsecurecustodybyathirdparty.

Physically-backedgoldETFs,leveragedproducts,andgold-backedstablecoinsareexcludedfrom

thedefinition.

BCG

1.THEDIGITALGOLDMARKETTODAY:ANICHEATANINFLECTIONPOINTDIGITALGOLD|MARKETREPORT

Ofthetwodigitalgoldproductsconsideredhere,

vaulteddigitalgoldisthemoreestablished,withthefirstproductsdatingbackto2005(e.g.,BullionVault)7.TokenisedgoldproductssuchasPaxosGold(PAXG)werefirstlaunchedin2019.Thatdifferenceinmarketmaturityisreflectedinvolumes.Vaulteddigital

goldaccountsforaout89%ofthedigitalgoldmarketyvalue,whiletokenisedgoldaccountsforaout11%.Bothproductcategoriesarehighlyconcentrated,withahandfulofprovidersassociatedwiththemajorityofvolumes.

Forvaulteddigitalgold,participantsaredrawnfromacrossthegoldvaluechain.Theyincludebullion

dealersandvaultoperators,sovereignmints,refinersandbanks,alongsidedistributorssuchassuper-appsandindependentplatforms.Meanwhile,tokenisedgoldissuancehasgenerallybeenconfinedtoasmallgroupofcrypto-nativeentities.Butthatischanging,withinterestnowexpandingacrossthevaluechainandtomoretraditionalfinancialinstitutions.HSBC’s

GoldTokenisoneexample8.

EXHIBIT2

Vaulteddigitalgoldcurrentlymakesup89%ofdigitalgold

Tokenisedgold

PRIVATEGOLDTOKENS

Tokensonprivate,issuer-runledgerse.g.HSBC,Kinesis

PUBLICGOLDTOKENS

Tokensonopen,publicblockchains

e.g.PaxGold,TetherGold,Matrixdock,MKSPAMP(DGLD)

$45-55bn

89%

11%

1.BankSyariahIndonesia

2.IndustrialandCommercialBankofChinaExamplesarenon-exhaustive

Vaulteddigitalgold

BULLIONDEALERSANDPLATFORMS

Online/appbaseddealerssellingandstoringgolde.g.BullionVault,Glint,Goldmoney,OneGold,

Pegadaian

MINTSANDREFINERS

Producerssellingandstoringtheirowngolde.g.ABCBullion,TheRoyalMintDigiGold,PerthMint,Augmont

BANKS

Goldaccountsofferedtobankcustomersthroughappsandonlinechannels(incl.physicallybackedgoldaccumulationplans)

e.g.BSI1,ICBC2,AgriculturalBankofChina,UBSkey4

APPDISTRIBUTIONOVERTHIRD-PARTYCUSTODY

Appsandpaymentplatformsactingasdistributionchannelsforpartners

e.g.Paytm,GooglePay,PhonePe,WeChat

Vaulteddigitalgold'sscaleisalsoconcentratedgeographically,withmorethanhalfofitheldinChina,India,andIndonesia9,aregionalfootprintthatthetokenisedgoldmarkethasyettomatch.

Thatsaid,tokenisedgoldhasbeentheprimarysourceofrecentactivity,havingseenfivefoldexpansionsincelate2024(2.8xincreaseinunderlyingvolumes),from$1.2billionto$6billion.Thegrowthhasbeenled

byTetherGold(XAUT)andPaxosGold,whichtoday

representmorethan90%ofthepublictokenised10goldmarket.Tradingactivityhasalsoexpanded,

withcombineddailyvolumesacrossthetwolargesttokensupbyapproximately45%overthepastyear10.Risingtransactionvolumespointtogrowingproductutility(moredetailinSection3)andrepresentan

opportunityforvaluecaptureacrossthevaluechain.

7.BullionVault

8.HSBCGoldToken

9.ChinavolumeisdrivenbyphysicallybackedGoldAccumulationPlans

10.EtherScanOct2026

10

2.

Whyappealisnot(yet)converting

2.WHYAPPEALISNOT(YET)CONVERTINGDIGITALGOLD|MARKETREPORT

Whiledigitalgold'sappeal

isdemonstrablyhigh,itisnot(yet)convertingatscale

Thatgapbetweenappealandconversionisthecentralfindingofourresearchandexplainswhyanincreasinglycompellingmarketremainsrelativelysmall.Tounderstandhowthegapmayclose,wereviewedawarenessoftheproductcategory,familiarityofthechannelsthroughwhichitcanbepurchased,andthefactorsthatconvertawarenessintoownership.

Awarenessisconcentratedamongyoungercohorts,forwhomdigitalinvestingisthedefault

Awarenessishighestamongyoungercohorts,reaching

50%among25-34-year-olds,comparedwith23%amongthoseaged55andover(Exhibit3).Thisreflectsthefactthatyoungergenerationsareenteringfinancialmarketsearlierthanpreviousgenerationsandinvestingthroughdigitalchannelsbydefault.11WereturntowhatthismeansforgrowthinSection4.

Thenewgenerationsdon'tevenhavecashintheirpockets.

Theydon'tneedto

physicallyholdthe

assetanymore.

EXHIBIT3

Digitalgoldawarenessishighestamong25-to34-year-olds

Awarenessofdigitalgold(%)

40%

46%

14%

18-24

n=12,365

50%

38%

12%

25-34

44%

45%

11%

35-44

33%

54%

13%

45-54

23%Yes

66%No

11%Notsure

Agegroups

11.WorldEconomicForum

WORLD

BCG

AmbreSoubiran

CEO,KAIKO

12

2.WHYAPPEALISNOT(YET)CONVERTINGDIGITALGOLD|MARKETREPORT

Distributionthroughfamiliar

channelsdrivesmassadoption

Consumerstendtoinvestsmalleramountsbut

atfarhigherpenetrationratesinmarketswhere

digitalgoldisavailablefractionallythroughfamiliar,mainstreamchannels.InChina,forexample,digitalgoldcanbeaccessedthroughplatformssuchas

WeChat,whichhasmorethan1.4billionmonthly

activeusers¹2.InIndia,itisavailablethrough

Paytm,PhonePeandGooglePay,andinIndonesiathroughPegadaianandBankSyariahIndonesia.

Thesechannelsprovideaccesstolarge,establishedconsumerbasesandenableinvestmentatmuch

loweraverageticketsizesthanchannelsavailableinothermarkets.Asaresult,awarenessandadoptionaresignificantlyhigher:currentpenetrationisup

toseventimesgreaterthaninlessmaturemarkets,whileawarenessismorethandouble(Exhibit4).

Inmarketswhereproductsareofferedthrough

specialistorlessfamiliarchannels(cryptoexchangesorbullion-dealerplatformsratherthanbanking

apps),awarenessismuchlowerandownership

remainsconcentratedamongthewealthy.

Penetrationamonghigher-wealthinvestorsis

approximatelytwoandahalftimesthatoflower-

wealthinvestors.Access,inotherwords,determinesnotjusthowmanypeopleinvestbutwhotheyare.Whereaccessisconstrained,demandpatterns

reflectthoseofspecialistinvestmentproducts.

EXHIBIT4

AwarenessishighestinIndonesia

Awarenessofdigitalgold(%)

Indonesia76%

India71%

China53%

SouthAfrica36%

Brazil31%

Germany31%

Australia30%

USA29%

UK26%

Mexico20%

Japan20%

Canada19%

12.WeChatreportedaccountvolumes

n=12,365

Ithinkit'sveryimportanttodistinguishtheviewsbyregions,especiallygiventheinvestmentflowsweareseeing.InAsia,investmentdemandfor

goldhasbeencomparativelystrong,althoughtrendsvaryacrossindividualmarkets.

AronChan

GoldStrategist,

STATESTREETINVESTMENTMANAGEMENT

BCG

13

2.WHYAPPEALISNOT(YET)CONVERTINGDIGITALGOLD|MARKETREPORT

Houston,wehave

aconversionproblem

Digitalgoldofferssignificantgrowthpotential,butitlagswhenitcomestoconvertingawarenessintoownership(Exhibit5).Thisstandsincontrasttootherinvestmentproducts,whichconvertathigherrates.Onereasonisthattheyhaveaddressedstructural

barriers,whiledigitalgoldhasnot.

33%

Saythatbetterproofandtransparencyofphysicalgoldbackingwouldincreaseadoption

Whatisholdinginvestorsback?

Fourarriersstandinthewayofscaling:Thesearetrust,access,utilityandcost.

Trustistheswingfactor.Moreevidencethattheproductissafeandlegitimate,togetherwithclearerinformationforbeginners,arethefactorsmostoftencitedas

potentialspurstoinvestment.Beyondthosefactors,

33%saythatetterproofandtransparencyofphysicalgoldackingwouldincreaseadoption,and35%saythatclearerregulationandconsumerprotectionswouldhavethesameeffect.

Utilityisanotherpotentialdriverofuptake.Ifinvestorscouldpaywithdigitalgold,earnayieldthrough

lending,orborrowagainstit,theywouldhavemorereasonstobuy.Accessandcostcompletethepicture.Whiletheyarenotkeydriversofdemand,restrictionsonwheredigitalgoldcanbeboughtandwhetheritcancompetewithalternativeinvestmentproducts

arecitedastopreasonsthatwouldpreventsomeoneinvestinginthefuture.

EXHIBIT5

Digitalgoldconvertsawarenessintoownershiplessefficientlythanotherassets

Reportedawareness

80%

60%

40%

20%

0%

Savingsaccount

Stocks/shares

Cryptocurrency

Property/realestate

Funds/ETFs/mutualfunds

Digitalgold

Gold

Government/corporatebondsSilver/preciousmetals

Otherdigitalassets

0%10%20%60%70%

Bubblesize=conversionrateReportedinvestment

n=12,365

14

2.WHYAPPEALISNOT(YET)CONVERTINGDIGITALGOLD|MARKETREPORT

Whatifthebarrierswereaddressed?

Oursurveyhashelpedusquantifytheimpact

ofeachbarrier(Exhibit6).Inaggregate,our

calculationsshowthattakingactiontoaddressallfourarrierscouldreasonalyincrease

participationy13percentagepointsand

allocationsy2.5percentagepoints.Regulatoryorsimilarprotectionisseenasthesinglemost

powerfulleverforparticipation.Together,theseeffectsaccountforthedigitalgoldmarket’stotallatentdemandofupto$700billion.

EXHIBIT6

Trustisthesinglebiggestleverforunlockingparticipationandallocation

PARTICIPATIONUPLIFTALLOCATIONUPLIFT

TRUST

Regulatory-likeprotection

Addressesconcernsaboutproductlegitimacyandcustodyfailurethroughregulatory-likeprotectionforconsumers.

Redemption

Addressesconcernsaboutwhetherthegoldisreallybackedthroughaguaranteedpathtophysicalredemption.

ACCESS

Accessthroughfamiliarchannels

Addresseslimitedpurchasechannelsthroughbroaderbankandaccountaccess.

UTILITY

Yield/income

Extendstheusecasebeyondstoreofvaluebyearningareturnonholdings.

Payments

Extendstheusecasebeyondstoreofvaluebymakinggoldspendabledaytoday.

Collateral

Extendstheusecasebeyondstoreofvalue

bylettinginvestorsborrowagainstholdings.

COST

Cost/fees

Addressesconcernaboutcostthroughpricing

thatiscompetitivewithalternativegoldinvestments.

+5.1pp

+2.1pp

+0.4pp

+2.5pp

+1.5pp

+0.8pp

+0.6pp

+0.6pp

+0.5pp

+0.1pp

+0.5pp

+0.3pp

+0.3pp

+0.2pp

TOTALUPLIFT

2.5pp

13.0pp

Ifallleversareaddressed

n=12,267

Outputfromconjointanalysis,excludesanyupliftfromrespondentswhoseparatelyindicatedtheywereunlikelytoinvestindigitalgoldinthefuture.

15

GORLD16

2.WHYAPPEALISNOT(YET)CONVERTINGDIGITALGOLD|MARKETREPORT

Latentdemandtomatch

thegold-backedETFmarket

Thepotentialmarketfordigitalgoldisfarlargerthancurrentadoptionlevelssuggest.Nearly90%ofsurveyrespondentssaytheywouldconsiderinvestingifthemainbarrierswereaddressed.

Basedonthemodelledincrease

inbothmarketparticipationandportfolioallocation,removalofallthebarrierscouldunlockupto

$700billioninlatentdemand.

Thisisnotanear-termmarketforecast;itisan

estimateofthetotalopportunityintoday'sterms.

Itcangovery,veryfast

whenallthepiecesarethere.

CharlesJansen

ManagingDirector

DeFi&DigitalAssets,

S&PGLOBAL

Icancertainlyseeapathtodigital

goldbecomingasbigastheETFmarketoverthecomingyears.

KurtHemecker

CEO,GOLDTOKENSA,

MKSPAMP

Consumersentimentisconsistentwiththeaggregateindustryview.Ourresearchshowsthatmarket

participantsseepotentialandaremonitoring

demandandexploringoptions.Interestnowspansthevaluechainandencompassesrefinersandmints,exchanges,custodiansandbanks.

Demand,inotherwords,isnottheproblem.

Conversionis.Thethreemostimportantquestionsnowarehowmuchoftheopportunitycanbe

captured,howquickly,andwhatmusttheindustrydotomakeithappen?

Ithinkitwillgrowand

hasthepotentialtogrowwell.

JordanEliseo

GeneralManager,

ABCBULLION

Absolutel...thatthemarketfordigitisedpreciousmetalsisripeforgrowth.

MichaelDiRienzo

PresidentandCEO,THESILVERINSTITUTE

3.

Theresult:

a$160billiónmarketby/2031

3.THERESULT:A$160BILLIONMARKETBY2031DIGITALGOLD|MARKETREPORT

Theresult:a$160billionmarketby2031

Havingidentifiedatotallong-termopportunityofupto$700illion,wesetoutthreescenariosfortheleveloflatentdemandthatcouldbeconvertedintoinvestmentoverthenextfiveyears(Exhibit7):

Inourasecase,theretaildigitalgoldmarket

isprojectedtogrowfromapproximately$45-$55

billiontodayto$160–170billionby2031,representingannualexpansionofaround27%.Atthatsize,the

digitalgoldmarketwouldbemorethanaquarterofthesizeoftoday’sgold-backedETFmarket.

Intheullcase,themarketwillreach$270–$280billionby2031asbarriersareremovedmorerapidly,acceleratingtheconversionofinterestintoinvestment.

Intheearcase,nocurrentmarketbarriersareaddressedatmeaningfulscaleandthemarketwill

expandto$70–$80billionby2031,drivenprimarilybyunderlyingdriversofgrowthinthedigitally-enabledpopulationandininvestablewealth,asopposedto

conversionoflatentdemand.

Thegapbetweenthebearcaseandtheothersis,

ineffect,thevalueoflatentdemandthatisactuallyconverted.Structuraltailwindswillgrowthemarket

regardless,buteverythingabovethebearcase

dependsonthespeedandscaleatwhichthebarriersareaddressed.

EXHIBIT7

Digitalgoldcouldmorethantripleby2031inthebasecase

Digitalgoldmarketsizebyscenario,2026–2031

300

200

100

0

$270–280bn

$160–170bn

$70–80bn

$45–55bn

202620272028202920302031

MarketsizetodayBasecasegrowthBullcaseBearcase

18

19

3.THERESULT:A$160BILLIONMARKETBY2031DIGITALGOLD|MARKETREPORT

Howwebuiltthescenarios

Allthreescenariossharethesamestructuraltailwinds:populationgrowth,arisingshareofdigitallyenabledinvestors,andgrowthininvestablewealth.Wherethey

differisinhowfarandhowfastthefourbarrierswillfall(Exhibit8):

Basecase.Strongerconsumerprotections,

greaterregulatoryclarityandclearredemption

pathwaysinleadingmarketsfostertrust,while

widerbankandmainstreamdistributionexpandaccess.Costsarecompetitivewithalternativegoldinvestmentsandnewyield,collateralandpaymentusecasesseelimitedadoption.

Bullcase.Robustconsumerprotections,a

harmonisedglobalregulatoryframeworkand

transparentbackingwithclearphysicalredemptionbuildtrustacrossmarkets.Banksandscaled

platformsprovidebroadaccess,cost