$BTC is digital Gold
The first wave of institutional crypto adoption centered on $BTC as digital gold.
Not because it generated yield.
Because it offered scarcity, portability, and macro hedge exposure.
Now capital is rotating toward assets that preserve value while producing income.
Tokenized treasuries.
Yield-bearing RWAs.
Productive commodities.
GLDY fits directly into that next allocation layer by maintaining physical gold exposure while compounding in additional gold units through real-world leasing.
Digital gold established the hedge. Productive gold evolves the allocation.