Thom McMahon

[Luke Gromen @LukeGromen]

USD remains most USED global currency.

Gold becomes most RESERVED global asset.

Behold the new global monetary system, where the "Store of Value" function is separated from the "Medium of Exchange" & "Unit of Account" functions...hiding in plain sight 👇

[Abaxx Exchange @abaxx_exchange]

Tomorrow, Chief Commercial Officer Joe Raia joins a panel discussion at the Energy Trading Leaders Summit exploring how broader financial participation is influencing energy trading -- and how Abaxx is connecting institutional price discovery with the physical realities of global energy trade to deliver smarter energy markets.

[Josh Crumb 🆔++ @JoshCrumb]

I’m about to get a lot of angry phone calls. Book at ~$200mm and after some major fund wall-cross fill or kills (that we had to cut anyway), allocating the rest (even with 20% upsize) was like trying to squeeze the hover damn though a firehose to quote the legend.
#29ers $ABXX.TO

[Russell Robertson Abaxx CBDO @ru55rob]

And we’re off 🐎 🐎

You don’t see new physically delivered futures contracts getting listed often in the market. It’s a complicated business with many moving parts.

This is the beauty of @abaxx_exchange working with @abaxx_spot and @abaxx_tech @abaxx_labs

We can build and deliver market evolving products quickly and efficiently to help manage historic basis risk. Precious Metals pricing is not just about London and New York … we now have viable Asia benchmarks that should be part of any portfolio.

To me it’s all about international connectivity. Bringing together the old and new. Evolution not Revolution … maybe a little rebellion 💪

Let’s Go @JoshCrumb @JoeRaia5

[Joseph Metcalf @JosephTMetcalf]

In the Zone to break another @abaxx_exchange LNG record 2nd day in a row. @JoeRaia5 @JoshCrumb

6,366+ LNG Lots and Counting. 4,238 NPA alone should be more than 50% of JKM Volume. I would say the market is indicating NPA is and will be the current LNG Physical Benchmark 🏁

[Josh Crumb 🆔++ @JoshCrumb]

Reminder, this has never been done before in global markets:

Greenfield global commodity clearinghouse (first in decades), full slate of new physical-futures contracts, designed and built by our team in-house with commercial clients (not just the banks), can’t be traded anywhere else, volumes building across the board with more connectivity incoming…and 🔜 the world’s only “tradfi t+0” collateral system with MarketOS to be ready for gold & money market clearing later in the year (subject to meeting all regulatory).
#LNG #Gold #Lithium #Silver #Carbon #Renewables

Still pilot scale relative to where we will be to meet our “before the end of the decade #29ers goals”, 2026 still a prove out and onboarding year, but ya’ love to see it.
Human Capital >> Financial Capital
$ABXX.TO #MarketBuilders

[Josh Crumb 🆔++ @JoshCrumb]

50mm book now has ~3x in orders (even with 5:30pm PR), but it’s not a sales-desk marketed deal. Long only institutions who did the work get fills (was already full this weekend before launch), nobody gets in to try and flip a discount. Not in this book. Earn your long-term hold shares or buy in the market.

[Josh Crumb 🆔++ @JoshCrumb]

Yes, record volume trading day for Abaxx #LNG markets yesterday at @abaxx_exchange

Eye on the prize (7 years in).

We believe that operating the LNG benchmark futures market is a $_2.5B-5B “winner takes most” liquidity asset (based on industry comps for other high-ADV commodities market benchmarks relative to the size of the physical underlying market).

Abaxx is the only commodity clearinghouse globally that operates a physical-futures market for LNG, which means the clearing members and CCP guarantee both the price-risk hedge AND the quantity-risk hedge buyer/seller of last resort. #CentralBankOfMolecules

Still early, but we believe the consensus on Abaxx becoming the benchmark LNG price, forward pricing that in to Abaxx, could be just ~18mo path from here (by ~2027YE). Much more to come over the coming months/quarter or so on derisking the use of Abaxx pricing, onboarding, data distribution, partnerships in Asia, and more.
#29ers $ABXX.TO

[Abaxx Exchange @abaxx_exchange]

Silver Singapore Futures Now Live for Trading

The physically deliverable, 1,000 oz, .9999 silver contract provides a new regional benchmark to support risk management for Asia’s expanding solar and industrial silver markets.

[Abaxx Technologies Inc. @abaxx_tech]

"We’re looking to solve massive bottlenecks as a commodity-native markets team with the best emerging tools."

Abaxx’s Q1’26 Earnings and Business Update replay is now available, covering @abaxx_exchange volume growth, MarketOS™ commercialization, Digital Title, @abaxx_labs and the Company’s upcoming #TSX listing.

Add'l materials: https://t.co/jXQLS72BoH

[Michelle Makori @MichelleMakori]

The architecture of global commodity markets is starting to shift.

A new physically deliverable silver futures contract is launching in Singapore through Abaxx Exchange.

Why does that matter?

Because exchanges sit at the center of global price discovery, liquidity, settlement, and market trust.

For years, there have been claims that highly leveraged paper trading in Western precious metals markets, particularly on exchanges like COMEX, can manipulate or distort prices relative to underlying physical supply and demand.

Now, Asia is building alternative infrastructure around physically settled commodity contracts tied more directly to regional trade flows and actual metal delivery.

And this is happening at the same time the global financial system itself is becoming more multipolar.

Countries are diversifying reserves.
Building alternative payment rails.
Accumulating gold.
Reducing dependence on Western financial infrastructure.
And increasingly seeking greater influence over commodity pricing and settlement.

If more liquidity and price discovery gradually migrate East, how does that change precious metals markets?

If physically settled exchanges begin playing a larger role in determining benchmark prices, does pricing begin reflecting actual metal availability and strategic demand more closely?

And what are the long-term implications for gold and silver valuations if global commodity pricing becomes increasingly multipolar?
@MilesFranklinCo

[Abaxx Exchange @abaxx_exchange]

Abaxx to Launch Silver Singapore Futures on May 22, 2026

Abaxx expands its precious metals offering with new 1,000 oz, four-nines silver futures contract, purpose-built for the commercial requirements of the global industrial silver market.

Read Release
https://t.co/COub8xn8ZV

[James Duade @James_Duade]

Great post Josh, thank you for clearly articulating how Abaxx differs substantially from ICE on 24/7 trading and instant settlement.

You noted that you are surprised that Jeff as an engineer doesn’t see the faulty logic behind how ICE is approaching 24/7 trading, but I would argue that Jeff is more of a pragmatist and opportunist than an engineer—and I don’t mean any disrespect as he clearly has amazing instincts and business acumen

Someone correct me if I’m wrong, but Jeff bought a power trading firm with existing proprietary tech and then built that up over time, but he didn’t create it from scratch, that power trading firm became ICE. Then Jeff and GS merged the International Petroleum Exchange (owner of the Brent contract) with ICEs power trading business. IC3 eventually bought and bolted on a clearinghouse which became ICE Clear Europe, they bought the NYSE and pretty much used their attractive cost of capital to buy every critical piece of infrastructure they own…so I don’t see him as a builder but a shrewd acquirer IMHO. Don’t take my word for it, you can review ICE’s history and M&A 👇

https://t.co/fvMDIy9ob5

Compare that up against Abaxx that built their own Exchange, Clearinghouse, Custodian (Adaptive), Securities Exchange (Frontline), Spot markets, identity protocol, agents protocol, MarketOS trading platform, and even created a carbon credit company from scratch—everything Abaxx is today was more or less built from scratch!

Makes you wonder what will happen when they realize that their current 24/7 plans are a likely dead end and their acquisition of Polymarket can’t help them in a world that requires legal finality not blockchain finality.

[Josh Crumb 🆔++ @JoshCrumb]

Wow, I couldn’t disagree more with something that ICE CEO Jeff Sprecher said in this interview today. This is such a massive tailwind for Abaxx that I don’t believe is understood or factored into our market and valuation at all. I’ll go over this more in our quarterly call this week.

..First off, I have nothing but respect for Mr. Sprecher and what he’s built. It’s nice to see an exchange founder with this mainstream airtime. And he’s been nothing but encouraging and nice to me in our few brief interactions.

But our tech approach and vision is very different. When talking about 24/7 markets and the global distribution networks for capital markets over the internet (the shared goal and endpoint for both companies, both in pilot and rollout phase now), this is what Jeff says when talking about ‘blockchain’:

“..we’re not only going to have to change our technology, but we’re going to need to change how our legal contracts work, how things settle, what happens in bankruptcy”.

Jeff perfectly articulated the impossible part out loud, which we’ve been talking about extensively over the past year. Not only does the “blockchain #RWA vision” require worse technology systems to be distributed and sold into all institutions, adding more tech operations and more layers to the existing system (more fragility) to realize this flawed-vision of centralized ‘bearer token finance’—but we’ll also need to rewrite laws (in harmonization!) across the whole global daisy chain of distribution to not have solvency gaps? For what end goal, to maximizes the value of blockchain “bearer tokens” held by crypto funds, to try and backfill the the pre-sold bag of under-utilized “blockspace markets” for an exploding number of pseudo-decentralized (but legally reversible) L1/L2 surveillance-chains with no actual business moat?

I’m very surprised that a fellow engineer, Mr. Sprecher, thinks that replacing both global financial institutions core tech, and all global legal frameworks, is the optimum path here.

At Abaxx, we have a totally different engineered path to the reach the same end state (24/7, global, digital), while needing no replacement infrastructure and no new laws.

Why? How? Our core primitive is decentralized and resolvable [private] digital identity, and real-time #LegalFinality, which is always more important than #LedgerFinality when Law (🪨) beats Ledger (✂️); as securities and asset laws can always overturn ledgers with RWA. And our systems work with existing ledgers (centralized, regulated, private blockchains, public blockchains, any), and existing laws.

Can’t wait for the market to finally see and understand this about what Abaxx Tech has built with 🆔++ (and 🔜 at agentic operating speed with Agents++) in the second half of the year as our systems go live. Wow, so glad I watched this.
#29ers $ABXX #MarketOS

[Josh Crumb 🆔++ @JoshCrumb]

Chicago has a deep, rich history of commodity trading, I’ll always respect that city and its ecosystem and champions. But nearly every generalist investor that isn’t in commodities, most tech investors (and there are far more discretionary tech investors than commodity investors these days), can’t really tell you how WTI works, or that CME owns the NYMEX and a lot of the US energy futures complex.

So why is this relevant? As the next generation, social internet natives, we’re building more than an exchange. We’re building a brand at Abaxx (the fourth, shadow five-sided network). Why invest millions over the years in @Smarter_Markets, building a voice and a brand identity, running a weekly podcast without ads or abaxx promotion every week, even putting it in the header of our PRs?

Now we have @CommodMkt as co-chair of Abaxx Markets. It’s inevitable that he will have hundreds of thousands of followers on social, millions of views and viral clips from BBG interviews even on tick tock. Every piece of long form research Jeff puts out going forward will be under the Abaxx brand. We’ll own the customer list of every RIA and institutional investor on the mailing lists.

Every time Jeff goes on BBG or CNBC, Abaxx branded benchmark prices will be on the screen behind him.

And then there is the Abaxx ID++ tech and Agents++ ecosystem to unite the clans (fuelled by Biebs one day!? ;), commodities investors and tech investors. The Bits and Atoms thematic with room to run well into the 2030s.

When you think of watching a movie these days you think “Netflix”. When you think about where your energy and commodities prices come from one day, I want people to think, “The Abaxx”. That’s the vision, thats the investment, thats the network of networks we’re building. Get your tickets now, while we’re still grinding out the early stages of the brand building, hand to hand combat building the first nodes of the network. night after night rocking the small venues.
#29ers $ABXX #WorldBuildersOrBust

[Abaxx Technologies Inc. @abaxx_tech]

Abaxx Provides Corporate Milestone Update

The Company issued a six-month operational milestone update, covering a period of accelerated commercial execution focused on building exchange liquidity & driving commercialization of its digital infrastructure

https://t.co/nZj43AvmCY

[Josh Crumb 🆔++ @JoshCrumb]

Human Capital >> Financial Capital.
Welcome, Co-Chairman Currie @CommodMkt
#29ers

[abaxx_labs @abaxx_labs]

Meet Agents++

Our first open-source release to develop the next generation of technology that will build smarter markets.

Agents are moving from tools to actors, initiating and coordinating actions across systems as delegated extensions of users and institutions.

[Josh Crumb 🆔++ @JoshCrumb]

Re Compute futures news:

I like what I’ve seen out of Silicon Data, but this contract as a futures market would be another bet against indexation (ie little reflexivity and price discovery from the actual curve - this is paper compute not physical).

Thus, I’m skeptical that it could form deep liquidity and broad benchmarking status for an industry not used to hedging in the first place, and too much basis and idiosyncratic situational risk for data centre financiers to be overly reliant on it.

We’re working on next generation market infrastructure that deals with actual “physical compute”, not paper compute (🆔++ and Agents++ plays into this perfectly).

Just like commodity capex infrastructure, firms need off-take (quantity, not just price) guarantees to spend the Nth dollar of capital, and the natural commercial buyers will want guaranteed access when the market is in shortage (backwardation price discovery). This is the real natural utility of a future market for buyers and sellers.

Right now the oil market has a similar situation to the inference compute market, there is a paper price but hard to find actual quantity without actual delivery premiums well above the “paper price”. A backwardated curve with a quantity delivery guarantee from a clearinghouse (seller of last resort) wind find the actual marginal price spikes for limited capacity (and AI companies could stop throttling demand). And with a real physical curve, like most commodities companies, data centers (and their financiers) could protect their downside by understanding the worst case scenario of “cheapest to deliver compute pricing” out the curve, but then own that upside price spike call option when markets are in shortage.

[Josh Crumb 🆔++ @JoshCrumb]

Not yet, but the reference libraries will be some of the next releases from Labs (runtime implementation, important knowledge workflow integrations etc — see imbedded tweet).

What’s important though, is that everything about work (and software development) has changed. Part of our @abaxx_labs approach and strategy is not just what they release, but Ian is personally building and experimenting with the next generation staffing and management of an organization; a recursive organizational structure between humans and agents—where agents work for human orchestrations, and then humans orchestrate the next level ticketing coming off the agents (only possible in a highly regulated industry with tools like Agents++ btw).

Two years ago Ian mapped out a 100+ person organization for how the ID++ network business model will work at scale. That’s now been reduced by at least 2/3 in human head count and probably 80% in timeline to get there. It’s why I’m so darned excited by what Ian is doing, it will be a template and sandbox for how we run everything else at Abaxx as the model and tools mature; blitzscaling with little additional operational and software development headcount.

[…oh yeah, and our only Exchange and Clearinghouse competitors are 100x our size (a school bus trying to turn the bus and compete with our Baja car on our generation’s hightech race course), and they have nothing like Agents++ or Abaxx Labs to sandbox and roll out across the broader org to constantly disrupt and reinvent themselves (good luck with entrenched managers milking monopolistic cash flows with massive disincentives to change). Our ‘Back to the Futures’ thesis in action: the mostly forgotten d school art of building physical futures, but on next gen tech with next gen tech organizational speed and agility]

https://t.co/XDsfUU1cVx