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Tether boosts stake in Metalla Royalty & Streaming to about 14%

Tether spent $1.36 million to buy 149,116 Metalla shares at $9.14 each, lifting its position to 13.2 million shares.

Reported · Written up by our desk · Market Structure

Tether International has increased its ownership in Metalla Royalty & Streaming to roughly 14%, deepening its push from stablecoin capital into Canadian mining royalties, according to Mining.com. Mining.com reports that the El Salvador-based investment firm bought 149,116 Metalla shares on Monday for $1.36 million, or C$1.9 million, at about $9.14 per share. The purchase raised Tether’s holding to 13.2 million shares, bringing its stake to about 14% based on 93.5 million shares outstanding. Metalla’s portfolio includes a 1.5% royalty over part of Iamgold’s Côté mine and all of the adjoining Gosselin deposit in northeastern Ontario, and Tether’s buying reflects interest in gold exposure through royalty stakes. Mining.com notes that royalty investments provide exposure to mine revenue and metal prices without taking on mine construction and operating costs, a strategy Tether began last year with an investment in Elemental Altus Royalties. Because Tether’s purchases since a June filing exceeded 2% of Metalla’s outstanding shares, an additional early-warning disclosure was required. Metalla shares were down 1.3% to C$12.60 apiece by mid-Wednesday in Toronto, valuing the company at about C$1.2 billion, or $851 million.

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