SCHEDULE: Tether Entities Disclose Gold Royalty Corp. Stake

Tether Global Investments Fund and Tether International disclose a combined 14.4% stake in Gold Royalty Corp., acquired through open market purchases.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A. and Tether International, S.A. de C.V. have filed an amended Schedule 13D regarding their beneficial ownership of Gold Royalty Corp. common shares.
• The reporting persons collectively own 33,300,000 common shares, representing 14.4% of the outstanding shares as of June 2, 2026.
• These shares are held by Tether International, S.A. de C.V., a subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A.
• Giancarlo Devasini, who has a greater than 50% voting interest in Tether Global Investments Fund, is also listed as a reporting person.
• The filing amends a previous Schedule 13D originally filed on October 24, 2025.
• Transactions in the common shares by the reporting persons during the past 60 days were all open market purchases.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily an update on ownership and past regulatory issues without new strategic announcements or financial performance data.

Positives

• Significant ownership stake of 14.4% in Gold Royalty Corp. established.
• Consistent open market purchases indicate a strategy to increase or maintain holdings.
• The filing is an amendment to existing disclosures, suggesting ongoing engagement with the investment.

Negatives

• Previous regulatory actions against Tether entities by the CFTC ($41 million penalty) and NYAG ($18.5 million penalty) are noted, related to past disclosures about USDT backing.
• The beneficial ownership structure involves a subsidiary and a controlling individual, adding complexity.

Risks

• Past regulatory actions by the CFTC and NYAG highlight potential scrutiny regarding disclosures and operations.
• The reliance on a subsidiary for shareholding could introduce additional layers of risk or complexity.
• The filing does not detail the strategic intent behind the stake, leaving potential future actions and their impact uncertain.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding future actions or performance related to the Gold Royalty Corp. investment.

Management Comments

• The reporting persons disclaim beneficial ownership of shares except to the extent of their pecuniary interest.
• Each reporting person has voting and dispositive power with respect to the beneficially owned shares.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing by Tether-affiliated entities indicates a significant investment in Gold Royalty Corp., a company operating in the precious metals royalty and streaming sector. This move by a major player in the digital asset space into a traditional resource-focused company could signal diversification strategies or a belief in the underlying asset value of Gold Royalty Corp.

Legal Proceedings

• In October 2021, Tether paid a $41 million civil monetary penalty to the CFTC to settle allegations of making untrue or misleading statements regarding USDT backing between June 2016 and February 2019.
• In February 2021, Tether and Bitfinex companies paid $18.5 million to the State of New York to settle a 2019 proceeding related to fund transfers and agreed to discontinue trading with New York persons/entities and submit to mandatory reporting.

Related Party Transactions

• Tether International, S.A. de C.V. is a wholly owned subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A.
• Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A.

Stakeholder Impact

• Shareholders of Gold Royalty Corp. may see increased attention on the company due to the significant stake held by Tether-affiliated entities.
• Regulatory bodies may continue to monitor Tether's disclosures and operations, given past settlements.

Next Steps

• Continued monitoring of Gold Royalty Corp. for any strategic developments or further disclosures from Tether entities.
• Potential for future amendments to the Schedule 13D if ownership levels change significantly.

Key Dates

Keywords

Gold Royalty Corp., Tether, Schedule 13D, Beneficial Ownership, Common Shares, Regulatory Proceedings, Open Market Purchases, Investment