SCHEDULE: Tether Entities Restructure Gold Royalty Holdings

Tether Global Investments Fund and its affiliates reported an internal transfer of 30.3 million Gold Royalty Corp. common shares, maintaining their 13.5% stake.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A., Tether International, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini (collectively, the "Reporting Persons") filed Amendment No. 6 to their Schedule 13D.
• The Reporting Persons collectively beneficially own 30,300,000 common shares of Gold Royalty Corp., representing 13.5% of the outstanding shares.
• This percentage is based on 224,530,457 common shares outstanding as of December 31, 2025, as reported in Gold Royalty Corp.'s Form 20-F filed on March 19, 2026.
• Effective March 24, 2026, Tether Investments, S.A. de C.V. transferred 30,300,000 common shares to Tether International, S.A. de C.V.
• This transfer resulted in no change to the aggregate number of common shares beneficially owned by the Reporting Persons.
• Tether Investments, S.A. de C.V. made open market purchases of 1,062,469 common shares between February 10, 2026, and February 13, 2026, at prices ranging from $4.3035 to $4.4843.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as moderately positive for Gold Royalty Corp. due to the continued strong conviction and recent accumulation by a significant institutional investor, despite the administrative nature of the primary share transfer.

Positives

• The Reporting Persons maintain a significant 13.5% stake in Gold Royalty Corp., indicating continued conviction in the company.
• Recent open market purchases by Tether Investments, S.A. de C.V. suggest ongoing accumulation of shares.

Risks

• The reporting entities, Tether Global Investments Fund, S.I.C.A.F., S.A. (formerly Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited, settled regulatory proceedings with the U.S. Commodity Futures Trading Commission (CFTC) in October 2021, paying a civil monetary penalty of $41 million for alleged untrue or misleading statements regarding USDT backing.
• Tether and affiliated Bitfinex companies settled with the Office of the Attorney General of the State of New York (NYAG) in February 2021, paying $18.5 million in penalties and agreeing to discontinue trading with New York persons/entities and submit to mandatory reporting.
• Giancarlo Devasini disclaims beneficial ownership of the shares except to the extent of his pecuniary interest, which could imply a complex ownership structure.

Future Outlook

No specific forward-looking statements or guidance regarding Gold Royalty Corp.'s future performance or the Reporting Persons' future investment intentions beyond the current ownership structure are provided.

Industry Context

StockSavvy.ai notes that the continued significant stake held by Tether-affiliated entities in Gold Royalty Corp. underscores a potential long-term investment thesis in gold royalties, possibly as a diversification strategy for entities primarily known for stablecoin operations. This move aligns with a broader trend among institutional investors seeking exposure to hard assets and inflation hedges, especially given the current macroeconomic environment. The internal transfer of shares suggests a restructuring within the Tether group's investment portfolio rather than a change in overall investment strategy in Gold Royalty Corp.

Comparison to Industry Standards

• The 13.5% stake held by Tether-affiliated entities is a substantial minority interest, comparable to significant institutional holdings seen in other mid-cap royalty companies. For instance, major institutional investors often hold similar or larger stakes in companies like Franco-Nevada Corporation or Wheaton Precious Metals Corp., though these are larger market cap peers.
• The recent open market purchases by Tether Investments, S.A. de C.V. at prices between $4.3035 and $4.4843 indicate a valuation point at which the reporting persons found Gold Royalty Corp. shares attractive, potentially signaling a belief in the company's intrinsic value at these levels.
• The past regulatory issues of the Tether entities (CFTC $41 million, NYAG $18.5 million) are significant, but common for large, rapidly growing entities in the cryptocurrency space, and are not directly comparable to typical regulatory issues faced by traditional gold royalty companies. These settlements highlight the unique regulatory scrutiny faced by the reporting persons' primary business.

Legal Proceedings

• In October 2021, Tether Global Investments Fund, S.I.C.A.F., S.A. (then Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited settled regulatory proceedings with the U.S. Commodity Futures Trading Commission (CFTC), paying a civil monetary penalty of $41 million without admitting or denying findings. The allegations concerned untrue or misleading statements about USDT being fully backed by U.S. Dollars from June 2016 to February 2019.
• In February 2021, Tether and several Bitfinex companies settled a 2019 proceeding with the Office of the Attorney General of the State of New York (NYAG), paying $18.5 million in penalties. The agreement also required discontinuing trading activity with New York persons or entities and submitting to mandatory reporting on certain business functions.

Related Party Transactions

• The transfer of 30,300,000 Common Shares from Tether Investments, S.A. de C.V. to Tether International, S.A. de C.V. is an internal transaction between affiliated entities within the Tether group.

Stakeholder Impact

• Shareholders: The continued significant ownership by Tether-affiliated entities may provide a degree of stability and confidence, as a major investor maintains its stake. The internal transfer does not dilute existing shareholders.
• Management: Gold Royalty Corp.'s management continues to operate with a stable, large shareholder base.

Key Dates

Recommendation

The filing indicates a stable, significant ownership stake by Tether-affiliated entities in Gold Royalty Corp., with recent open market purchases suggesting continued confidence at current price levels. However, the primary event is an internal restructuring of holdings, not a new investment or divestment, thus not warranting a change in investment posture. The past regulatory issues of the reporting entity, while notable, are not directly related to Gold Royalty Corp.'s operations or prospects.

Keywords

Gold Royalty Corp, Tether Global Investments Fund, Tether International, Tether Investments, Giancarlo Devasini, Schedule 13D, Beneficial Ownership, Common Shares, Share Transfer, Gold Mining, Royalty Company, SEC Filing