SCHEDULE: Tether Entities Boost Metalla Royalty Stake to 10%

Tether Global Investments Fund and affiliates have increased their beneficial ownership in Metalla Royalty & Streaming Ltd. to 10.0% through recent open market purchases.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V., and Giancarlo Devasini (collectively, the "Reporting Persons") have filed Amendment No. 4 to their Schedule 13D regarding Metalla Royalty & Streaming Ltd.
• The Reporting Persons beneficially own an aggregate of 9,266,571 common shares of Metalla Royalty & Streaming Ltd., representing 10.0% of the outstanding common shares.
• This percentage is calculated based on 92,561,386 common shares outstanding as of November 12, 2025.
• Tether Investments, S.A. de C.V. made open market purchases of Metalla Royalty & Streaming Ltd. common shares between February 5, 2026, and March 12, 2026, at prices ranging from $7.1860 to $9.0301 per share.
• Giancarlo Devasini, Sole Administrator of Tether Investments, S.A. de C.V., and with a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A., also reports beneficial ownership of these shares.
• Omar Rossi is the Sole Administrator of Tether Global Investments Fund, S.I.C.A.F., S.A., and Paolo Ardoino is the Alternate Administrator of Tether Investments, S.A. de C.V.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development for Metalla Royalty & Streaming Ltd., as it signifies continued investor confidence and accumulation of shares by a significant entity. However, the historical regulatory issues associated with the Tether entities introduce a degree of reputational complexity.

Positives

• The Reporting Persons, including Tether entities, have increased their stake in Metalla Royalty & Streaming Ltd. to 10.0%, indicating continued confidence in the company.
• Recent open market purchases demonstrate active investment in Metalla Royalty & Streaming Ltd. shares.

Negatives

• Tether Global Investments Fund (f/k/a Tether Holdings Limited) and affiliated entities were subject to regulatory proceedings by the U.S. CFTC in October 2021, resulting in a $41 million civil monetary penalty for alleged untrue or misleading statements regarding USDT backing.
• Tether and Bitfinex companies settled a 2019 proceeding with the NYAG in February 2021, paying $18.5 million in penalties and agreeing to discontinue trading activity with New York persons/entities and submit to mandatory reporting.

Risks

• The historical regulatory issues faced by Tether entities with the CFTC ($41 million penalty) and NYAG ($18.5 million penalty) could pose reputational or operational risks to the Reporting Persons, which might indirectly affect their investment strategies or public perception.
• The requirement for Tether and Bitfinex to discontinue trading with New York persons/entities and submit to mandatory reporting could limit their operational scope or increase compliance burdens.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding Metalla Royalty & Streaming Ltd. or the Reporting Persons' future investment intentions beyond the disclosure of their current ownership and recent purchases.

Management Comments

• Mr. Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest.

Industry Context

StockSavvy.ai notes that the increased stake by Tether entities in Metalla Royalty & Streaming Ltd. highlights continued interest from diverse investment groups, including those with ties to the cryptocurrency sector, in traditional asset classes like royalty and streaming companies. This trend suggests a potential diversification strategy by crypto-affiliated entities seeking exposure to hard assets and stable cash flows, which are characteristic of the royalty and streaming business model in the mining industry.

Comparison to Industry Standards

• StockSavvy.ai observes that a 10.0% stake in a publicly traded company like Metalla Royalty & Streaming Ltd. is a significant passive investment, often signaling a long-term strategic interest rather than an activist position, typical for institutional investors in the royalty and streaming sector.
• For instance, major royalty companies like Franco-Nevada Corporation or Wheaton Precious Metals Corp. often see substantial institutional ownership, though direct comparisons of specific stakes by crypto-affiliated entities are less common.
• The average purchase price range of $7.1860 to $9.0301 per share reflects market conditions during the purchase period, which would need to be benchmarked against Metalla's peer group performance and broader precious metals market trends to assess relative value.

Legal Proceedings

• Tether Global Investments Fund (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) in October 2021, paying a civil monetary penalty of $41 million for alleged untrue or misleading statements regarding USDT backing.
• Tether and several Bitfinex companies settled a 2019 proceeding 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 activity with New York persons or entities and submit to mandatory reporting.

Related Party Transactions

• The filing indicates that Tether Investments, 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., and his beneficial ownership is derived through Tether Investments.

Stakeholder Impact

• Shareholders: Increased institutional ownership by Tether entities could be seen as a positive signal, potentially supporting share price stability or future strategic alignment.
• Management: The significant stake held by the Reporting Persons may lead to increased engagement or influence on corporate strategy, though no activist intent is stated.

Next Steps

• The Reporting Persons will continue to monitor their investment in Metalla Royalty & Streaming Ltd.
• Further amendments to the Schedule 13D will be filed as required by changes in beneficial ownership or other material events.

Key Dates

Recommendation

The filing indicates a significant and growing stake by Tether entities in Metalla Royalty & Streaming Ltd., which could be viewed positively as a vote of confidence. However, the historical regulatory issues associated with the Tether group introduce a layer of uncertainty and potential reputational risk. While the increased ownership suggests long-term interest, the broader implications of Tether's involvement and its past regulatory challenges warrant a cautious 'hold' recommendation for seasoned investors, pending further clarity on the strategic intent and any potential impact of the Reporting Persons' history.

Keywords

Metalla Royalty & Streaming, Tether, Schedule 13D, Beneficial Ownership, Royalty, Streaming, Mining, Investment, Giancarlo Devasini, Omar Rossi, SEC Filing, Common Shares, Open Market Purchases