SCHEDULE: Tether Entities Boost Metalla Royalty Stake to 8.9%

Tether Global Investments Fund and its affiliates have increased their beneficial ownership in Metalla Royalty & Streaming Ltd. to 8.9% 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 beneficially own 8,266,571 common shares of Metalla Royalty & Streaming Ltd.
• This represents 8.9% of Metalla's outstanding common shares, calculated based on 92,561,386 shares outstanding as of November 12, 2025.
• Tether Investments, S.A. de C.V. made open market purchases of Metalla shares between January 12, 2026, and February 4, 2026, at prices ranging from $7.5584 to $8.6765 per share.
• The filing also discloses past regulatory settlements involving Tether entities, including a $41 million civil monetary penalty to the CFTC in October 2021 and an $18.5 million penalty to the NYAG in February 2021.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. While the increased ownership in Metalla could be seen positively for Metalla, the disclosure of Tether's significant past regulatory penalties introduces a cautionary element regarding the reporting entities.

Positives

• Tether entities have increased their beneficial ownership in Metalla Royalty & Streaming Ltd. to 8.9%, indicating continued confidence in the company.
• Recent open market purchases by Tether Investments, S.A. de C.V. demonstrate active accumulation of Metalla shares.

Negatives

• Tether Global Investments Fund (then Tether Holdings Limited) and affiliated entities settled regulatory proceedings with the U.S. Commodity Futures Trading Commission (CFTC) in October 2021, paying a $41 million civil monetary penalty for alleged untrue or misleading statements regarding USDT backing.
• Tether and Bitfinex companies settled a 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 with New York persons/entities and submit to mandatory reporting.

Risks

• The reporting persons, particularly Tether Global Investments Fund, have a history of significant regulatory enforcement actions and penalties from the CFTC and NYAG related to past business practices.
• Giancarlo Devasini, a key reporting person, is associated with entities that have faced regulatory scrutiny.
• The nature of Tether's broader business and its past regulatory issues could introduce reputational or operational risks for entities associated with it, including Metalla, if not managed carefully.

Future Outlook

The filing is an ownership disclosure and does not provide forward-looking statements or guidance regarding Metalla Royalty & Streaming Ltd.'s future performance or the reporting persons' strategic intentions beyond their current investment.

Management Comments

• Tether entities settled regulatory proceedings with the CFTC without admitting or denying any of the CFTC's findings or conclusions.
• Bitfinex and Tether agreed to settle the NYAG proceeding without admitting or denying NYAG's findings.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for transparency in significant ownership stakes, particularly when the acquiring entity, like Tether, has a notable history in the cryptocurrency sector and past regulatory challenges. The continued accumulation of shares in a royalty and streaming company by a major player from the digital asset space could signal a diversification strategy or a belief in the long-term value of precious metals assets.

Comparison to Industry Standards

• StockSavvy.ai observes that an 8.9% beneficial ownership stake is a significant position, often triggering increased scrutiny and potential influence over corporate governance.
• While not a majority stake, it positions the reporting persons as a substantial shareholder in Metalla Royalty & Streaming Ltd., a company operating in the precious metals royalty and streaming sector.
• This level of ownership is comparable to institutional investor stakes in similar mid-cap royalty companies, though the identity of the investor (Tether) adds a unique dimension given its background.

Management Changes

Corporate Governance

Legal Proceedings

• In October 2021, Tether Global Investments Fund (then Tether Holdings Limited) and affiliated entities settled regulatory proceedings with the U.S. Commodity Futures Trading Commission (CFTC), paying a $41 million civil monetary penalty for alleged untrue or misleading statements regarding USDT backing 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 and agreeing to discontinue trading activity with New York persons or entities and submit to mandatory reporting.

Related Party Transactions

• 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 holds a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A., establishing a control relationship among the reporting persons.

Stakeholder Impact

• Shareholders of Metalla Royalty & Streaming Ltd. may view the increased stake by Tether entities as a positive signal of investor confidence, potentially supporting the stock price.
• The association with an entity that has faced significant regulatory penalties (Tether) could introduce reputational considerations for Metalla's stakeholders.

Next Steps

• No specific future actions or milestones are mentioned in this ownership disclosure beyond the ongoing investment.

Key Dates

Keywords

Metalla Royalty & Streaming, Tether Global Investments Fund, Beneficial Ownership, Schedule 13D, Share Acquisition, Royalty and Streaming, SEC Filing, Giancarlo Devasini, CFTC Settlement, NYAG Settlement