SCHEDULE: Tether Entities Increase Metalla Royalty Stake

Tether Global Investments Fund and its subsidiaries have increased their beneficial ownership of Metalla Royalty & Streaming Ltd. common shares to 11.0%.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A., along with its controlled subsidiaries Tether International, S.A. de C.V. and Tether Investments, S.A. de C.V., have collectively increased their beneficial ownership of Metalla Royalty & Streaming Ltd. common shares.
• The total beneficial ownership now stands at 10,266,571 common shares, representing 11.0% of the outstanding shares.
• This filing is an amendment (Amendment No. 6) to a previously filed Schedule 13D.
• The increase in ownership is due to open market purchases made by Tether Investments, S.A. de C.V. between April 13, 2026, and May 8, 2026.
• Giancarlo Devasini, who has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A., is also listed as a reporting person.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this filing as having a neutral to slightly negative sentiment due to the increase in ownership being overshadowed by the disclosure of past significant regulatory penalties against Tether entities.

Positives

• Increased beneficial ownership in Metalla Royalty & Streaming Ltd. by Tether entities, indicating continued investment and confidence.
• The reporting persons have acquired shares through open market purchases, suggesting a strategic accumulation of Metalla Royalty shares.

Negatives

• The filing references past regulatory proceedings against Tether entities, including a $41 million penalty from the CFTC and an $18.5 million settlement with the New York Attorney General, related to allegations concerning the backing of USDT.
• The beneficial ownership is held through various subsidiaries, which can add complexity to corporate structure and governance.

Risks

• Past regulatory actions by the CFTC and NYAG highlight potential risks associated with Tether's operations and disclosures.
• The reliance on subsidiaries for shareholding could introduce complexities in reporting and control.

Future Outlook

The filing primarily concerns current beneficial ownership and recent transactions. It does not contain specific forward-looking statements or guidance regarding Metalla Royalty & Streaming Ltd.'s future performance or Tether's future investment strategy.

Management Comments

• The reporting persons disclaim beneficial ownership of shares except to the extent of their pecuniary interest (Giancarlo Devasini).
• The filing notes that the Schedule 13D is being amended to reflect the current reporting persons and that, except as set forth, the Schedule 13D is unmodified.

Industry Context

StockSavvy.ai notes that this filing indicates a significant investment by Tether-affiliated entities in Metalla Royalty & Streaming Ltd., a company operating in the royalty and streaming sector of the mining industry. The increase in stake suggests a strategic interest, potentially positioning Tether as a key stakeholder. This occurs against a backdrop of ongoing scrutiny of Tether's own operations and regulatory history.

Legal Proceedings

• In October 2021, Tether paid a $41 million civil monetary penalty to the CFTC without admitting or denying findings that Tether made untrue or misleading statements regarding whether USDT was fully backed by U.S. Dollars.
• In February 2021, Tether and Bitfinex companies settled a 2019 proceeding with the New York Attorney General by paying $18.5 million in penalties and agreeing to discontinue trading activity with New York persons/entities and submit to mandatory reporting.

Related Party Transactions

• Tether Global Investments Fund, S.I.C.A.F., S.A. holds shares through its controlled subsidiaries, Tether International, S.A. de C.V. and Tether Investments, S.A. de C.V.
• 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 Metalla Royalty & Streaming Ltd.: The increased stake by Tether entities could signal a more active role or influence, which may be viewed positively or negatively depending on investor sentiment towards Tether.
• Creditors of Tether: The past regulatory penalties and ongoing scrutiny of Tether's reserves could impact its financial stability and ability to meet obligations.
• Regulators: The filing may draw attention from regulators due to Tether's history of regulatory issues.

Next Steps

• Continued monitoring of Metalla Royalty & Streaming Ltd. for any further disclosures or strategic moves by Tether entities.
• Observation of any future amendments to the Schedule 13D by the reporting persons.

Key Dates

Recommendation

The filing shows an increase in beneficial ownership by Tether entities in Metalla Royalty & Streaming Ltd., which could be interpreted as a positive signal of investment conviction. However, the significant historical regulatory penalties against Tether entities introduce considerable risk and uncertainty. Therefore, a 'hold' recommendation is appropriate, suggesting investors monitor further developments and the company's strategic direction without immediate aggressive action.

Keywords

Schedule 13D, Tether, Metalla Royalty & Streaming Ltd., Beneficial Ownership, Common Shares, Open Market Purchases, Regulatory Proceedings, SEC Filing, Investment