SCHEDULE: Tether Entities Increase Metalla Royalty Stake

Tether Global Investments Fund and Tether International disclose a combined 13.5% stake in Metalla Royalty & Streaming Ltd. following recent open market purchases.

Summary

• Tether Global Investments Fund, S.I.C.A.F., S.A. and Tether International, S.A. de C.V. have collectively acquired a 13.5% stake in Metalla Royalty & Streaming Ltd.
• This stake amounts to 12,587,333 common shares.
• The reporting persons have shared voting and dispositive power over these shares.
• The filing is an amendment (Amendment No. 9) to a previous Schedule 13D filing.
• Recent open market purchases of Metalla Royalty & Streaming Ltd. common shares were made by Tether International, S.A. de C.V. between June 16, 2026, and July 15, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reporting on increased shareholding and past regulatory events without new strategic announcements or financial performance data.

Positives

• Increased beneficial ownership in Metalla Royalty & Streaming Ltd. to 13.5%.
• Active engagement in open market purchases to increase stake in Metalla Royalty & Streaming Ltd.

Negatives

• Previous regulatory actions against Tether entities by the U.S. Commodity Futures Trading Commission (CFTC) and the Office of the Attorney General of the State of New York (NYAG) are disclosed.
• The CFTC settlement in October 2021 involved a $41 million civil monetary penalty related to allegations of untrue or misleading statements about USDT backing.
• The NYAG settlement in February 2021 involved a $18.5 million penalty and required discontinuing trading activity with New York persons or entities.

Risks

• Past regulatory actions by the CFTC and NYAG, including penalties and admissions of misleading statements or omissions, could pose reputational and operational risks.
• The disclosure of past regulatory proceedings may lead to increased scrutiny from other regulatory bodies or investors.
• The reliance on controlled subsidiaries for shareholding introduces potential complexities in corporate governance and reporting.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding future performance or strategy beyond the disclosed shareholdings and past transactions.

Management Comments

• Omar Rossi, Sole Administrator of Tether Global Investments Fund, S.I.C.A.F., S.A., signed the filing.
• Giancarlo Devasini, Sole Administrator of Tether International, S.A. de C.V., and individually, signed the filing.
• Paolo Ardoino is listed as Alternate Administrator for Tether International, S.A. de C.V.

Industry Context

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

Legal Proceedings

• In October 2021, Tether entities paid a $41 million civil monetary penalty to the CFTC without admitting or denying findings related to misleading statements about USDT backing.
• In February 2021, Tether and Bitfinex entities paid $18.5 million to settle a 2019 NYAG proceeding, which also required discontinuing trading with New York persons/entities and submitting to mandatory reporting.

Related Party Transactions

• Tether International, S.A. de C.V. is a controlled 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 Metalla Royalty & Streaming Ltd.: The increased stake by Tether entities may influence share price and corporate strategy, potentially leading to greater liquidity or strategic partnerships.
• Investors in Tether-related entities: The disclosure of past regulatory actions may raise concerns about compliance and governance.
• Regulatory bodies: Past settlements may lead to continued or increased oversight of Tether's operations.

Next Steps

• Continue to monitor open market purchases by Tether entities in Metalla Royalty & Streaming Ltd.
• Observe any future strategic actions or disclosures from Metalla Royalty & Streaming Ltd. in light of this increased stake.

Key Dates

Recommendation

The filing primarily details an increase in beneficial ownership and past regulatory actions. There is no new financial performance data or strategic guidance that would warrant a buy or sell recommendation. A 'hold' is appropriate pending further developments or clarity on the strategic intent behind the increased stake.

Keywords

Schedule 13D, Tether, Metalla Royalty & Streaming Ltd., Beneficial Ownership, SEC Filing, Stock Purchase, Regulatory Action, Investment