SCHEDULE: Tether Entities Update Metalla Royalty Ownership

Tether Global Investments Fund and related entities filed an amendment to their Schedule 13D, detailing an internal transfer of Metalla Royalty & Streaming Ltd. shares.

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. 5 to their Schedule 13D.
• The amendment reports an internal transfer of 9,266,571 Common Shares of Metalla Royalty & Streaming Ltd. from Tether Investments, S.A. de C.V. to Tether International, S.A. de C.V. on March 24, 2026.
• This transfer did not change the aggregate number of Common Shares beneficially owned by the Reporting Persons.
• The Reporting Persons collectively beneficially own 9,266,571 Common Shares, representing 10.0% of Metalla Royalty & Streaming Ltd.'s outstanding Common Shares.
• This percentage is calculated based on 92,561,386 Common Shares outstanding as of November 12, 2025.
• Giancarlo Devasini, an Italian citizen, holds a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A., and disclaims beneficial ownership of the shares except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral for Metalla Royalty & Streaming Ltd. as it primarily details an internal share transfer within a significant shareholder group, with no change to the overall beneficial ownership percentage or new strategic intent disclosed. The historical regulatory issues of the reporting persons are noted but are not new information from this specific filing.

Positives

• The filing clarifies the internal structure of shareholdings within the Tether group, indicating a stable aggregate ownership percentage in Metalla Royalty & Streaming Ltd.

Negatives

• No new negative information regarding Metalla Royalty & Streaming Ltd. was disclosed in this amendment.

Risks

• 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 allegations of untrue or misleading statements regarding USDT backing from June 2016 to February 2019.
• In February 2021, Tether and Bitfinex companies settled a 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/entities and submit to mandatory reporting.

Future Outlook

No forward-looking statements or guidance regarding Metalla Royalty & Streaming Ltd.'s performance or the Reporting Persons' future investment intentions were provided in this filing, beyond the continued beneficial ownership.

Industry Context

StockSavvy.ai notes that this filing primarily concerns an internal restructuring of shareholdings within the Tether group, a prominent player in the cryptocurrency stablecoin market, regarding their investment in a precious metals royalty and streaming company. While the filing itself is administrative, the involvement of Tether entities, known for their significant presence in the digital asset space and past regulatory scrutiny, adds a unique dimension to the shareholder base of a traditional mining finance company like Metalla Royalty & Streaming Ltd. This highlights the increasing cross-sector investment by digital asset firms into traditional asset classes.

Comparison to Industry Standards

• This filing is an administrative update to a Schedule 13D, which is standard practice for reporting changes in beneficial ownership exceeding 5% of a company's outstanding shares. The 10.0% ownership stake held by the Tether group in Metalla Royalty & Streaming Ltd. is a significant passive investment, comparable to other institutional or strategic investors holding similar minority stakes in royalty and streaming companies.
• The regulatory history of Tether entities, including the CFTC settlement for $41 million and the NYAG settlement for $18.5 million, is a notable factor for any company associated with them. While not directly impacting Metalla's operations, it represents a higher level of past regulatory scrutiny for a significant shareholder compared to typical institutional investors in the mining finance sector.

Legal Proceedings

• In October 2021, the U.S. Commodity Futures Trading Commission (CFTC) instituted and settled regulatory proceedings against Tether Global Investments Fund (then Tether Holdings Limited), Tether Limited, Tether Operations Limited, and Tether International Limited. This resulted in a $41 million civil monetary penalty without admission or denial of findings, related to allegations of untrue or misleading statements about USDT being fully backed by U.S. Dollars from June 2016 to February 2019.
• In February 2021, the Office of the Attorney General of the State of New York (NYAG) entered into an agreement with Tether and several Bitfinex companies to settle a 2019 proceeding. This involved paying $18.5 million in penalties to New York State and required Bitfinex and Tether to discontinue trading activity with New York persons or entities and submit to mandatory reporting on certain business functions.

Stakeholder Impact

• Shareholders of Metalla Royalty & Streaming Ltd. will note the continued 10.0% beneficial ownership by the Tether group, indicating a stable significant investor base.
• The internal transfer of shares within the Tether group does not directly impact Metalla's operations, employees, customers, suppliers, or creditors.

Key Dates

Recommendation

This filing is an administrative update to a Schedule 13D, reporting an internal transfer of shares within the Tether group that does not alter their overall 10.0% beneficial ownership in Metalla Royalty & Streaming Ltd. It provides no new information regarding Metalla's operational performance, financial health, or strategic direction. Therefore, a 'hold' recommendation is appropriate as there are no new catalysts or concerns presented by this specific filing to warrant a change in investment stance.

Keywords

Metalla Royalty & Streaming Ltd., Tether Global Investments Fund, Tether International, Tether Investments, Giancarlo Devasini, Schedule 13D/A, Beneficial Ownership, Share Transfer, Royalty and Streaming, SEC Filing