Tether, a prominent stablecoin issuer, invests a significant sum of $89 million into a precious metals royalty company, enhancing exposure to gold assets.

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In a daring move, Tether, the issuer of the largest stablecoin by market cap, just snagged a substantial chunk of gold-centric royalty company, Elemental Altus. The HODLX corporation declared that Tether finalized the acquisition of 78,421,780 common shares at a price of C$1.55, approximately $1.14 per share, totaling C$125,553,759, or about $89 million.

This acquisition grants Tether around 31.9% ownership of the issued and outstanding common shares in Elemental Altus. Previously, Tether already owned 4,360,511 shares in the precious metals royalty company, bringing its total common shares to 82,782,291, accounting for approximately 33.7% of Elemental Altus' issued and outstanding shares.

Frederick Bell, Elemental Altus CEO and director, says, "We are thrilled to officially welcome Tether as our new major shareholder. Their exceptional prowess in supporting our company during its next phase of growth is exhilarating for all shareholders."

Paolo Ardoino, CEO of Tether, backs Bell's statement, saying, "Elemental's innovative royalty model offers diversified exposure to gold production around the world, which dovetails perfectly with Tether's aspirations for Tether Gold and future commodity-backed digital asset infrastructure."

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Tether, a prominent stablecoin issuer, invests a significant sum of $89 million into a precious metals royalty company, enhancing exposure to gold assets.