The issuer of the largest stablecoin by market cap just acquired significant holdings with a gold-focused royalty company listed in Canada.
In a statement, Elemental Altus says that Tether just completed the purchase of 78,421,780 common shares at a price of C$1.55, or around $1.14 per share, for a total of C$125,553,759, or about $89 million.
The acquisition represents approximately 31.9% of Altus’ issued and outstanding common shares.
Tether already owns 4,360,511 shares in the precious metals royalty firm, which brings the USDT issuer’s aggregate common shares holdings to 82,782,291. This represents approximately 33.7% of the Canadian firm’s issued and outstanding shares.
Elemental Altus CEO and director Frederick Bell says Tether is now one of the company’s leading investors.
“Building on previous discussions with Tether, we are very pleased to officially welcome Tether as the Company’s new major shareholder. Their unmatched ability to support the company in its next phase of growth is exciting for all shareholders and is a positive for the gold royalty sector.”
In a separate statement, Tether CEO Paolo Ardoino says the investment reflects the company’s confidence in gold and its role in financial markets.
“Elemental’s royalty model provides diversified exposure to gold production around the world, aligning strategically with our vision for Tether Gold and future commodity-backed digital asset infrastructure.”
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