B3bit

06/14 18:45

Tether with another strategic investment

Tether with another strategic investment

Tether, the company behind the largest dollar-pegged stablecoin, has quietly expanded its presence in the precious metals sector.

The corporation spent about 126 million Canadian dollars (about $89 million) to buy 78.4 million shares of Vancouver-based royalty specialist Elemental Altus at a price of 1.55 Canadian dollars per share.

With this single transaction, Tether acquires almost 32% of Elemental Altus’ total capital, which immediately catapults the stablecoin issuer to the top of the company’s shareholder register.

Tether didn’t start from scratch: The company had already built up a small position of just over 4.3 million shares. After the latest purchase, its stake rose to 82.8 million shares, equivalent to about 34% of Elemental Altus’ outstanding shares.

Elemental Altus CEO Frederic Bell called the new sponsor a “transformational partner” ready to accelerate the company’s next stage of growth. On the Tether side, CEO Paolo Ardoino described the deal as a strategic commitment to gold’s enduring role in global finance and a natural complement to Tether Gold and any future commodity-linked tokens the company may launch.

With the stablecoin giant now closely tied to a diversified gold pipeline, both crypto and metals markets will be watching to see how this alliance shapes Tether’s entry into asset-backed digital finance.

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