tl;dr
Tether, the issuer of the largest stablecoin by market cap, has acquired approximately 33.7% of Elemental Altus, a Canadian gold-focused royalty company, by purchasing 78,421,780 shares for about C$125.5 million ($89 million). Elemental Altus CEO Frederick Bell welcomed Tether as a major shareholder...
Tether has acquired a 33.7% stake in Elemental Altus, a Canadian gold royalty company, by investing approximately $89 million. This move signals Tether's confidence in gold's continued importance in financial markets and supports growth in commodity-backed digital assets.
The transaction involved the purchase of 78,421,780 common shares at C$1.55 per share, totaling about C$125.5 million ($89 million). Including 4,360,511 shares it already owned, Tether’s total holdings in Elemental Altus now amount to 82,782,291 shares, representing roughly 33.7% of the company’s outstanding shares.
Elemental Altus CEO Frederick Bell warmly welcomed Tether as a major shareholder, emphasizing Tether’s capacity to propel the company into its next growth phase. Bell noted that this partnership is not only exciting for shareholders but also a positive development for the gold royalty sector.
Tether CEO Paolo Ardoino highlighted that the investment aligns perfectly with the company’s belief in gold's vital role in financial markets. Ardoino emphasized how Elemental Altus’s diversified royalty model fits strategically with Tether's vision for Tether Gold and the expansion of commodity-backed digital asset infrastructure.
This acquisition marks a significant step in bridging traditional precious metals with innovative blockchain-based financial solutions, underscoring the growing interplay between cryptocurrencies and real-world assets.