Tether Buys $89 Million In Elemental Altus Royalties Shares
Tether acquired a 31.9% stake in Elemental Altus Royalties, a Canadian gold royalty firm, purchasing 78,421,780 shares at $1.55 CAD ($1.14) per share for approximately $89.4 million. This investment aligns with Tether's strategy to integrate stable assets like gold and Bitcoin into its ecosystem, enhancing the transparency and stability of digital financial products. The acquisition provides Tether with diversified exposure to global gold production through a royalty model, minimizing operational risks associated with mining. Tether aims to strengthen its gold-backed stablecoin, Tether Gold (XAUt), which has a market cap of $854 million. The investment follows Tether's record profit of $13 billion last year and its ongoing strategy to diversify beyond stablecoins, including significant Bitcoin purchases and stakes in various companies.
