Tether Acquires a 32% Stake in Canadian Gold Royalties Company Elemental Altus

Tether has acquired a 32% stake in Canadian gold royalties company Elemental Altus Royalties, deepening its bet on real-world assets like gold and bitcoin

Tether has taken a 32% stake in Canadian gold royalties company Elemental Altus Royalties, deepening its bet on real-world assets like gold and bitcoin.

Tether Investments, the crypto giant’s independent investment arm, acquired 78.4 million shares from La Mancha Investments in a private deal. The transaction, completed on June 10, gives Tether just under a third of Elemental’s outstanding shares.

Elemental confirmed in a separate release that Tether’s total ownership now sits closer to 33.7%, factoring in shares it already held.

The move gives Tether diversified exposure to gold production through royalties and streaming agreements — a model that funds miners in exchange for a cut of future revenues or the right to buy metals at a discount. Unlike direct mine ownership, it avoids the risks tied to operations.

“This investment is about building durable financial infrastructure,” Tether CEO Paolo Ardoino said. “Bitcoin and gold are our twin anchors — both are proven hedges, and both now help back our products.”

Tether’s gold-backed token, XAUT, launched in 2020 and now leads the category with a market cap above $850 million. The firm also holds roughly 80 tons of physical gold and more than 100,000 BTC, making it one of the largest corporate holders of both assets.

Tether said the Elemental deal supports XAUT and opens the door for more commodity-linked digital products in the future.

Option to Take Nearly 48% Stake

In addition to the stake, Tether secured the option to buy another 34.4 million Elemental shares from AlphaStream — a deal that could push its holding to 47.7%. That option can’t be exercised before October 29, 2025, unless Elemental agrees.

Elemental CEO Frederick Bell welcomed Tether as a “major shareholder” and said the company’s scale and reach could help accelerate Elemental’s growth plans.

The investment follows a string of acquisitions by Tether, which reported $13 billion in profit last year and has moved well beyond its USDT stablecoin roots. In recent months, it invested heavily in bitcoin, backed Italian media firm Be Water, and funded self-custodial wallet Zengo.

ELE shares are up over 34% year-to-date, despite slipping 1.9% on the day the deal was announced.

Tether said it may look to collaborate with Elemental’s leadership on governance and long-term planning, depending on regulations and market conditions.