Tether's 11.6% Stake in Gold Royalty Corp. - Form 13D/A Analysis

Now I have comprehensive data to provide a detailed analysis. Let me compile the findings.

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The Schedule 13D/A filings for Gold Royalty Corp. reveal

, representing one of the most substantial passive investments in the precious metals royalty sector by a non-traditional financial institution.

Filing	Date	Reporting Entity	Shares Owned	Ownership %
Initial 13D	Oct 24, 2025	Tether Holdings/Tether Investments	13,809,085	8.1%
Amendment 1	Nov 3, 2025	Same entities	—	—
Amendment 2	Nov 18, 2025	Tether Global Investments Fund	20.2M	11.6%
Amendment 3	Dec 1, 2025	Same entities	—	—
Amendment 4	Jan 13, 2026	Tether Global Investments Fund, S.I.C.A.F., S.A.	Ongoing	—

The cumulative stake now stands at

of Gold Royalty Corp.'s outstanding common shares, based on 170,709,410 shares outstanding as of August 6, 2025 [0][1][2].

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The filing involves three related parties under Italian citizen

(President of Tether Holdings with >50% voting interest):

1. Tether Holdings, S.A. de C.V.
   – Parent company based in El Salvador
2. Tether Investments, S.A. de C.V.
   – Direct holder of shares; strategic investments arm
3. Giancarlo Devasini
   – Individual filer, disclaiming beneficial ownership beyond pecuniary interest

The shares were acquired using

through Tether Investments, with no disclosed related contracts or arrangements beyond investment intent [1].

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The Form 13D disclosures reveal a

beyond passive investment:

• Investment for capital appreciation
• Potential communication with issuer’s board/management regarding strategic alternatives
• Evaluation of extraordinary corporate transactions (mergers, asset sales)
• Governance or operational strategy changes

Factor	Description
Regulatory Hedge	Tether’s USDT stablecoin is primarily backed by U.S. Treasuries, vulnerable to government restrictions (similar to 2022 Russian sanctions). Gold royalties place assets outside U.S. regulatory reach [3].
De-Dollarization Strategy	Alignment with central bank trends (China, Turkey, India, Russia are record net gold buyers). Gold hit record levels above $4,000/oz in 2025 [3].
Pivot Option	If U.S. stablecoin rules restrict non-dollar assets, Tether can leverage gold royalty holdings for gold-backed or hybrid stablecoin products [3].
Institutional-Grade Cash Flow	Royalty model provides decades of gold production revenue streams without mine operational risks [3].

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This investment is part of a

, with Tether deploying across the gold royalty sector since June 2025:

Company	Stake	Strategic Rationale
Elemental Altus Royalties	~32%	200+ precious metals royalty contracts; 10x operating cash flow growth
Versamet Royalties	12.7%	Targeting 20,000+ gold-equivalent ounces production by 2026
Metalla Royalty & Streaming	Significant	100+ royalties including long-life gold projects
Gold Royalty Corp.	11.6%	Diversified royalty portfolio with growth trajectory [3]

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In response to the significant accumulation and trading activity, Gold Royalty Corp.'s Board adopted a

on November 5, 2025:

• Trigger Threshold:
  15% beneficial ownership (20% for entities with standstill agreements)
• Mechanism:
  Rights become exercisable if threshold exceeded without compliance, enabling shareholders to purchase additional shares at a discount
• Duration:
  Three-year initial term, subject to shareholder ratification within 12 months
• Purpose:
  Protect against unsolicited takeover attempts and ensure fair treatment of all shareholders [4][5]

This defensive measure suggests the Board was

with Tether regarding its accumulation.

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Factor	Impact
Institutional Validation	Tether’s multi-hundred-million-dollar bet validates gold royalties as institutional-grade asset class [3]
Capital Inflow Potential	Signals confidence in royalty cash flow models, attracting broader investor attention
Gold Price Tailwinds	Record gold prices ($4,509/oz as of Jan 2026) support royalty revenue growth [6]
Sector Momentum	Basic Materials sector showing modest gains (+0.04%) on Jan 16, 2026, with defensive bias in broader market [7]

Concern	Description
Regulatory Uncertainty	U.S. stablecoin framework expected mid-2026 will impact Tether’s strategic timeline and sector valuations [3]
Liquidity Risk	Small-cap royalty stocks have thin daily volume, prone to sharp price volatility
Concentrated Ownership	Single investor with 11.6%+ stake creates potential for future governance disputes
Valuation Multiple Compression	GROY trades at P/E of -122.75x and P/B of 1.50x, reflecting pre-profitability growth profile [6]

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1. Multiple Expansion Potential:
   Tether’s investment may improve perceived credibility of gold royalty companies, potentially lifting sector valuations as institutional confidence grows

2. Strategic Acquisition Premium:
   The royalty model’s “hands-off” revenue structure (no mine operational risk) becomes more attractive to capital-rich investors seeking yield in precious metals

3. Integration with Digital Assets:
   Creates pathways for tokenized gold products and gold-backed stablecoins, potentially expanding addressable market

4. Peer Comparison:
   GROY’s exceptional performance (+295.97% 1-year) significantly outpaces peers (Osisko Gold Royalties, Sandstorm Gold, Wheaton Precious Metals), suggesting Tether involvement has contributed to re-rating [6]

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Metric	Current Value
Current Price	$4.91 (+1.24% daily)
52-Week Range	$1.20 – $4.94
Market Cap	$835.51M
Average Volume	3.53M shares
YTD Performance	+20.34%
1-Year Performance	+295.97%
Analyst Consensus	BUY (5 analysts, 100% Buy)
Price Target Range	$4.50 – $7.00
Consensus Target	$5.00 (+1.8% upside) [6]

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The Form 13D/A filings reveal

of an 11.6% stake in Gold Royalty Corp., representing a for both the company and the precious metals royalty sector. The investment validates the royalty model as institutional-grade while introducing potential for digital asset integration and strategic alternatives.

• Short-term:
  Positive sentiment from institutional backing may support continued outperformance
• Medium-term:
  Watch for regulatory developments (mid-2026 stablecoin framework) and any governance communications between Tether and management
• Long-term:
  Sector benefits from capital inflow validation, though concentrated ownership creates monitoring requirements

The shareholder rights plan adoption indicates the Board is

, suggesting a constructive but cautious approach to the new major shareholder relationship.

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[0] SEC EDGAR – Schedule 13D Filing (https://www.sec.gov/Archives/edgar/data/1834026/000110465925102218/xslSCHEDULE_13D_X01/primary_doc.xml)

[1] Whalewisdom – Tether Holdings Schedule 13D/A Filing (https://whalewisdom.com/filing/tether-holdings-sa-de-cv-sc-13da-2025-11-18-groy)

[2] StreetInsider – Form SCHEDULE 13DA Gold Royalty Corp. (https://www.streetinsider.com/SEC+Filings/Form+SCHEDULE+13DA+Gold+Royalty+Corp.+Filed+by%3A+Tether+Global+Investments+Fund%2C+S.I.C.A.F.%2C+S.A./25856794.html)

[3] Investing.com – Tether’s Secret Gold Royalty Empire (https://www.investing.com/analysis/tethers-secret-gold-royalty-empire-what-it-signals-for-stablecoins-and-bullion-200670703)

[4] PRNewswire – Gold Royalty Adopts Shareholder Rights Plan (https://www.prnewswire.com/news-releases/gold-royalty-adopts-shareholder-rights-plan-302606479.html)

[5] Gold Royalty Corp. – News Release (https://www.goldroyalty.com/_resources/news/nr-20251105b.pdf)

[6] Gold Royalty Corp. Company Overview – Market Data (金灵API)

[7] Sector Performance Data – January 16, 2026 (金灵API)