The issuer of the largest stablecoin by market cap just acquired significant holdings with a gold-focused royalty company listed in Canada.
In a statement, Elemental Altus says that Tether just completed the purchase of 78,421,780 common shares at a price of C$1.55, or around $1.14 per share, for a total of C$125,553,759, or about $89 million.
The acquisition represents approximately 31.9% of the precious metals royalty firm’s issued and outstanding common shares.
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Tether already owns 4,360,511 shares in Elemental Altus, which brings the USDT issuer’s aggregate common shares holdings to 82,782,291. This represents approximately 33.7% of the Canadian firm’s issued and outstanding shares.
Elemental Altus CEO and director Frederick Bell says Tether is now one of the company’s leading investors.
“Building on previous discussions with
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