The move marks the debut of Nasdaq’s first Tether Gold-backed corporate treasury, which will be established via a $150 million financing round.
News
Nasdaq-listed wealth and asset management services provider Prestige Wealth is rebranding to Aurelion Treasury to launch the Nasdaq’s first Tether Gold-backed corporate treasury as more Wall Street companies explore digital asset offerings.
To launch Nasdaq’s first Tether Gold () treasury, the company announced the closure of a $100 million Private Investment in Public Equity (PIPE) financing round from anchor investor Antalpha Platform Holding Company and other accredited investors, including TG Commodities S.A. de C.V. (Tether), the company Friday.
The company also secured a three-year, $50 million senior debt facility from Antalpha Management, bringing its total funding to $150 million, to a filing with the US Securities and Exchange Commission.
Most of the proceeds will be used to acquire Tether Gold (XAUT) tokens as Aurelion’s primary reserve asset, the company said.
“I am bullish on bitcoin in the long term, and I believe we need a stablecoin that can fight inflation and has the stability to be used for paying daily necessities like electricity bills,” said Björn Schmidtke, CEO of Aurelion, adding that he sees Tether’s XAUT as the “real digital gold.”
Related:
Aurelion’s launch positions it as the first Nasdaq-listed treasury to hold Tether Gold in reserve. The company said it aims to make XAUT “redeemable for physical gold” over time, further bridging the gap between tokenized assets and tangible commodities.
“Digital assets will be more tangible to many when one can walk into a jewelry store and redeem a gold bar with Tether Gold (XAU₮),” said Paul Liang, chief financial officer of Antalpha, the parent company of Aurelion.
Tether’s XAUT tokens are currently redeemable for physical gold, but users need to have at least 430 XAUT to redeem for one full gold bar, according to .
Related:
The pivot to a Tether gold treasury has benefited Prestige Wealth’s stock price, which rose 19% on Friday after the announcement.
However, the company’s stock price remains down over 94% since its launch, data from Yahoo Finance .
Subject to regulatory approvals, the company is expected to debut its new ticker symbol on the Nasdaq (AURE), from Monday.
Magazine:
