Core Insights - Antalpha has partnered with Malca-Amit to create a seamless exchange service for Tether Gold (XAU₮) and physical gold in Hong Kong, highlighting gold's role as a stable asset amid global economic volatility [1][9] - The market capitalization of XAU₮ has increased significantly from approximately $800 million to $2.2 billion in five months, indicating a shift towards digital gold ownership [2] - Antalpha aims to enhance the security of XAU₮ through collaboration with Malca-Amit, leveraging LBMA standards and establishing a gold reserve mechanism for better risk management [3][4] Security and Infrastructure - Malca-Amit, as a full LBMA member, holds ISO certifications for quality and information security, ensuring high standards for the custody of physical assets [4] - Antalpha is developing a "physical-digital" ecosystem by deploying vault nodes in major financial centers, linking custodians and trading platforms to facilitate asset exchange [7] - The partnership aims to reduce the settlement cycle for gold exchanges to T+1 business days, improving efficiency for clients [8] Market Strategy - Antalpha's strategy focuses on creating a resilient infrastructure for gold trading, positioning XAU₮ as a key asset similar to Bitcoin, due to its historical value retention [5] - The company is enhancing the XAU₮ ecosystem by improving market-making networks and providing innovative lending solutions to increase liquidity [6] - Starting December 12, Antalpha will offer bulk exchange services for institutional clients, allowing for physical delivery of gold in Hong Kong [9][10]

Core Insights - The article discusses the increasing interest in gold as central banks diversify away from the U.S. dollar and the role of Tether in the gold market through tokenization [2][5][8] - Tether has made significant investments in gold-linked equities and is positioning itself to support a gold-backed stablecoin, Tether Gold [4][13] Tether's Strategy - Tether controls $180 billion in reserves and has recently invested over $100 million in gold-linked equity, focusing on companies involved in gold tokenization [4][5] - The company is accumulating gold reserves to support its stablecoin and hedge against the declining U.S. dollar [5][13] Market Dynamics - Central banks are quietly diversifying away from the U.S. dollar, and Tether's actions reflect a broader trend of seeking alternatives to traditional currencies [3][8] - The rise of regional trade blocs and new payment systems is contributing to the erosion of the U.S. dollar's dominance [3] Investment Opportunities - Tether's investments include stakes in various gold royalty companies, such as Elemental Royalty and Gold Royalty, indicating a strategic move towards gold assets [10][12] - Elemental Royalty is projected to generate significant cash flow, with expectations of $80 million in revenue by 2026, making it an attractive investment opportunity [18][22] Valuation Considerations - The current trading price of Elemental Royalty is around $13, which is below the estimated fair value of $18.80 based on cash flow projections [21][22] - The potential for a Nasdaq listing could enhance visibility and attract more investors, further supporting the stock's valuation [22][23] Risks and Challenges - Elemental Royalty's revenue is partially derived from base metals, which may not command the same multiples as precious metals, introducing some uncertainty [24][26] - The complexity of the merger and potential market fluctuations in gold and copper prices could impact future performance [25][26]

Core Insights - Tether's US Treasury holdings have reached $135 billion, making it the 17th largest holder of American debt globally, surpassing South Korea [1][2][3] - Tether Gold's market cap has exceeded $2 billion, reflecting the company's strong position in tokenized real-world assets [1][8] Tether's Treasury Holdings - Tether's Treasury holdings have grown significantly, with a notable increase from $65 billion in Q1 2025 to $135 billion, positioning it just behind Brazil in global rankings [2][3] - By Q2 2025, Tether's total Treasury exposure surpassed $127 billion, consisting of $105.5 billion in direct holdings and $21.3 billion in indirect exposure [4] - The GENIUS Act, enacted in July 2025, mandates that most stablecoin reserves be held in low-risk assets like Treasuries, contributing to Tether's accumulation of US debt [4][5] Market Dynamics - The stablecoin market is projected to grow from $270 billion in 2025 to an estimated $2 trillion by 2028, driven by increased adoption among banks and Fortune 500 companies [5] - Tether's holdings now rival those of major economies, indicating the growing influence of stablecoin issuers in global liquidity [6][7] Tether Gold Performance - Tether Gold's market cap reached approximately $2.1 billion, backed by 375,572.297 fine troy ounces of gold, marking a significant increase from $1.44 billion at the end of Q3 2025 [8] - The price of gold surged to $3,858.96 per ounce on September 30, 2025, driven by inflation concerns and geopolitical risks, which has bolstered demand for tokenized gold [9]

Group 1: Strategic Partnership Overview - DL Holdings Group Limited and Antalpha have formed a strategic partnership involving investments of up to $200 million in the digital asset market [1] - The partnership focuses on two main areas: the tokenization of gold assets and the expansion of Bitcoin mining infrastructure [1] Group 2: Gold Tokenization Initiative - DL Holdings plans to invest up to $100 million in Tether Gold (XAU₮), a tokenized gold asset, over the next twelve months, following an initial investment of $5 million [2] - The global market for tokenized gold exceeds $3 billion, representing the largest segment within the real-world asset (RWA) tokenization space, which is around $25 billion [3] - Institutional adoption of RWA remains limited, with most activity driven by crypto-native firms [4] Group 3: Bitcoin Mining Expansion - DL Holdings is committing $100 million to expand its Bitcoin mining operations, acquiring approximately 3,000 Antminer S21 units from Bitmain [5] - The new machines are projected to generate around 350 BTC per year, with a medium-term target of approximately 1,500 BTC in annual output [6] - Antalpha will provide financing, technical advice, and risk management support for the mining operations, leveraging its exclusive partnership with Bitmain [7]

Core Viewpoint - Prestige Wealth Inc. plans to rename itself Aurelion Inc. and has established itself as the first NASDAQ-listed Tether Gold Treasury, having purchased $134 million in Tether Gold at a price of $4,021.81 per XAU₮ [1][8] Group 1: Company Developments - Aurelion completed a $150 million financing round, which included approximately $100 million in PIPE proceeds and a $50 million senior debt facility [2] - Antalpha led the financing with a $43 million PIPE investment, acquiring controlling voting rights in Aurelion [2] - Aurelion's treasury will solely consist of Tether Gold (XAU₮), aiming to enhance liquidity and collateral resilience [4][8] Group 2: Strategic Initiatives - The Antalpha Reserve 2.0 initiative aims to acquire Tether Gold and increase access to tokenized gold through the Antalpha RWA Hub [3][10] - Aurelion plans to lend its unencumbered Tether Gold to Antalpha as collateral, receiving a technology fee in return, while Antalpha will assume all default risk [4][8] - Antalpha expects new business opportunities to arise from the integration of Tether Gold collateralized loans through its platform [4] Group 3: Market Context - Gold has historically served as a benchmark of value, providing a hedge against macroeconomic volatility and political uncertainty [4] - Tether Gold (XAU₮) represents one troy fine ounce of gold and is available as an ERC-20 token on the Ethereum blockchain, facilitating easy trading [9]

Core Viewpoint - Antalpha has made a significant investment in Prestige Wealth Inc., which is set to be renamed Aurelion Inc., focusing on establishing a treasury backed exclusively by Tether Gold (XAU₮) to enhance resilience and transparency in the digital asset space [1][4][11] Investment Details - Antalpha invested approximately $43 million in Aurelion's $100 million private investment in public equity (PIPE) alongside other accredited investors, including Tether and Kiara Capital [1][7] - Following the investment, Antalpha holds approximately 32.4% of Aurelion's shares and 73.1% of the voting rights, while Kiara Capital holds 8.6% of the shares and 18.9% of the voting rights [7] Strategic Rationale - The investment is part of Antalpha's Reserve 2.0 initiative, which aims to scale its Tether Gold (XAU₮) reserve with institutional infrastructure and governance [4] - Aurelion Treasury is positioned as the first pure-play NASDAQ Tether Gold treasury, providing access to tokenized gold, which is seen as a safe haven against inflation and currency devaluation [3][11] Market Context - Gold has historically served as a benchmark of value and a hedge against macroeconomic volatility, with a negative correlation to the U.S. dollar index during global crises [5] - Tether Gold (XAU₮) is fully backed by physical gold and offers institutional-grade transparency, with approximately 7 tons of gold acquired since its launch in 2020 [6][12] Future Plans - Aurelion plans to continue fundraising to purchase additional Tether Gold (XAU₮), aiming for a concentrated shareholding structure to enhance stability and operational efficiency [7] - Antalpha's collaboration with Tether aims to expand the digital gold ecosystem, making digital assets more tangible for consumers [2]

Core Insights - Prestige Wealth Inc. plans to change its name to Aurelion Inc. after approval and is raising $100 million through a private placement and $50 million in senior debt financing led by Antalpha [1] - The Aurelion Treasury will be fully denominated in Tether Gold (XAUt) to enhance resilience and transparency [1][2] Investment Details - Antalpha is investing approximately $43 million in Aurelion's PIPE financing, acquiring controlling voting rights [1][5] - Other qualified investors include Kiara Capital, contributing $6 million, and Tether, contributing $15 million [5] - Post-transaction, Antalpha will hold about 32.4% of Aurelion's shares, representing 73.1% of voting rights [5] Strategic Rationale - The investment marks a new phase for Antalpha's Reserve 2.0 strategy, focusing on scaling Tether Gold (XAUt) reserves through institutional-grade infrastructure and governance [3] - Gold has historically provided a hedge against macroeconomic volatility and political uncertainty, reinforcing the value of blockchain-based gold [3][4] Tether Gold Overview - Tether Gold (XAUt) is backed by 100% physical gold and has accumulated approximately 7 tons of gold since its launch in 2020, ensuring institutional-level transparency and liquidity [4][10] - Aurelion aims to use Tether Gold as its sole treasury asset to stabilize volatility and enhance collateral resilience [4] Future Plans - Antalpha plans to enhance the liquidity and service offerings of Tether Gold through the Antalpha RWA Hub [2][11] - Aurelion will continue to engage in wealth and asset management services while leveraging the stability of physical gold [9]

Core Viewpoint - Prestige Wealth Inc. plans to be renamed Aurelion Inc. and will focus on Tether Gold (XAU₮) as its sole treasury reserve, aiming to enhance liquidity and stability in the digital asset space [1][11]. Investment and Financial Structure - Antalpha invested approximately $43 million in a $100 million private placement (PIPE) for Aurelion, acquiring controlling voting rights [1][7]. - The investment includes participation from accredited investors such as Tether and Kiara Capital, with Tether contributing $15 million and Kiara Capital $6 million [7]. - Following the transaction, Antalpha holds approximately 32.4% of Aurelion's shares and 73.1% of the voting rights [7]. Strategic Initiatives - Aurelion will anchor its treasury exclusively in Tether Gold (XAU₮), which is 100% physically backed and redeemable for gold stored in Switzerland [6][11]. - The initiative aims to provide a safe haven against inflation, currency devaluation, and crypto volatility, enhancing collateral resilience [3][6]. - Antalpha's Reserve 2.0 strategy builds on previous investments in Tether Gold, aiming to scale reserves with institutional infrastructure and governance [4]. Market Context - Gold has historically served as a benchmark of value and a hedge against macroeconomic volatility, making it a strategic asset in the digital economy [5]. - Tether Gold (XAU₮) has acquired approximately 7 tons of gold since its launch in 2020, ensuring institutional-grade transparency and liquidity [6]. Future Outlook - Aurelion aims to continue fundraising to purchase additional Tether Gold, which is expected to provide stability and smoother operations [7]. - The company will also maintain its wealth management and asset management services alongside its new focus on tokenized gold [11].

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Core Viewpoint - Antalpha and Tether are expanding their collaboration to enhance the global ecosystem for Tether Gold (XAU₮), emphasizing the strategic importance of gold in the digital asset economy [1][4]. Group 1: Collaboration and Services - Antalpha is launching new financial solutions and services through its partnership with Tether, aimed at increasing the liquidity and product offerings of Tether Gold [1][3]. - The Antalpha RWA Hub will provide collateralized lending services using XAU₮, allowing clients to borrow against their gold-backed tokens [5]. Group 2: Tether Gold (XAU₮) Overview - Tether Gold (XAU₮) is a digital asset backed by physical gold, with each token representing one troy fine ounce of gold, and is tradable on the Ethereum blockchain [2][9]. - The gold backing each XAU₮ token is fully allocated and identifiable, providing holders the option to redeem their tokens for physical gold [2][9]. Group 3: Infrastructure Development - Antalpha plans to establish physical vaults in major financial centers globally to facilitate the exchange of physical gold bars with XAU₮ [6]. - The Antalpha RWA Hub is dedicated to providing liquidity and services specifically for gold as a Real World Asset (RWA) [8].