Prestige Wealth, a Nasdaq-listed provider of wealth and asset management services, is rebranding to Aurelion Treasury as it prepares to launch the first Tether Gold-backed corporate treasury on Nasdaq, responding to increasing interest from Wall Street in digital asset offerings.
The firm announced the completion of a $100 million Private Investment in Public Equity (PIPE) financing round, with Antalpha Platform Holding Company serving as the anchor investor, alongside other accredited investors including TG Commodities S.A. de C.V. (Tether), the company announced on Friday.
Furthermore, the company secured a $50 million senior debt facility from Antalpha Management with a three-year term, raising its total funding to $150 million, according to a filing with the US Securities and Exchange Commission.
The majority of the proceeds will be allocated to purchasing Tether Gold (XAUT) tokens, which will serve as Aurelion’s main reserve asset, the company indicated.
“I am optimistic about bitcoin in the long run, and it is essential to have a stablecoin capable of counteracting inflation and reliable for daily expenses like electricity bills,” stated Björn Schmidtke, CEO of Aurelion, who regards Tether’s XAUT as the “true digital gold.”
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The launch of Aurelion positions it as the first Nasdaq-listed treasury to maintain Tether Gold in its reserves. The company aims to eventually make XAUT “redeemable for physical gold,” further connecting tokenized assets with real commodities.
“Digital assets will resonate more when people can walk into a jewelry store and exchange Tether Gold (XAU₮) for a gold bar,” remarked Paul Liang, CFO of Antalpha, the parent company of Aurelion.
Currently, Tether’s XAUT tokens can be exchanged for physical gold, though users must hold at least 430 XAUT to redeem for one complete gold bar, according to Tether.
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PWM stock soars 19% after Tether treasury announcement
The shift to a Tether gold treasury has positively impacted Prestige Wealth’s stock, which surged 19% on Friday following the announcement.
Despite this increase, the stock price is still down more than 94% since its inception, according to data from Yahoo Finance shows.
Contingent on regulatory approvals, the company is anticipated to introduce its new ticker symbol on Nasdaq (AURE) starting Monday.
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