Prestige Wealth (PWM) has successfully completed a $150 million financing round aimed at establishing a digital asset treasury centered on , the gold-backed tokens from Tether.
This funding comprises a $100 million private placement spearheaded by Antalpha (ANTA), a well-known bitcoin mining financing firm, along with $50 million in senior debt, according to a statement released on Friday.
Additional investors include Tether and Kiara Capital.
A significant portion of the funds will be allocated for acquiring tokenized gold reserves, with the goal of creating a publicly verifiable, blockchain-based treasury. The company is set to undergo a rebranding to Aurelion, pending regulatory approvals, and is expected to commence trading under the AURE ticker on Monday.
The stock experienced a 35% pre-market surge following the news but later retraced most of its gains in the initial minutes of trading. This announcement came on the heels of Bloomberg’s report last week regarding Antalpha and Tether’s intent to support a tokenized gold treasury company.
Tether Gold is a stablecoin linked to physical gold, which is redeemable and traceable on-chain. Aurelion plans to maintain these reserves within a transparent and auditable framework, providing an alternative to traditional reserves like cash or fiat stablecoins.
New CEO of Aurelion, Björn Schmidtke, co-founder of the Paraguay-based bitcoin miner Penguin Group, indicated that this move signifies a transition towards digital assets underpinned by tangible value.
“In a digital economy marked by volatility, a basis of real value through tokenized gold offers certainty to both individuals and institutions,” he remarked in the announcement.
“While some refer to BTC as digital gold, I regard Tether Gold—a redeemable stablecoin secured by gold—as the genuine digital gold.”
The company intends to generate a modest yield by lending out its unencumbered gold assets through Antalpha, while retaining a portion as collateral.
Following the transaction, the company’s board and leadership structure underwent significant changes, with Antalpha acquiring two board seats and assembling a strategic advisory committee that includes Rohan Chauhan from Gemini.
