Prestige Wealth, a Nasdaq-listed provider of wealth and asset management services, is rebranding to Aurelion Treasury, marking the launch of the first Tether Gold-backed corporate treasury on Nasdaq as more companies on Wall Street consider digital asset solutions.
To establish this first Tether Gold (XAUT) treasury, the firm announced that it has completed a $100 million Private Investment in Public Equity (PIPE) financing round, with key investment from Antalpha Platform Holding Company and other accredited investors, including TG Commodities S.A. de C.V. (Tether), as the company announced on Friday.
Additionally, the company secured a three-year, $50 million senior debt facility from Antalpha Management, bringing its total funding to $150 million, as noted in a filing with the US Securities and Exchange Commission.
According to the company, most of the funds will be allocated to acquiring Tether Gold (XAUT) tokens, which will serve as Aurelion’s primary reserve asset.
“I am confident about bitcoin’s long-term potential, and we need a stablecoin capable of combating inflation while providing the stability needed for everyday transactions like paying bills,” stated Björn Schmidtke, CEO of Aurelion, who views Tether’s XAUT as the “genuine digital gold.”
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Aurelion’s launch establishes it as the first Nasdaq-listed treasury to maintain Tether Gold in its reserves. The company aims to make XAUT “redeemable for physical gold” over time, thus bridging the divide between tokenized assets and physical commodities.
“Digital assets will be more relatable when you can walk into a jewelry store and redeem a gold bar using Tether Gold (XAU₮),” remarked Paul Liang, CFO of Antalpha, Aurelion’s parent company.
Tether’s XAUT tokens are redeemable for physical gold; however, users must have a minimum of 430 XAUT to redeem for one complete gold bar, per Tether.
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PWM stock surges 19% after Tether treasury announcement
The shift to a Tether gold treasury has positively impacted Prestige Wealth’s stock price, which increased by 19% on Friday following the announcement.
Nonetheless, the company’s stock price has seen a decline of over 94% since its inception, according to data from Yahoo Finance reports.
Pending regulatory approvals, the company anticipates launching its new ticker symbol on Nasdaq (AURE) starting Monday.
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