Prestige Wealth, listed on Nasdaq as a wealth and asset management service provider, is undergoing a rebranding to Aurelion Treasury, aiming to introduce the first Tether Gold-backed corporate treasury on Nasdaq as more firms on Wall Street delve into digital asset offerings.
In a bid to launch this Tether Gold (XAUT) treasury, the company revealed the completion of a $100 million Private Investment in Public Equity (PIPE) financing round, led by the anchor investor Antalpha Platform Holding Company, alongside other accredited investors including TG Commodities S.A. de C.V. (Tether), as announced on Friday.
The firm also acquired a three-year, $50 million senior debt facility from Antalpha Management, which increases its overall funding to $150 million, as noted in a filing with the US Securities and Exchange Commission details.
A major portion of the funds will be utilized to purchase Tether Gold (XAUT) tokens, which the company identified as Aurelion’s key reserve asset.
“I am optimistic about bitcoin’s long-term prospects, and I think we need a stablecoin capable of combating inflation and providing stability for daily expenses like electricity bills,” stated Björn Schmidtke, CEO of Aurelion, adding that he views Tether’s XAUT as “the true digital gold.”
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Aurelion’s establishment marks it as the inaugural Nasdaq-listed treasury to possess Tether Gold reserves. The company expressed its intent to eventually make XAUT “redeemable for physical gold,” thus narrowing the divide between tokenized assets and tangible commodities.
“Digital assets will become more relatable when one can enter a jewelry store and exchange Tether Gold (XAU₮) for a gold bar,” remarked Paul Liang, chief financial officer of Antalpha, the parent company of Aurelion.
Tether’s XAUT tokens are redeemable for physical gold; however, users must possess a minimum of 430 XAUT to exchange for one complete gold bar, as per Tether.
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PWM stock soars 19% after Tether treasury announcement
The transition to a Tether gold treasury has positively impacted Prestige Wealth’s stock, which experienced a 19% increase on Friday following the announcement.
Nevertheless, the stock price remains down over 94% since its inception, according to data from Yahoo Finance shows.
Pending regulatory approvals, the company anticipates launching its new ticker symbol on the Nasdaq (AURE) starting Monday.
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