Prestige Wealth, a wealth and asset management services provider listed on Nasdaq, is rebranding to Aurelion Treasury to launch the first Tether Gold-backed corporate treasury on Nasdaq as more Wall Street firms consider digital asset offerings.
The company announced the completion of a $100 million Private Investment in Public Equity (PIPE) financing round from key investor Antalpha Platform Holding Company and other accredited investors, including TG Commodities S.A. de C.V. (Tether), the company stated on Friday.
Additionally, the company secured a $50 million senior debt facility over three years from Antalpha Management, raising its total funding to $150 million, according to a filing with the US Securities and Exchange Commission.
Most proceeds will be dedicated to acquiring Tether Gold (XAUT) tokens, which will serve as Aurelion’s primary reserve asset, the company announced.
“I am optimistic about bitcoin long-term and believe we require a stablecoin to combat inflation that can be used for everyday expenses like electricity bills,” said Björn Schmidtke, CEO of Aurelion, noting that he considers Tether’s XAUT as the “true digital gold.”
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Aurelion’s launch establishes it as the first Nasdaq-listed treasury to maintain Tether Gold in reserve. The company aims to make XAUT “redeemable for physical gold” over time, further connecting tokenized assets with tangible commodities.
“Digital assets will be more relatable when one can enter a jewelry store and redeem a gold bar using Tether Gold (XAU₮),” remarked Paul Liang, the chief financial officer of Antalpha, Aurelion’s parent company.
Tether’s XAUT tokens are currently redeemable for physical gold, requiring users to possess a minimum of 430 XAUT to exchange for a full gold bar, as per Tether.
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PWM stock surges 19% after Tether treasury announcement
The shift to a Tether gold treasury has positively influenced Prestige Wealth’s stock price, which saw a 19% increase on Friday following the announcement.
Nevertheless, the stock price has fallen over 94% since its launch, according to data from Yahoo Finance reports.
Pending regulatory approvals, the company is poised to launch its new ticker symbol on Nasdaq (AURE) starting Monday.
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