The wealth and asset management service provider Prestige Wealth, listed on Nasdaq, is rebranding to Aurelion Treasury to launch Nasdaq's first Tether Gold-backed corporate treasury, as more Wall Street firms explore digital asset products.
To launch Nasdaq's first Tether Gold (XAUT) treasury, the company announced on Friday the completion of a $100 million private equity investment (PIPE) round, with major investors including Antalpha Platform Holding Company and other qualified investors, including TG Commodities S.A. de C.V. (Tether).
The company also secured a three-year, $50 million senior debt financing from Antalpha Management, bringing its total financing to $150 million, according to documents filed with the U.S. Securities and Exchange Commission (SEC).
The company stated that most of the funds will be used to acquire Tether Gold (XAUT) tokens as Aurelion's primary reserve asset.
"I have a long-term bullish outlook on Bitcoin, and I believe we need a stablecoin that can combat inflation and is stable enough to be used for paying utility bills and other daily necessities," said Aurelion CEO Björn Schmidtke, adding that he views Tether's XAUT as "real digital gold."
The launch of Aurelion makes it the first Nasdaq-listed treasury to hold Tether Gold reserves. The company aims to make XAUT "redeemable for physical gold" over time, further bridging the gap between tokenized assets and tangible goods.
"When people can walk into a jewelry store and exchange Tether Gold (XAU₮) for gold bars, digital assets will become more tangible for many," said Paul Liang, CFO of Aurelion's parent company Antalpha.
Tether's XAUT token is currently redeemable for physical gold, but according to Tether's rules, users need to hold at least 430 XAUT to redeem for a full gold bar.
The shift to a Tether Gold treasury has benefited Prestige Wealth's stock price, which rose 19% following the announcement on Friday.
However, Yahoo Finance data shows that the company's stock price has still fallen over 94% since its launch.
After obtaining regulatory approval, the company expects to start trading on Nasdaq under the new stock ticker (AURE) beginning Monday.
Related: The French central bank urges ESMA to directly regulate crypto companies and tighten MiCA's stablecoin rules
Original: “Aurelion Treasury launches Nasdaq's first Tether Gold (XAUT) corporate treasury”
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