Aurelion Treasury Introduces Nasdaq's Initial Tether Gold-Backed Reserve
Aurelion Treasury, previously known as Prestige Wealth, has initiated the first-ever Tether Gold-backed corporate treasury on Nasdaq.
The recent launch of Aurelion Treasury heralds Nasdaq’s first corporate treasury backed by Tether Gold, initiated through a significant $150 million financing round.
Initially known as Prestige Wealth, Aurelion is entering the world of digital asset management as more firms on Wall Street look to expand their offerings in this arena.
To kick off this venture, they have successfully finalized a $100 million Private Investment in Public Equity (PIPE) round, with significant participation from major investors such as Antalpha Platform Holding Company and Tether (TG Commodities S.A. de C.V.).
According to a filing with the U.S. Securities and Exchange Commission (SEC), the company has also secured a $50 million senior debt facility to increase its total funding for this treasury to $150 million.
The bulk of this financial support will be allocated towards acquiring Tether Gold (XAUT) tokens, which will serve as Aurelion’s primary reserve asset.
“I am optimistic about bitcoin’s future. We need a stablecoin capable of weathering inflation that can be used for everyday payments like utility bills,” remarked Björn Schmidtke, CEO of Aurelion, expressing his belief in Tether’s XAUT as the “true digital gold.”
Prestige Wealth, PIPE financing filing.
Source: SEC
Aurelion aims to eventually allow XAUT to be redeemed for physical gold, creating a tangible connection between digital and tangible assets.
“Digital assets become more relatable when one can walk into a jewelry store and exchange Tether Gold (XAU₮) for a gold bar,” stated Paul Liang, Chief Financial Officer of Antalpha.
Tether XAUT redemptions.
Source: gold.tether.to
Although users must hold at least 430 XAUT to redeem a gold bar, the potential for Tether’s XAUT tokens being redeemable for physical gold remains a significant draw.
Following the treasury announcement, Prestige Wealth’s stock experienced a 19% surge, though it continues to remain down over 94% since its launch, as per Yahoo Finance data.
Pending regulatory approvals, the firm is set to introduce its new ticker symbol (AURE) on Nasdaq from Monday.
