Tether fund discloses 13.1% Gold Royalty stake (GROY)

Rhea-AI Filing Summary

Tether Global Investments Fund and its affiliates filed Amendment No. 5 to a Schedule 13D for Gold Royalty Corp. They report beneficial ownership of 29,237,531 common shares, equal to 13.1% of Gold Royalty’s outstanding common shares, based on 223,375,625 shares outstanding as of December 11, 2025. The shares are held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, with each reporting person having shared voting and dispositive power over these shares. Giancarlo Devasini, who has a greater than 50% voting interest in Tether Global Investments Fund, disclaims beneficial ownership except to the extent of his pecuniary interest. The amendment also references open market purchases listed in a separate Schedule B.

Insights

Equity ownership and governance analyst

Tether-linked entities report a 13.1% stake in Gold Royalty, signaling a sizable shareholder but no stated new plans.

The filing shows Tether Global Investments Fund, its subsidiary Tether Investments, and Giancarlo Devasini collectively beneficially own 29,237,531 Gold Royalty common shares, or 13.1% of the company, based on 223,375,625 shares outstanding as of December 11, 2025.

Each reporting person has shared voting and dispositive power over these shares, indicating coordinated control of the position. Devasini’s greater than 50% voting interest in Tether Global Investments Fund links him to the stake, while he formally disclaims beneficial ownership beyond his pecuniary interest, a common legal formulation for control relationships.

The amendment notes that transactions since the prior filing on January 15, 2026 are detailed in Schedule B as open market purchases, suggesting the position has been actively built or adjusted over time. Subsequent company or ownership disclosures may clarify whether this remains a passive holding or supports specific strategic objectives.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Gold Royalty Corp.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

38071H106

(CUSIP Number)

Tether Global Investments Fund
Final Av. La Revolucion, Edif. Centro, Corporativo Presidente Plaza, Nivel 12
San Salvador, H3, 00000
4420 4621 1793

Daniel Woodard
McDermott Will & Schulte LLP, One Vanderbilt Avenue
New York, NY, 10017
(212) 547-5400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 38071H106

1

Name of reporting person

Tether Global Investments Fund, S.I.C.A.F., S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

EL SALVADOR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 29,237,531.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 29,237,531.00

11

Aggregate amount beneficially owned by each reporting person

29,237,531.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 29,237,531 common shares, no par value ("Common Shares") of Gold Royalty Corp. held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A. Note in relation to Item 13: This percentage is calculated based upon 223,375,625 Common Shares outstanding on December 11, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on December 11, 2025.

SCHEDULE 13D

CUSIP No. 38071H106

1

Name of reporting person

Tether Investments, S.A. de C.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

EL SALVADOR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 29,237,531.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 29,237,531.00

11

Aggregate amount beneficially owned by each reporting person

29,237,531.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Item 13: This percentage is calculated based upon 223,375,625 Common Shares outstanding on December 11, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on December 11, 2025.

SCHEDULE 13D

CUSIP No. 38071H106

1

Name of reporting person

Giancarlo Devasini

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ITALY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 29,237,531.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 29,237,531.00

11

Aggregate amount beneficially owned by each reporting person

29,237,531.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 29,237,531 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A. Mr. Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest. Note in relation to Item 13: This percentage is calculated based upon 223,375,625 Common Shares outstanding on December 11, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on December 11, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, without par value
(b)	Name of Issuer: Gold Royalty Corp.
(c)	Address of Issuer's Principal Executive Offices: 1188 West Georgia Street, Suite 1830, Vancouver, BRITISH COLUMBIA, CANADA , V6E 4A2.
Item 1 Comment: This statement on Schedule 13D amends the Schedule 13D of Tether Holdings, S.A. de C.V., an El Salvador entity, Tether Investments, S.A. de C.V., an El Salvador entity ("Tether Investments"), and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission (the "SEC") on October 24, 2025 as amended by Amendment No. 1 filed on November 3, 2025, Amendment No. 2 filed on November 18, 2025, Amendment No. 3 filed on December 1, 2025 and Amendment No. 4 filed on January 15, 2026 (as amended, the "Schedule 13D") with respect to the common shares, without par value ("Common Shares") of Gold Royalty Corp., a company incorporated under the laws of Canada (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Global Investments Fund, S.I.C.A.F., S.A. (f/k/a Tether Holdings, S.A. de C.V.), an El Salvador entity, Tether Investments, and Giancarlo Devasini (collectively, the "Reporting Persons") and and constitutes Amendment No. 5 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own an aggregate of 29,237,531 Common Shares, representing 13.1% of the outstanding Common Shares. This percentage is calculated based on 223,375,625 Common Shares outstanding on December 11, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on December 11, 2025.
(b)	Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 29,237,531 Common Shares.
(c)	Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons since the Reporting Persons' most recent filing on January 15, 2026.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Schedule A Executive Officers and Directors Schedule B Open Market Purchases 99.1 Agreement of filing persons relating to filing of joint statement per Rule 13d-1(k).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Tether Global Investments Fund, S.I.C.A.F., S.A.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, President
Date:	02/09/2026

Tether Investments, S.A. de C.V.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	02/09/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	02/09/2026

FAQ

How much of Gold Royalty Corp. (GROY) does Tether Global Investments Fund currently own?

Tether Global Investments Fund and its affiliates report beneficial ownership of 29,237,531 Gold Royalty common shares, representing 13.1% of the outstanding shares. This percentage is based on 223,375,625 shares outstanding as of December 11, 2025, as disclosed in the company’s Form 6-K.

Who are the reporting persons in the latest Gold Royalty (GROY) Schedule 13D/A filing?

The reporting persons are Tether Global Investments Fund, S.I.C.A.F., S.A. (formerly Tether Holdings, S.A. de C.V.), Tether Investments, S.A. de C.V., and Giancarlo Devasini. They jointly report beneficial ownership and shared voting and dispositive power over Gold Royalty Corp.’s common shares.

What voting and dispositive power do the Tether entities report over Gold Royalty (GROY) shares?

Each reporting person reports shared voting power and shared dispositive power over 29,237,531 Gold Royalty common shares. They report no sole voting or dispositive power, indicating decisions regarding these shares are made on a shared basis among the reporting persons.

How was the 13.1% ownership percentage in Gold Royalty (GROY) calculated for the 13D/A?

The 13.1% ownership figure is calculated using 29,237,531 beneficially owned shares divided by 223,375,625 common shares outstanding as of December 11, 2025. That outstanding share count comes from Gold Royalty Corp.’s Form 6-K filed on the same date.

What role does Giancarlo Devasini play in the Tether investment in Gold Royalty (GROY)?

Giancarlo Devasini is a reporting person who holds a greater than 50% voting interest in Tether Global Investments Fund. The filing states he disclaims beneficial ownership of the 29,237,531 shares except to the extent of his pecuniary interest, a standard legal clarification in control relationships.

Where are recent Tether-related transactions in Gold Royalty (GROY) shares disclosed?

Recent transactions are listed in Schedule B to the amendment. The filing states that Schedule B sets forth open market purchases in Gold Royalty common shares made by the reporting persons since their most recent filing on January 15, 2026, providing detail on trade activity.