Tether entities shuffle 30.3M Gold Royalty Corp. (GROY) shares

Rhea-AI Filing Summary

Gold Royalty Corp.’s major shareholder group led by Tether entities reports beneficial ownership of 30,300,000 Common Shares, equal to 13.5% of the company’s outstanding shares based on 224,530,457 shares outstanding as of December 31, 2025.

Effective March 24, 2026, Tether Investments, S.A. de C.V. transferred 30,300,000 Common Shares to Tether International, S.A. de C.V. This internal transfer did not change the aggregate number of shares beneficially owned by the reporting persons. Tether Global Investments Fund, S.I.C.A.F., S.A. and individual reporting person Giancarlo Devasini are part of the group, with Devasini holding a greater than 50% voting interest in the fund.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

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)

03/24/2026

(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).

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SCHEDULE 13D

CUSIP Number(s): 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 30,300,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 30,300,000.00

11

Aggregate amount beneficially owned by each reporting person

30,300,000.00

12

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

13

Percent of class represented by amount in Row (11)

13.5 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 30,300,000 common shares, no par value ("Common Shares") of Gold Royalty Corp. held by Tether International, 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 224,530,457 Common Shares outstanding on December 31, 2025, as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on March 19, 2026.

SCHEDULE 13D

CUSIP Number(s): 38071H106

1

Name of reporting person

Tether International, 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 30,300,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 30,300,000.00

11

Aggregate amount beneficially owned by each reporting person

30,300,000.00

12

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

13

Percent of class represented by amount in Row (11)

13.5 %

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 224,530,457 Common Shares outstanding on December 31, 2025, as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on March 19, 2026.

SCHEDULE 13D

CUSIP Number(s): 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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

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

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 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 30,300,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 30,300,000.00

11

Aggregate amount beneficially owned by each reporting person

30,300,000.00

12

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

13

Percent of class represented by amount in Row (11)

13.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 30,300,000 Common Shares held by Tether International, 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 224,530,457 Common Shares outstanding on December 31, 2025, as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on March 19, 2026.

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 , Amendment No. 4 filed on January 15, 2026 and Amendment No. 5 filed on February 9, 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 International, S.A. de C.V., an El Salvador entity, Tether Investments, and Giancarlo Devasini (collectively, the "Reporting Persons") and and constitutes Amendment No. 6 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 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented to add the following: Effective on March 24, 2026, Tether Investments transferred 30,300,000 Common Shares to Tether International, S.A. de C.V. (the "Transfer"). The Transfer resulted in no change in the aggregate number of Common Shares beneficially owned by the Reporting Persons.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own an aggregate of 30,300,000 Common Shares, representing 13.5% of the outstanding Common Shares. This percentage is calculated based on 224,530,457 Common Shares outstanding on December 31, 2025, as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on March 19, 2026.
(b)	Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 30,300,000 Common Shares.
(c)	In addition to the Transfer, Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons since the Reporting Persons' most recent filing on February 9, 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/ Omar Rossi
Name/Title:	Omar Rossi, Sole Administrator
Date:	03/26/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	03/26/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	03/26/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	03/26/2026

FAQ

What stake in Gold Royalty Corp. (GROY) do the Tether reporting persons disclose?

The reporting persons disclose beneficial ownership of 30,300,000 Common Shares of Gold Royalty Corp., representing 13.5% of outstanding shares. This percentage is based on 224,530,457 shares outstanding on December 31, 2025, as reported in the company’s Form 20-F.

What change is reported in Amendment No. 6 to the Gold Royalty Corp. Schedule 13D?

Amendment No. 6 reports that, effective March 24, 2026, Tether Investments, S.A. de C.V. transferred 30,300,000 Common Shares to Tether International, S.A. de C.V. The filing states this transfer resulted in no change in the aggregate number of shares beneficially owned by the reporting persons.

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

The reporting persons are Tether Global Investments Fund, S.I.C.A.F., S.A., Tether International, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini. They report shared voting and dispositive power over 30,300,000 Common Shares of Gold Royalty Corp. as a coordinated group.

How is the 13.5% ownership percentage in Gold Royalty Corp. calculated in this filing?

The 13.5% figure is calculated using 30,300,000 Common Shares beneficially owned divided by 224,530,457 Common Shares outstanding on December 31, 2025. That outstanding share count is taken from Gold Royalty Corp.’s Form 20-F filed with the Securities and Exchange Commission on March 19, 2026.

What role does Giancarlo Devasini play in the Tether group’s Gold Royalty Corp. stake?

Giancarlo Devasini is a reporting person who is attributed beneficial ownership of 30,300,000 Common Shares through Tether International, S.A. de C.V. The filing notes that he has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. and disclaims beneficial ownership except for his pecuniary interest.

Did the reported transfer affect total Tether-related ownership in Gold Royalty Corp. (GROY)?

The filing states the March 24, 2026 transfer of 30,300,000 shares from Tether Investments to Tether International caused no change in the aggregate number of shares beneficially owned by the reporting persons. It was an internal reallocation within the Tether-affiliated entities rather than a change in overall stake.