Tether group reports 11.7% Gold Royalty stake (NYSE: GROY) in SEC filing

Rhea-AI Filing Summary

Tether Global Investments Fund, Tether Investments and Giancarlo Devasini report beneficial ownership of 26,117,792 Gold Royalty Corp. common shares, equal to 11.7% of the company’s outstanding shares.

All three reporting persons share voting and dispositive power over these shares, which are held through Tether Investments, S.A. de C.V., a subsidiary of Tether Global Investments Fund. The ownership percentage is based on 223,375,625 common shares outstanding as of December 11, 2025, as disclosed in Gold Royalty’s Form 6-K. This filing is Amendment No. 4 to their prior Schedule 13D and leaves earlier disclosure unchanged except as updated here.

Insights

Securities law analyst

Tether-affiliated entities disclose an 11.7% stake in Gold Royalty.

The filing shows that Tether Global Investments Fund, its subsidiary Tether Investments, and individual investor Giancarlo Devasini together beneficially own 26,117,792 Gold Royalty Corp. common shares, representing 11.7% of the class. Voting and dispositive power over these shares is shared among the reporting persons, with the position held through Tether Investments.

The percentage interest is calculated using 223,375,625 common shares outstanding as of December 11, 2025, as reported by Gold Royalty. This document is Amendment No. 4 to an existing Schedule 13D, meaning it updates prior ownership disclosure rather than initiating a new stake. Actual market impact depends on any future actions by these holders, which are not specified in the excerpt.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

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)

01/13/2026

(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 26,117,792.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,117,792.00

11

Aggregate amount beneficially owned by each reporting person

26,117,792.00

12

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

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 26,117,792 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 Holdings, S.A. de C.V. 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 26,117,792.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,117,792.00

11

Aggregate amount beneficially owned by each reporting person

26,117,792.00

12

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

13

Percent of class represented by amount in Row (11)

11.7 %

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 26,117,792.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,117,792.00

11

Aggregate amount beneficially owned by each reporting person

26,117,792.00

12

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

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 26,117,792 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 and Amendment No. 3 filed on December 1, 2025 (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. 4 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 26,117,792 Common Shares, representing 11.7% 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 26,117,792 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 December 1, 2025.
(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:	01/15/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	01/15/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	01/15/2026

FAQ

How many Gold Royalty Corp. shares do the Tether-related filers report owning in this Schedule 13D/A?

The reporting persons state they beneficially own 26,117,792 Gold Royalty Corp. common shares.

What percentage of Gold Royalty Corp. (GROY) does 26,117,792 shares represent?

The filing reports that 26,117,792 common shares represent 11.7% of Gold Royalty Corp.’s outstanding common shares.

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

The reporting persons are Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V., and Giancarlo Devasini.

How is the 11.7% ownership in Gold Royalty Corp. calculated in this filing?

The 11.7% figure is based on 223,375,625 Gold Royalty Corp. common shares outstanding as of December 11, 2025, as reported in the issuer’s Form 6-K.

Do the reporting persons have voting and dispositive power over their Gold Royalty Corp. shares?

Yes. The filing states that each reporting person has shared voting power and shared dispositive power over the 26,117,792 common shares.

What does Amendment No. 4 to the Schedule 13D for Gold Royalty Corp. change?

This document is Amendment No. 4 to a prior Schedule 13D, updating the reporting persons’ beneficial ownership information while leaving earlier disclosure unchanged except as specifically amended.