Tether-linked fund discloses 10% Metalla Royalty stake (MTA)

Rhea-AI Filing Summary

Tether Global Investments Fund and related parties filed Amendment No. 4 to their Schedule 13D on Metalla Royalty & Streaming Ltd. (MTA), updating their ownership disclosure. The reporting persons together beneficially own 9,266,571 common shares, representing 10.0% of Metalla’s outstanding common shares.

The stake is held through Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A. All reporting persons share voting and dispositive power over these shares. The percentage ownership is based on 92,561,386 common shares outstanding as of November 12, 2025, as reported in Metalla’s Form 6-K.

Insights

Equity ownership analyst

Tether-affiliated entities disclose a 10% beneficial stake in Metalla.

The filing shows Tether Global Investments Fund, its subsidiary Tether Investments, and Giancarlo Devasini collectively beneficially owning 9,266,571 Metalla common shares, or 10.0% of the company, based on 92,561,386 shares outstanding on November 12, 2025.

Each reporting person has shared voting and dispositive power over these shares, indicating coordinated control of the position. The document also references open-market purchases listed in Schedule B since February 4, 2026, suggesting active management of the stake, though individual trade details are not summarized here.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Metalla Royalty & Streaming Ltd.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

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)

03/10/2026

(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 Number(s):

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 9,266,571.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,266,571.00

11

Aggregate amount beneficially owned by each reporting person

9,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

10.0 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 9,266,571 common shares, no par value ("Common Shares") of Metalla Royalty & Streaming Ltd. 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 92,561,386 Common Shares outstanding on November 12, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13D

CUSIP Number(s):

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 9,266,571.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,266,571.00

11

Aggregate amount beneficially owned by each reporting person

9,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

10.0 %

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 92,561,386 Common Shares outstanding on November 12, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13D

CUSIP Number(s):

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 9,266,571.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,266,571.00

11

Aggregate amount beneficially owned by each reporting person

9,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

10.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 9,266,571 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 92,561,386 Common Shares outstanding on November 12, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, without par value
(b)	Name of Issuer: Metalla Royalty & Streaming Ltd.
(c)	Address of Issuer's Principal Executive Offices: 543 Granville Street, Suite 501, Vancouver, BRITISH COLUMBIA, CANADA , V6C 1X8.
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 December 9, 2025, Amendment No. 2 filed on January 9, 2026 and Amendment No. 3 filed on February 4, 2026 (as amended, the "Schedule 13D") with respect to the common shares, without par value ("Common Shares") of Metalla Royalty & Streaming Ltd., a Canadian corporation (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 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 Schedule13D is unmodified.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own an aggregate of 9,266,571 Common Shares, representing 10.0% of the outstanding Common Shares. This percentage is calculated based on 92,561,386 Common Shares outstanding on November 12, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2025.
(b)	Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 9,266,571 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 February 4, 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:	03/12/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	03/12/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	03/12/2026

FAQ

What ownership stake in Metalla (MTA) does Tether Global Investments Fund report?

Tether Global Investments Fund and related parties report beneficial ownership of 9,266,571 Metalla common shares, equal to 10.0% of the company. This percentage is calculated using 92,561,386 shares outstanding as of November 12, 2025, as disclosed in Metalla’s Form 6-K.

Which entities are reporting beneficial ownership of Metalla (MTA) shares?

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. Tether Investments holds the Metalla common shares, and it is a controlled subsidiary of Tether Global Investments Fund, tying the position to these related parties.

How many Metalla (MTA) shares do the reporting persons beneficially own?

The reporting persons beneficially own 9,266,571 Metalla common shares without par value. This holding represents a significant 10.0% of Metalla’s outstanding common shares, based on 92,561,386 shares outstanding as of November 12, 2025, from the company’s Form 6-K disclosure.

What voting and dispositive power do the Tether reporting persons have over Metalla (MTA) shares?

Each reporting person has shared voting and shared dispositive power over 9,266,571 Metalla common shares. They report no sole voting or sole dispositive power, indicating that decisions regarding these shares are made jointly among the reporting persons rather than individually.

What does Amendment No. 4 to the Schedule 13D for Metalla (MTA) cover?

Amendment No. 4 updates the Schedule 13D originally filed in October 2025 and subsequently amended three times. It confirms the current 9,266,571-share, 10.0% beneficial stake and notes that Schedule B lists open market purchases since the last amendment dated February 4, 2026.

How was the 10.0% ownership percentage in Metalla (MTA) calculated for the Tether group?

The 10.0% figure is based on 92,561,386 Metalla common shares outstanding as of November 12, 2025. This outstanding share count comes from Metalla’s Form 6-K filed on November 13, 2025, and is used as the denominator against the 9,266,571 shares beneficially owned.