Tether group boosts Metalla (MTA) holding to 11% beneficial stake

Rhea-AI Filing Summary

Tether Global Investments Fund and related entities report an 11.0% beneficial stake in Metalla Royalty & Streaming Ltd. The group, including Tether International, Tether Investments and Giancarlo Devasini, collectively holds 10,266,571 common shares.

Tether International holds 9,266,571 shares and Tether Investments holds 1,000,000 shares, all with shared voting and dispositive power. The ownership percentage is based on 93,442,762 Metalla shares outstanding as of March 26, 2026. This filing is Amendment No. 6 to the group’s existing Schedule 13D.

Insights

Equity ownership & governance analyst

Tether-affiliated group discloses an 11% stake in Metalla.

The reporting group, led by Tether Global Investments Fund and including two subsidiaries and Giancarlo Devasini, now reports beneficial ownership of 10,266,571 Metalla common shares, equal to 11.0% of shares outstanding as of March 26, 2026.

Voting and dispositive power over these shares is shared among the entities, indicating coordinated control of the position. The filing amends an existing Schedule 13D, signaling ongoing active-reporting status rather than a new stake, so the informational impact centers on current ownership scale and structure.

Schedule B, referenced but not detailed here, lists recent open-market purchases since the prior filing on March 26, 2026. Subsequent disclosures in future company or ownership filings may provide additional context on any further changes in this position.

Key Figures

Beneficial ownership: 10,266,571 shares Ownership percentage: 11.0% Tether International holding: 9,266,571 shares +2 more

5 metrics

Beneficial ownership 10,266,571 shares Aggregate Metalla common shares beneficially owned by reporting persons

Ownership percentage 11.0% Portion of Metalla common shares outstanding as of March 26, 2026

Tether International holding 9,266,571 shares Metalla common shares beneficially owned by Tether International, S.A. de C.V.

Tether Investments holding 1,000,000 shares Metalla common shares beneficially owned by Tether Investments, S.A. de C.V.

Shares outstanding baseline 93,442,762 shares Metalla shares outstanding as of March 26, 2026, per Form 40-F exhibit

Key Terms

beneficially own, shared voting and dispositive power, Schedule 13D, Form 40-F, +1 more

5 terms

beneficially own financial

"The Reporting Persons beneficially own an aggregate of 10,266,571 Common Shares, representing 11.0% of the outstanding Common Shares."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared voting and dispositive power financial

"Each of Tether Global Investments Fund, S.I.C.A.F., S.A. and Mr. Devasini has shared voting and dispositive power with respect to the beneficially owned 10,266,571 Common Shares."

Schedule 13D regulatory

"Except as set forth herein, the Schedule13D is unmodified."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Form 40-F regulatory

"as reported in the Annual Information Report filed as an exhibit to the Form 40-F filed with the Securities and Exchange Commission on March 26, 2026."

A Form 40-F is a standardized annual filing used by certain Canadian companies that trade in U.S. markets to give U.S. regulators and investors the same core financial statements and key disclosures they file in Canada. Think of it as a translated, formally packaged annual report that lets investors in a different marketplace compare a company’s results, governance and risks more easily, which reduces uncertainty and helps investment decisions.

open market purchases financial

"Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons since the Reporting Persons' most recent filing on March 26, 2026."

Open market purchases are buys of a company’s shares (or other securities) made on public exchanges at prevailing market prices rather than through private deals. For investors this matters because when a company buys back its own stock it reduces the number of shares available, which can boost per-share earnings and often signals management’s confidence; it also affects supply, demand and short-term liquidity much like someone quietly buying up items from a crowded marketplace.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Metalla Royalty & Streaming Ltd.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

59124U605

(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)

05/07/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 59124U605

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

11

Aggregate amount beneficially owned by each reporting person

10,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

11.0 %

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 International, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A., and 1,000,000 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. Note in relation to Item 13: This percentage is calculated based upon 93,442,762 shares outstanding as of March 26, 2026, as reported in the Annual Information Report filed as an exhibit to the Form 40-F filed with the Securities and Exchange Commission on March 26, 2026.

SCHEDULE 13D

CUSIP Number(s): 59124U605

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 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)

9.9 %

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 93,442,762 shares outstanding as of March 26, 2026, as reported in the Annual Information Report filed as an exhibit to the Form 40-F filed with the Securities and Exchange Commission on March 26, 2026.

SCHEDULE 13D

CUSIP Number(s): 59124U605

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 1,000,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,000,000.00

11

Aggregate amount beneficially owned by each reporting person

1,000,000.00

12

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

13

Percent of class represented by amount in Row (11)

1.1 %

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 93,442,762 shares outstanding as of March 26, 2026, as reported in the Annual Information Report filed as an exhibit to the Form 40-F filed with the Securities and Exchange Commission on March 26, 2026.

SCHEDULE 13D

CUSIP Number(s): 59124U605

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

11

Aggregate amount beneficially owned by each reporting person

10,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

11.0 %

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 International, S.A. de C.V. a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A., and 1,000,000 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 93,442,762 shares outstanding as of March 26, 2026, as reported in the Annual Information Report filed as an exhibit to the Form 40-F filed with the Securities and Exchange Commission on March 26, 2026.

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, Amendment No. 3 filed on February 4, 2026, Amendment No. 4 filed on March 12, 2026 and Amendment No. 5 filed on March 26, 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 International, S.A. de C.V., an El Salvador entity, Tether Investments, and Giancarlo Devasini (collectively, the "Reporting Persons") 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 Schedule13D is unmodified.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own an aggregate of 10,266,571 Common Shares, representing 11.0% of the outstanding Common Shares. This percentage is calculated based on 93,442,762 shares outstanding as of March 26, 2026, as reported in the Annual Information Report filed as an exhibit to the Form 40-F filed with the Securities and Exchange Commission on March 26, 2026.
(b)	Each of Tether Global Investments Fund, S.I.C.A.F., S.A. and Mr. Devasini has shared voting and dispositive power with respect to the beneficially owned 10,266,571 Common Shares. Tether International, S.A. de C.V. has shared voting and dispositive power with respect to 9,266,571 Common Shares. Tether Investments has shared voting and dispositive power with respect to 1,000,000 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 March 26, 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:	05/11/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	05/11/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	05/11/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	05/11/2026

FAQ

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

Tether Global Investments Fund and related entities report beneficial ownership of 10,266,571 Metalla common shares, equal to 11.0% of outstanding shares. The percentage is calculated using 93,442,762 shares outstanding as of March 26, 2026, from Metalla’s Form 40-F exhibit.

Which Tether entities hold Metalla (MTA) shares in this Schedule 13D/A?

The reporting group comprises Tether Global Investments Fund, Tether International, Tether Investments and Giancarlo Devasini. Tether International holds 9,266,571 common shares and Tether Investments holds 1,000,000 common shares, with Tether Global Investments Fund and Mr. Devasini reporting beneficial ownership through these subsidiaries.

How much of Metalla (MTA) stock does each Tether subsidiary hold?

Tether International beneficially owns 9,266,571 Metalla common shares, while Tether Investments holds 1,000,000 shares. Both positions carry shared voting and shared dispositive power, and together add up to the 10,266,571 shares reported as beneficially owned by the broader Tether-affiliated group.

How is the 11.0% Metalla (MTA) ownership percentage calculated in this filing?

The 11.0% figure is based on 93,442,762 Metalla shares outstanding as of March 26, 2026. That share count comes from the company’s Annual Information Report attached to its Form 40-F filed with the SEC on March 26, 2026, and is used consistently across the holders’ calculations.

What voting and dispositive power do the Tether entities report over Metalla (MTA) shares?

Tether Global Investments Fund and Giancarlo Devasini report shared voting and shared dispositive power over 10,266,571 Metalla shares. Tether International has shared voting and dispositive power over 9,266,571 shares, and Tether Investments has the same powers over 1,000,000 shares, reflecting coordinated control within the group.

What is the purpose of Amendment No. 6 to the Metalla (MTA) Schedule 13D?

Amendment No. 6 updates the existing Schedule 13D for the Tether-affiliated group’s Metalla stake. It restates that the reporting persons collectively beneficially own 10,266,571 common shares, outlines shared voting and dispositive powers, and references Schedule B for recent open market purchases since March 26, 2026.