Tether fund reports 10% Metalla Royalty stake (NYSE: MTA)

Rhea-AI Filing Summary

Tether Global Investments Fund and affiliated entities report beneficial ownership of 9,266,571 Metalla Royalty & Streaming common shares, representing 10.0% of the outstanding shares. The group files Amendment No. 5 to its Schedule 13D to update its ownership structure.

On March 24, 2026, Tether Investments transferred 9,266,571 common shares to Tether International, S.A. de C.V. The filing states this internal transfer did not change the aggregate number of shares beneficially owned by the reporting persons.

Insights

Equity ownership analyst

Tether-affiliated entities reaffirm a 10% Metalla Royalty stake, with only an internal transfer of holdings.

The filing shows Tether Global Investments Fund, Tether International and related parties beneficially own 9,266,571 Metalla Royalty & Streaming common shares, or 10.0% of the company. This percentage is based on 92,561,386 shares outstanding as of November 12, 2025.

Item 4 explains that on March 24, 2026, Tether Investments transferred 9,266,571 shares to Tether International, S.A. de C.V. The document states the transfer caused no change in the group’s aggregate beneficial ownership, so the economic exposure to Metalla remains the same.

The filing also notes that Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund and disclaims beneficial ownership beyond his pecuniary interest. Future ownership updates, if any, would be reflected in subsequent beneficial ownership filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

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).

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 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 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 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): 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)

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): 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 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): 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 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 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 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, Amendment No. 3 filed on February 4, 2026 and Amendment No. 4 filed on March 12, 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. 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 Schedule13D 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 9,266,571 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 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)	Except for the Transfer of Common Shares, no transactions in the Common Shares were effected by the Reporting Persons since the Reporting Persons' most recent filing on March 12, 2026.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Schedule A Executive Officers and Directors 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 Metalla Royalty & Streaming (MTA) do Tether-affiliated entities report?

They report beneficial ownership of 9,266,571 Metalla Royalty & Streaming common shares, equal to 10.0% of the outstanding shares. This percentage is calculated using 92,561,386 shares outstanding as of November 12, 2025, disclosed in the issuer’s Form 6-K.

How many Metalla Royalty common shares do the reporting persons collectively own?

The reporting persons collectively beneficially own 9,266,571 common shares of Metalla Royalty & Streaming Ltd. The filing states each reporting person has voting and dispositive power over these shares, which represents a significant minority position in the issuer.

What change does Amendment No. 5 to the Schedule 13D for MTA report?

Amendment No. 5 reports that on March 24, 2026, Tether Investments transferred 9,266,571 common shares to Tether International, S.A. de C.V. The document specifies this internal transfer did not change the aggregate number of shares owned by the reporting persons.

Who are the main reporting persons in this Metalla Royalty Schedule 13D/A?

The main 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 collectively report beneficial ownership of 9,266,571 Metalla Royalty common shares, equal to 10.0% of the class.

Does this filing indicate any new purchases or sales of Metalla Royalty shares?

The filing states that, apart from the internal transfer of 9,266,571 shares between Tether Investments and Tether International, no other transactions in Metalla Royalty common shares were effected by the reporting persons since their most recent filing on March 12, 2026.

How is Giancarlo Devasini connected to the Tether stake in Metalla Royalty?

The document notes that Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund, S.I.C.A.F., S.A. He reports indirect beneficial ownership of 9,266,571 shares but disclaims beneficial ownership except to the extent of his pecuniary interest.