Tether-linked investors report 8.9% Metalla Royalty (MTA) holding

Rhea-AI Filing Summary

Tether Global Investments Fund, Tether Investments and Giancarlo Devasini filed Amendment No. 3 to a Schedule 13D detailing their holdings in Metalla Royalty & Streaming Ltd. They report beneficial ownership of 8,266,571 common shares, representing 8.9% of Metalla’s outstanding common shares.

The ownership percentage is based on 92,561,386 common shares outstanding as of November 12, 2025, as disclosed in Metalla’s Form 6-K. All three reporting persons share voting and dispositive power over the same block of shares, held through Tether Investments, a controlled subsidiary of Tether Global Investments Fund.

Insights

Equity ownership & filings analyst

Tether-linked entities report shared 8.9% stake in Metalla.

The filing shows Tether Global Investments Fund, Tether Investments and Giancarlo Devasini jointly reporting beneficial ownership of 8,266,571 Metalla common shares, equal to 8.9% of shares outstanding based on November 12, 2025 data.

The shares are held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund. Devasini, who has a greater than 50% voting interest in the fund, is a reporting person and disclaims beneficial ownership beyond any pecuniary interest.

The amendment confirms shared voting and dispositive power across all reporting persons and references additional open market purchases listed in Schedule B since the prior January 9, 2026 filing. Actual impact on Metalla will depend on any future actions these holders may disclose.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

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)

02/02/2026

(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. 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 8,266,571.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,266,571.00

11

Aggregate amount beneficially owned by each reporting person

8,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

8.9 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 8,266,571 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 No. 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 8,266,571.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,266,571.00

11

Aggregate amount beneficially owned by each reporting person

8,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

8.9 %

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 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 No. 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 8,266,571.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,266,571.00

11

Aggregate amount beneficially owned by each reporting person

8,266,571.00

12

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

13

Percent of class represented by amount in Row (11)

8.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 8,266,571 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 and Amendment No. 2 filed on January 9, 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. 3 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 8,266,571 Common Shares, representing 8.9% 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 8,266,571 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 January 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/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, President
Date:	02/04/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	02/04/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	02/04/2026

FAQ

How many Metalla (MTA) shares do the Tether entities report owning?

The reporting persons disclose beneficial ownership of 8,266,571 Metalla common shares. These shares are held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Global Investments Fund, and are reported as a single block across all three reporting persons.

What percentage of Metalla (MTA) does the 8,266,571-share position represent?

The filing states that 8,266,571 common shares represent 8.9% of Metalla’s outstanding common shares. This percentage is calculated using 92,561,386 shares outstanding as of November 12, 2025, as reported in Metalla’s Form 6-K.

Who are the reporting persons in this Metalla (MTA) 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. All three jointly report beneficial ownership and shared voting and dispositive power over the same 8,266,571 Metalla common shares.

How is the 8,266,571-share Metalla (MTA) position held structurally?

The filing explains that 8,266,571 Metalla common shares are held by Tether Investments, S.A. de C.V., which is a controlled subsidiary of Tether Global Investments Fund, S.I.C.A.F., S.A.. This structure underlies the shared voting and dispositive power reported.

What role does Giancarlo Devasini have in the Metalla (MTA) holding?

The document notes Giancarlo Devasini has a greater than 50% voting interest in Tether Global Investments Fund. He reports shared voting and dispositive power over the 8,266,571 shares but disclaims beneficial ownership except to the extent of his pecuniary interest.

What transactions are referenced in this Metalla (MTA) Schedule 13D/A amendment?

The amendment states that Schedule B sets out open market purchases of Metalla common shares made since the most recent January 9, 2026 filing. Specific trade details are contained in that referenced schedule, not in this excerpt.