Metalla (MTA): Tether entities disclose 7.8% beneficial stake in amended 13D

Rhea-AI Filing Summary

Metalla Royalty & Streaming Ltd. (MTA) received an amended Schedule 13D from Tether-related entities. Tether Holdings, S.A. de C.V., its controlled subsidiary Tether Investments, S.A. de C.V., and individual investor Giancarlo Devasini report beneficial ownership of 7,201,376 common shares of Metalla.

This stake represents 7.8% of Metalla’s outstanding common shares, based on 92,561,386 shares outstanding as of November 12, 2025, as reported by the company. The shares are held by Tether Investments, which is controlled by Tether Holdings. Devasini has a greater than 50% voting interest in Tether Holdings and reports indirect beneficial ownership through this structure, while disclaiming beneficial ownership except to the extent of his pecuniary interest.

The amendment updates the existing Schedule 13D to reflect the current ownership position and confirms that each reporting person has voting and dispositive power over the 7,201,376 shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Metalla Royalty & Streaming Ltd.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

59124U605

(CUSIP Number)

Tether Holdings, S.A. de C.V.
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)

01/07/2026

(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).

SCHEDULE 13D

CUSIP No. 59124U605

1

Name of reporting person

Tether Holdings, 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)

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 7,201,376.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,201,376.00

11

Aggregate amount beneficially owned by each reporting person

7,201,376.00

12

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

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 7,201,376 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 Holdings, S.A. de C.V. 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 7,201,376.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,201,376.00

11

Aggregate amount beneficially owned by each reporting person

7,201,376.00

12

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

13

Percent of class represented by amount in Row (11)

7.8 %

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 7,201,376.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,201,376.00

11

Aggregate amount beneficially owned by each reporting person

7,201,376.00

12

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

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note in relation to Items 8, 10 and 11: Includes 7,201,376 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. 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 (collectively, the "Reporting Persons") 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 (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 the Reporting Persons and constitutes Amendment No. 2 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 7,201,376 Common Shares, representing 7.8% 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 7,201,376 Common Shares.
(c)	Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.
(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 Holdings, S.A. de C.V.

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, President
Date:	01/09/2026

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

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, Sole Administrator
Date:	01/09/2026

Giancarlo Devasini

Signature:	/s/ Giancarlo Devasini
Name/Title:	Giancarlo Devasini, individually
Date:	01/09/2026

FAQ

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

The reporting persons state they beneficially own 7,201,376 Common Shares of Metalla Royalty & Streaming Ltd.

What percentage of Metalla (MTA) does 7,201,376 shares represent?

The filing reports that 7,201,376 Common Shares represent 7.8% of Metalla’s outstanding Common Shares, based on 92,561,386 shares outstanding as of November 12, 2025.

Which Tether entities are reporting ownership in Metalla (MTA)?

The reporting persons are Tether Holdings, S.A. de C.V., its controlled subsidiary Tether Investments, S.A. de C.V., and Giancarlo Devasini.

Who directly holds the Metalla (MTA) shares referenced in this Schedule 13D/A?

The filing notes that the 7,201,376 Common Shares are held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V.

What is Giancarlo Devasini’s relationship to the Tether entities in this Metalla (MTA) filing?

The document states that Giancarlo Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. and reports beneficial ownership through Tether Investments, while disclaiming beneficial ownership except for his pecuniary interest.

What type of document is this for Metalla (MTA)?

This is an Amendment No. 2 to a Schedule 13D, updating the previously filed beneficial ownership report for Metalla Royalty & Streaming Ltd.

Do the reporting persons have voting and dispositive power over the Metalla (MTA) shares?

Yes. The filing states that each reporting person has voting and dispositive power with respect to the 7,201,376 Common Shares beneficially owned.