AURE (ex-PWM) Gets Tether Cash, Debuts “Digital-Gold Treasury” Valuation
Prestige Wealth officially changed its name to Aurelion Inc. ($Prestige Wealth Inc.(AURE)$ ) on 13 Oct 2025 after raising a US-Dollar 150 million strategic round led by stable-coin behemoth Tether and Antalpha ( $Antalpha Platform Holding Company(ANTA)$ ). The proceeds will be used almost entirely to purchase Tether Gold (XAU₮) and to build the first listed, on-chain-auditable “Gold Treasury Company”.
1. Deal Snapshot
10 Oct 2025: US$ 150 m strategic placement, priced at a premium to 30-day VWAP.
Investors: Tether + Antalpha (corner-stone) $Antalpha Platform Holding Company(ANTA)$ , with follow-on participation from two Asian RWA funds.
Use of proceeds: ≥ 95 % to acquire XAU₮; balance for legal, audit, and chain-oracle set-up.
Corporate re-brand to “Aurelion Inc.” and ticker change to AURE effective 13 Oct 2025.
New CEO Björn Schmidtke (ex-McKinsey crypto lead) declared:
“Bitcoin is volatile digital gold; XAU₮ is audited, redeemable, 24/365 digital gold. Our mission is to give public-market investors a daily provable gold balance sheet.”
2.Three-Layer Investment Narrative
A) Asset Side – “Daily Auditable Gold Treasury”
100 % XAU₮; wallet addresses published every morning; proof-of-reserves smart-contract.
One-shot purchase equals ~ 3 % of XAU₮ free-float → potential supply-squeeze pricing power.
Gold’s lower volatility vs. BTC makes balance-sheet leverage less reflexive.
B) Capital Side – $Strategy(MSTR)$ -Style Fly-wheel, but for Gold
Listed wrapper = access to convertible bonds, prefs, ATM equity at < 200 bps cost.
Antalpha acts as structurer → laddered convertibles, miner-style gold loans, OTC repo.
Tether commits to deepen XAU₮ order-books (≤ 20 bps bid-ask for ≤ US$ 10 m clips).
C) Business Side – RWA Revenue Stack (2027 illustrative)
Product Line | Clients | Monetisation | 2027 Size |
|---|---|---|---|
1. Gold-collateral loans | Exchanges, hedge funds | 6-8 % p.a. + 2 % set-up | US$ 300-500 m loans |
2. XAU₮ ↔ fiat swaps | Payments, OTC desks | 10-15 bps spread | US$ 1-2 bn daily vol. |
3. Gold lease / forwards | Jewellers, refiners | 1.5-2 % lease rate | US$ 8-12 m annual rent |
3. Valuation Framework – “Gold NAV + RWA Premium”
Horizon | AUM (US$ bn) | P/B Multiple | Implied Market-Cap | Key Assumptions |
|---|---|---|---|---|
0-12 m | 0.5 | 2.0× | 1.0 – 1.5 bn | 1.5 bn XAU₮ bought; brand re-rating |
1-3 y | 1.5 | 2.5× | 3.5 – 5.0 bn | Two follow-on converts; RWA fees ≥ 20 m p.a. |
3-5 y | 4-6 | 3.0× | 12 – 18 bn | Gold-token penetration > 1 %; AURE becomes index-eligible |
Compare:
Global gold ETFs trade avg. 1.2× NAV.
MicroStrategy peak > 3× BTC NAV.
AURE sits in-between but carries “on-chain transparency + listed compliance” scarcity.
4. Product Matrix – XAU₮ vs. Legacy Gold ETFs
Dimension | GLD / IAU | Tether Gold (XAU₮) | AURE Angle |
|---|---|---|---|
Bar identity | Aggregate | Serial-numbered, on-chain | Real-time provenance |
Trading hours | 6.5 h Nasdaq | 24×365 Ethereum | After-hours macro hedge |
Redemption | 1 tonne min. | 1 XAU₮ = 1 oz | “Take gold home” marketing |
Annual fee | 0.25-0.40 % | 0 % storage | Cheaper carry |
Leverage/DeFi | None | 4-8 % collateral yield | New income line |
5. Catalyst Calendar (Next 6-12 Months)
Nov 2025: Launch of Antalpha RWA Hub – jewellery pilot in Dubai & Singapore allows 1:1 XAU₮ → 100 g bar swap.
Dec 2025: First “proof-of-reserve” attestation under PCAOB auditor; hash uploaded to Nasdaq filing.
Q1-2026: Proposed US$ 300 m 0 % convertible (30 % premium) to double XAU₮ hoard.
Q2-2026: Inclusion in Russell 2000 & Global Micro-Cap indices (eligibility screen passes once market-cap > US$ 1.3 bn).
6.Key Risks & Mitigants
Risk | Trigger Scenario | Mitigant |
|---|---|---|
XAU₮ liquidity crunch | > 2 % slippage on US$ 50 m sell | Tether market-making rebate; exchange liquidity pools |
Regulatory clamp-down | EU/US bans gold tokens | Swiss vaulted structure; multi-jurisdiction prospectus |
Gold price crash | Spot down 20 % in 30 days | Initial leverage < 1.5×; dynamic LTV covenants |
Narrative fatigue | RWA rotation out of favour | Roll-out of white-label wallet + yield fund to lock utilisation |
7. One-Sentence Takeaway for U.S. Investors
“ $Prestige Wealth Inc.(AURE)$ is the only Nasdaq-listed vehicle that turns your equity into a leveraged, yield-bearing, daily provable claim on tokenised gold – long gold beta with an RWA-alpha kicker; mind the liquidity and convert-dilution tails.”
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