Prestige Wealth raised $150 million for Tether Gold.

Prestige Wealth (PWM) has raised $150 million in funding to establish a digital asset treasury focused on Tether Gold (XAUT). The company secured this funding through a private placement and debt facility backed by Antalpha. A total of $100 million was raised through a private placement managed by Antalpha, with the remaining $50 million provided in the form of senior debt.

The new funds will be used to acquire tokenized gold reserves. The company's goal is to create a publicly accessible and verifiable blockchain-based treasury. Prestige Wealth plans to rebrand as Aurelion following approvals and will start trading under the symbol AURE. The company's shares gained 35% in pre-market trading following the news but later retraced much of that gain at the start of trading.

Last week, a report published by Bloomberg revealed that Antalpha and Tether plan to support the tokenized gold treasury company. Tether Gold is a stablecoin backed by physical gold, which can be redeemed and tracked in an on-chain environment. Aurelion commits to keeping these reserves in a transparent and auditable structure, aiming to provide an alternative to traditional reserves such as cash or fiat stablecoins.

New CEO Björn Schmidtke stated, "We are witnessing a transition towards digital assets being backed by real value. In a world where digital currencies move and market fluctuations exist, tokenized gold provides a true foundation of value, offering security to individuals and institutions." Antalpha secured two board seats in the new structure, while Rohan Chauhan from Gemini joined the strategic advisory committee.