Prestige Wealth ( PWM ) said it has closed a $150 million financing round to launch a digital asset treasuryfocused on Tether Gold (XAUT), the gold-backed tokens of stablecoin giant Tether.

The funding includes a $100 million private placement led by Antalpha (ANTA), a prominent bitcoin mining financing firm that and $50 million in senior debt, according to an announcement on Friday.

Backers also include Tether and Kiara Capital.

Most of that capital will be used to acquire tokenized gold reserves, aiming to build a publicly verifiable, blockchain-native treasury. The company will rebrand to Aurelion pending approvals, and will start trading under the AURE ticker on Monday.

The stock spiked 35% pre-market following the news before giving back most of the gains during the early minutes of the session. The announcement followed Bloomberg's report last week on Antalpha and Tether looking to back a tokenized gold treasury company.

Tether Gold is a stablecoin tied to physical gold, redeemable and traceable on-chain. Aurelion said it will hold these reserves in a transparent and auditable structure, offering an alternative to conventional reserves like cash or fiat stablecoins.

New Aurelion CEO Björn Schmidtke, who co-founded Paraguayan bitcoin miner Penguin Group, said the move reflects a shift toward digital assets backed by real-world value.

"In a world where money is moving digitally and market volatility remains real, having a foundation of real value in tokenized gold gives people and institutions certainty," he said in the statement.

"Some people describe BTC as digital gold. I see Tether Gold, a redeemable stablecoin backed by gold, as the real digital gold."

The firm said it will aims to generate a modest yield by lending unencumbered gold holdings through Antalpha, while keeping a portion locked as collateral.

The company’s board and leadership have been reshaped following the transaction, with Antalpha gaining two board seats and forming a strategic advisory committee including Gemini’s Rohan Chauhan.