Tether upped its stake in Elemental, which invests in gold and other precious metals mining royalties, as part of Elemental agreeing to acquire fellow Vancouver-based precious metals royalty firm EMX. The acquisition is an all-stock deal that values EMX at US$456 million. (The Logic)

Talking point: The investment is part of a push by Tether to expand its investments in gold mining, which would likely also grow the crypto giant’s presence in Canada, home to about half of the world’s publicly listed mining and mineral exploration companies. Tether is in talks with miners and investors about investing in the entire gold supply chain, the Financial Times reported, citing four sources. Many crypto fans—especially Bitcoiners—admire gold because it’s scarce, hard to obtain and makes for a good store of value, characteristics they also see in bitcoin. The gold sector doesn’t necessarily feel the same way: “It is the weirdest company I have ever dealt with,” the Financial Times quoted one commodity executive as saying about Tether.