Metalla Royalty & Streaming enters the back half of July with one story dominating everything else: a major digital-assets firm has been buying the stock almost every single trading day for six weeks.
Tether International — the stablecoin issuer — has accumulated shares relentlessly since late June. The firm bought on at least ten separate sessions between June 24 and July 10, picking up roughly 542,000 shares across that stretch at prices ranging from CAD 6.61 to CAD 7.75. Its total declared holding now stands at 12.4 million shares, or 13.3% of the company. Net insider buying across all parties over the past 90 days reached just under 2 million shares, worth approximately USD 14.7 million — and Tether accounts for nearly all of it. That level of concentrated, systematic accumulation from an unconventional shareholder is the defining feature of MTA's setup right now.
The lending market reflects a stock that is broadly straightforward to borrow. Availability has loosened considerably this week, climbing back to roughly 196% — meaning there are almost two shares available to borrow for every one already lent out. That compares to a 52-week tightest reading of around 146%, so conditions are well off the stressed end of the range. Short interest is a minor factor here: it sits at just 0.24% of the free float, and has fallen roughly 18% over the past week. Borrowing costs are unremarkable at 1.17% annualised, easing from around 1.35% a week ago. Nothing in the lending data suggests any meaningful short pressure.
The stock itself gained 6.3% on the week, closing at CAD 10.29 — outperforming most of its closest peers. Among correlated names, AYA added 5.5% over the same period, while TFPM lost 5.4% and TXG slipped 3.1%. MTA's relative outperformance looks linked more to the Tether buying flow than to broader precious metals momentum, since several royalty peers drifted lower even as gold held firm. Analyst data for MTA is too dated to cite with confidence, so positioning and ownership flows are the more relevant lens this week.
Valuation tells a mixed story. The EV/EBITDA multiple has compressed roughly 3.3 turns over the past 30 days to around 30.5x — a direction of travel that matters for a royalty name still building its producing asset base. The trailing P/E of 56x reflects a company whose earnings are growing from a modest starting point rather than one priced for maturity. The 12-month forward EPS momentum factor scores in the 92nd percentile, one of the clearer fundamental reads in the dataset, suggesting analysts covering the name are lifting estimates at an above-average rate. The short score, at 42.5, is middling and drifting slightly lower, consistent with a stock that shorts are quietly exiting rather than building into.
Earnings are scheduled for August 14 — and the historical pattern here is worth noting plainly. The last three reported quarters each produced a meaningful negative day-one reaction: down 10.1%, down 9.5%, and down 12.6% respectively. The five-day follow-through has been mixed, recovering modestly after the March print but extending losses after the most recent May release. With the stock now trading roughly 30% above where it sat heading into May results, the gap between Tether's accumulation price and the current level makes the August print the next meaningful test of conviction on both sides.
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