Tether holds $4.8 billion in US stocks, 76% in three companies

Tether holds about $4.8 billion in US-listed stocks across 13 companies, led by Twenty One Capital ($1.37 billion), Rumble ($1.33 billion) and Adecoagro ($965.6 million), according to a Protos review of regulatory filings. Those three positions make up about 76% of the total.

The figure uses market prices from November 9 and reflects current value, not what Tether paid. Several of the companies are also Tether business partners. Gold.com said its business with Tether generated about $1.2 billion in fiscal 2026 revenue.

Tether’s US Stock Portfolio is dominated by three major investments

The largest portion of Tether’s US Stock Portfolio is concentrated in three companies: Twenty One Capital, Rumble and Adecoagro. Together, these investments account for approximately $3.66 billion, representing about 76% of the company’s total publicly traded holdings.

Twenty One Capital represents Tether’s biggest disclosed position, with an estimated market value of $1.37 billion.

The Bitcoin-focused company was established with significant backing from Tether and Bitfinex, which contributed Bitcoin to help launch the business.

Tether also secured the right to nominate four members of Twenty One Capital’s seven-person board. This arrangement gives the stablecoin issuer considerable influence over the company’s strategic direction.

However, the company’s market valuation presents an interesting development for Bitcoin investors. Despite holding approximately 43,514 BTC, Twenty One Capital’s shares have traded considerably below the underlying market value of its Bitcoin reserves.

Rumble is another major component of the US Stock Portfolio, with Tether’s position valued at approximately $1.33 billion. According to regulatory disclosures, Tether has an estimated 50.3% economic interest in the video-streaming company when warrants are included. Its voting control, however, remains below 9.9%.

The relationship between both companies extends beyond equity ownership. Tether agreed to purchase advertising services from Rumble worth $50 million annually over two years.

A Rumble regulatory filing described the arrangement as follows: “Tether has committed to provide advertising services of $50 million per year over a two-year period commencing February 16, 2026.” — Rumble, SEC Form 10-Q.

Rumble recorded $5.54 million in revenue from the arrangement during the second quarter of 2026, demonstrating the financial significance of the commercial relationship.

Adecoagro completes the trio of major investments. The agricultural and energy company represents approximately $965.6 million of Tether’s holdings. Its operations also provide opportunities for collaboration involving energy resources and Bitcoin mining infrastructure.

Gold investments strengthen Tether’s US Stock Portfolio strategy

Beyond Bitcoin-related businesses, precious metals have become another important component of Tether’s investment strategy.

The company’s holdings include Elemental Royalty, Gold.com, Versamet Royalties, Metalla Royalty and Streaming, and Gold Royalty. These businesses provide exposure to precious-metal royalties, trading, storage and other activities connected to the gold industry.

Elemental Royalty represents approximately $342.4 million of the disclosed holdings, while Gold.com accounts for roughly $148.4 million. Tether also has substantial positions in Versamet Royalties, Metalla Royalty and Gold Royalty.

Its relationship with Gold.com is particularly noteworthy because it involves commercial transactions in addition to share ownership.

Gold.com disclosed that its business activities with Tether generated approximately $1.2 billion in aggregate revenue during fiscal 2026. The company also reported that Tether accounted for more than 25% of its revenue in a recent quarter.

According to a disclosure cited by Protos, Gold.com stated that it leases precious metals from Tether, and that Tether purchases and sells precious metals with it.

The arrangement also includes secure storage and logistics services, highlighting how Tether participates in the precious-metals supply chain.

These relationships provide additional context for the company’s investment approach. Rather than simply acquiring shares in unrelated businesses, Tether has established commercial connections with several companies within its investment network.

Its executive, Juan Sartori, who heads special projects at Tether, also holds leadership or board positions connected to Adecoagro, Elemental Royalty and Gold.com.

The US Stock Portfolio, these overlapping relationships are important because they demonstrate how Tether’s financial interests extend beyond passive share ownership.

Bitcoin mining, agriculture and satellite technology broaden exposure

Tether’s investments also extend into sectors that are not traditionally associated with stablecoin operations. Its position in Bitdeer, a Bitcoin mining company, is valued at approximately $249.4 million.

The investment gives Tether exposure to the infrastructure supporting Bitcoin’s network, rather than limiting its participation to holding the cryptocurrency itself.

Agriculture and energy are represented through Adecoagro, while Satellogic provides exposure to satellite imaging technology. Tether’s investment in Satellogic is estimated at approximately $39.65 million.

The company’s broader holdings also include Antalpha Platform and Aurelion, two businesses connected to Tether Gold (XAUT), its gold-backed digital asset.

Another position is Stablecoin Development Corporation, where Tether has disclosed beneficial ownership of approximately 9.9%. However, the investment has experienced substantial losses in market value.

The remaining investments demonstrate the variety of industries represented in the US Stock Portfolio, ranging from digital asset financing to precious-metal extraction and space-based imaging services.

According to Protos’ assessment of regulatory filings, the 13 publicly traded positions have a combined estimated value of approximately $4.804 billion.

However, the portfolio’s performance has not been consistently positive. Twenty One Capital reportedly declined approximately 53% following its listing, while Antalpha experienced a much steeper decline of around 90% from its market debut.

These contrasting performances illustrate the risks associated with Tether’s expanding investment strategy. Although diversification can create opportunities across different industries, it also exposes the company to equity market volatility, business-specific challenges and changing investor sentiment.

What Tether’s US Stock Portfolio means for crypto investors

Tether’s growing investment presence raises important questions about the company’s long-term business direction and the relationship between stablecoin profitability and traditional financial markets.

USDT remains Tether’s principal product, providing dollar-linked liquidity across cryptocurrency exchanges, decentralised finance platforms and international payment networks.

However, its expanding US Stock Portfolio suggests that the company is increasingly interested in deploying capital into businesses that operate outside the stablecoin ecosystem.

The $4.8 billion valuation should not automatically be interpreted as guaranteed profitability. Market prices fluctuate, and the value of publicly disclosed holdings can change considerably between reporting periods.

Investors should also distinguish between the market value of Tether’s equity positions and the company’s available reserves or assets backing USDT. These are separate financial considerations.

Tether’s US Stock Portfolio represents a significant expansion of its activities beyond stablecoin issuance.

Whether these investments generate sustainable returns will depend on the performance of the individual companies, the strength of their commercial relationships and broader market conditions.