Tether stacks a $4.8B bet across 13 US-listed companies

Tether holds about $4.8 billion across 13 U.S.-listed companies, according to a Protos review of SEC filings that used disclosed share counts and Nov. 9 closing prices. The spread runs from bitcoin treasuries to video and AI infrastructure, gold royalties, agriculture, mining and satellites. The figures track current market value, not what Tether originally paid.

Three positions carry most of the weight. Bitcoin treasury firm Twenty One Capital, video platform Rumble and agricultural group Adecoagro together are worth roughly $3.66 billion, about 76% of the tracked total. Twenty One Capital is the single largest at about $1.37 billion — Tether and Bitfinex became majority owners by contributing bitcoin to launch it, and Tether won the right to nominate four of its seven directors. The stock, though, trades at only around 57% of the value of its 43,514 BTC, showing the discount investors have slapped on some crypto treasury companies.

Tether's Rumble stake is worth about $1.33 billion. With warrants included, that is a 50.3% economic interest, even as voting control stays below 9.9%. The tie goes beyond equity: Tether committed to buy $50 million of Rumble advertising a year for two years, and Rumble recognized $5.54 million from that deal in the second quarter, equal to 14% of quarterly revenue.

Precious metals are the other big cluster. Tether holds Elemental Royalty, Gold.com, Versamet Royalties, Metalla Royalty & Streaming and Gold Royalty, plus stakes in Aurelion and Antalpha, both linked to Tether Gold. Gold.com disclosed $1.2 billion in fiscal 2026 revenue from business with Tether, which accounted for more than 25% of its revenue in a recent quarter. The companies trade precious metals with one another, and Gold.com provides Tether with storage and logistics.

The portfolio reaches bitcoin mining through Bitdeer, agriculture and energy through Adecoagro, and satellite imaging through Satellogic. Results are mixed: Twenty One has fallen roughly 53% since listing and Antalpha has dropped about 90% since its market debut, while Metalla and several gold-royalty bets have appreciated substantially. Tether's head of special projects, Juan Sartori, has held leadership or board roles at Adecoagro, Elemental Royalty and Gold.com — a sign of how far the company's influence now stretches beyond USDT, still its central product.