Tether holds roughly $4.8B in US stock market exposure through 13 firms

As the biggest stablecoin issuer globally, Tether has roughly $4.8 billion riding on the US stock market via stakes in 13 publicly traded firms.

Those connections span a video-streaming site popular with right-wing figures, gold mine royalty firms, satellite assets, and a bitcoin treasury strategy.

Protos examined US regulatory filings to map Tether's ties to these public companies.

Video-streaming for Donald Trump Jr.

Rumble (Nasdaq: RUM) operates a video-streaming service and collaborates with Donald Trump Jr. to broadcast his podcast, Triggered.

Tether's stake in Rumble, counting its warrants, stands at 50.3%.

Tether does not actually control Rumble, as it intentionally keeps its voting power below 9.9%.

Rumble also bought Tether's Northern Data earlier.

Northern Data now promotes itself as an "AI infrastructure and video company," broadening beyond video streaming. Under the RUM Group parent, it effectively split in two: Rumble continues the video platform, while Quake AI handles cloud and AI operations.

Per Rumble's 10-Q, Tether is its top advertising buyer. The filing states: "Tether has committed to provide advertising services of $50 million per year over a two-year period commencing February 16, 2026."

The document also reveals that by August, Rumble had "recognized revenue of $6,730,859… for the six months ended June 30, 2026" from this arrangement.

In the second quarter, Rumble recorded $5.54 million from the Tether deal, roughly 14% of its $40.4 million total revenue.

Tether also supplies technology for the Rumble Wallet. Some Rumble streamers have promoted a sign-up bonus of "$10 in US Stablecoin (USAT)."

Bitcoin treasury

Tether has deep links with bitcoin treasury firm Twenty One Capital (NYSE: XXI).

Tether and Bitfinex became majority holders by supplying the bitcoin that launched the company.

Tether also held the right to appoint four of the seven board seats. It selected:

• Paolo Ardoino, Tether’s CEO
• Zachary Lyons, Tether’s CIO
• Bo Hines, Tether US’ CEO
• Raphael Zagury, CEO for Elektron Energy, a Tether-linked BTC mining operation

After Jack Mallers left, Zagury was promoted to CEO of Twenty One Capital.

The company, which mainly just holds bitcoin, has frequently traded at a discount to its bitcoin holdings.

Currently, its shares trade at about 60% of the value of its bitcoin.

Mining for gold

Tether, whose stablecoins are partly gold-backed, has also invested directly in gold mining.

These holdings include a 31% position in Elemental Royalty (Nasdaq: ELE), which dropped to about 27% after Elemental issued shares for two acquisitions. Elemental owns royalty stakes in precious metal companies.

Elemental Royalty's executive chairman, Juan Sartori, also serves as a Tether principal, executive chairman of Tether-controlled Adecoagro, and a director at Gold.com (NYSE: GOLD).

Tether also has a stake in Gold.com, reporting a 12.6% holding that has since grown past 13%.

Gold.com further says it "leases precious metals from Tether, and that Tether purchases and sells precious metals with it. Tether also utilizes the company’s secure storage and logistics services."

Gold.com also noted that for "fiscal 2026, the aggregate company revenues from business activities with Tether was $1.2 billion."

In its most recent 10-Q, Gold.com disclosed that Tether accounted for more than 25% of its quarterly revenue.

Sartori, who is Tether's head of special projects, also sits on Gold.com's board.

Tether also holds a 12.6% interest in Versamet Royalties (Nasdaq: VMET), purchased from Royal Gold.

Tether nominates Juan Presa to the board of Versamet, which holds precious metal royalty rights.

In addition, Tether has a 14.6% stake in Metalla Royalty and Streaming (NYSE: MTA), another precious metals royalty company.

Furthermore, Tether owns 14.4% of Gold Royalty (NYSE: GROY), which also holds royalties on precious metal mines.

Tether also has a 12% stake in Aurelion (Nasdaq: AURE), a digital asset treasury company that holds Tether's own Tether Gold (XAUT).

Aurelion is controlled by Antalpha Platform (Nasdaq: ANTA).

Tether also holds about 8% of Antalpha Platform.

Antalpha also holds XAUT and Tether Gold, and provides loans to bitcoin miners, particularly Bitmain clients.

Mining for digital gold

Tether reported a 19.7% stake in Bitdeer (Nasdaq: BTDR), founded by Jihan Wu.

Tether has been fairly active trading Bitdeer stock, selling multiple times in 2025, repurchasing shares, and then selling again in June 2026.

Adecoagro (NYSE: AGRO) is primarily an agricultural conglomerate, but it has partnered with Tether on bitcoin mining pilot projects.

The project aimed to enable them "to monetize 10 MW of surplus energy."

Tether has control over Adecoagro.

Space, the final frontier

Tether's investments extend beyond Earth, as it has taken a stake in Satellogic (Nasdaq: SATL).

Notably, former Treasury Secretary Steven Mnuchin, who served under Donald Trump, is also a significant shareholder.

Through his investment vehicles, Mnuchin holds 20.3% of Satellogic.

Whatever SDEV is

Stablecoin Development Corporation (NYSE: SDEV) is a digital asset treasury firm under the SKY brand.

Tether beneficially owns 9.9% of SDEV.

The company has lost roughly 99% of its value since Tether became involved.

Oobit and VCI Global

Tether also became a shareholder in VCI Global (Nasdaq: VCIG) due to its prior investment in payments company Oobit.

S2MA Capital, the Oobit token foundation, swapped OOBT tokens for equity in VCI Global. Because Tether was a major Oobit investor, it gained a holding in VCI Global.

VCI Global's value has been declining rapidly.

One firm has a stake in Tether

Powerlaw Corp (Nasdaq: PWRL) says it holds a stake in Tether.

Powerlaw says it bought roughly $20 million of Tether equity via Rio Grande Growth Equity 1, LLC.

Rio Grande also has investments in Canva, Deel, Kalshi, Kraken, OpenAI, SpaceX, and Stripe.

What is it worth?

Altogether, Tether has about $4.8 billion of exposure in these public markets.

The bulk of that exposure comes from its positions in Twenty One Capital, Rumble, and Adecoagro.

The size and diversity of these investments highlight Tether's expanding self-appointed role.

Tether is not just a stablecoin issuer; it deploys its controlled funds across numerous industries.

Tether has also installed executives such as Head of Special Projects Juan Sartori in key positions at several of these companies.

Overall, this analysis demonstrates Tether's significance as a financial entity.