Tether's second identity: a cross-industry holding group.

Written by: Protos

Translation: Luffy, Foresight News

The world's largest stablecoin issuer Tether holds approximately $4.8 billion in stock market exposure through 13 publicly listed companies in the United States.

These affiliated companies include a controversial video streaming platform, a gold royalty company, a satellite company, and a Bitcoin treasury project. Protos reviewed U.S. regulatory documents to clarify the connections between Tether and these public markets.

Connections between Tether and the listed companies

Video Platform

Rumble (NASDAQ: RUM) is a video streaming platform that partners with Donald Trump Jr. to broadcast his podcast "Triggered." Tether owns 50.3% of Rumble's shares, including warrants. However, Tether does not have actual control over Rumble: its voting power is below 9.9%.

Rumble price chart

Rumble previously acquired Northern Data, which is under Tether. This company has begun to position itself as an "AI infrastructure and video company," expanding its focus from solely video streaming, effectively splitting itself into two, but remaining under the parent company RUM Group: Rumble retains the video platform while Quake AI handles cloud and AI businesses.

According to Rumble's 10-Q filing, Tether is the most important client in Rumble's advertising business. The filing states: "Tether has committed to purchasing $50 million in advertising services annually for a two-year period starting February 16, 2026." The document also shows that Rumble earned $6.73 million in revenue "from this transaction in the six months ended June 30, 2026." In the second quarter, Rumble recognized $5.54 million in revenue from this Tether arrangement, accounting for approximately 14% of its total revenue of $40.4 million for the quarter.

Tether also serves as a technology partner for Rumble Wallet. Some Rumble streamers have been promoting that registering will yield "$10 USAT stablecoin."

Bitcoin Treasury

Tether is closely bound to the Bitcoin treasury company Twenty One Capital (NYSE: XXI).

Firstly, Tether became its controlling shareholder when collaborating with Bitfinex to help the company get started. It also has the right to nominate 4 of the 7 directors for the company. Those four are:

• Paolo Ardoino, Tether CEO
• Zachary Lyons, Tether CIO
• Bo Hines, Tether US CEO
• Raphael Zagury, Elektron Energy CEO (a Bitcoin mining company affiliated with Tether)

Twenty One Capital price chart

After Jack Mallers stepped down (during which the company fell 91%), Zagury was subsequently promoted to CEO of the company.

This company mostly holds Bitcoin and does little else, with its stock price often below the value of its held assets. Currently, its trading price is about 60% of the value of its held Bitcoin.

Twenty One Capital's market value is less than the value of its held Bitcoin

Gold Mining

Tether's namesake token is partially backed by gold, which has made it an investor in the gold industry.

Tether holds 31% of Elemental Royalty (NASDAQ: ELE), which has decreased to about 27% after Elemental issued new shares for two acquisitions. Elemental holds royalties in precious metals companies. (Note: Precious metal mining companies share a portion of their future output with another party under a contract in exchange for an upfront payment. This "shared portion" is the royalty.)

Elemental Royalty price chart

Elemental Royalty's executive chairman Juan Sartori is also one of Tether's leaders, the executive chairman of Adecoagro controlled by Tether, and a director at Gold.com (NYSE: GOLD).

Tether is also an investor in Gold.com, owning 12.6% of the shares, which have risen over 13%. The company has also disclosed that it "purchases precious metals from Tether, and Tether also engages in precious metal transactions with it. Tether also uses the company's secure storage and logistics services."

Gold.com price chart

The company has also mentioned that "for the fiscal year 2026, total revenue from business activities with Tether is projected to be $1.2 billion." In Gold.com's latest 10-Q, it disclosed that Tether accounted for over 25% of its total revenue for that quarter. Sartori, who serves as Tether's special projects lead, is also a director at Gold.com.

Versamet Royalties price chart

Tether also holds 12.6% of Versamet Royalties (NASDAQ: VMET), which purchased these shares from Royal Gold. Tether nominated Juan Presa to the company's board, which holds royalties in precious metals.

Additionally, Tether owns 14.6% of another precious metal royalty company, Metalla Royalty and Streaming (NYSE: MTA).

Metalla price chart

Furthermore, Tether also holds 14.4% of Gold Royalty (NYSE: GROY), which likewise holds royalties in precious metal mining companies.

Gold Royalty price chart

Tether also owns 12% of Aurelion (NASDAQ: AURE), a digital asset treasury company that holds the tokenized gold XAUT issued by Tether. This company is controlled by Antalpha Platform (NASDAQ: ANTA).

Aurelion price chart

Tether has invested in Antalpha Platform, holding approximately 8% of its shares. This company also holds XAUT and provides lending services to companies such as Bitmain.

Antalpha price chart

Bitcoin Mining Companies

Tether has disclosed holding 19.7% of Bit Deer founded by Wu Jihan (NASDAQ: BTDR). The stablecoin giant has been relatively active in trading this company: selling multiple times in 2025, and then buying back shares before selling again in June of this year.

Bit Deer price chart

There is also Adecoagro (NYSE: AGRO), which is primarily an agriculture group but has conducted pilot Bitcoin mining projects in collaboration with Tether to "monetize 10 megawatts of surplus power." Tether has invested in this company.

Adecoagro price chart

Space, the Final Frontier

Tether does not wish to limit itself to Earth business; it holds shares in Satellogic (NASDAQ: SATL). Interestingly, Steven Mnuchin, who served as Treasury Secretary under the Trump administration, is also a major shareholder in this company, holding 20.3% through his investment firm.

Unclear SDEV

The Stablecoin Development Corporation (NYSE: SDEV) is a SKY digital asset treasury company. Tether has disclosed holding 9.9% of this company.

Since Tether's involvement, the company's market value has significantly shrunk, falling about 99%.

SDEV price chart

Oobit and VCI Global

Tether has also become a shareholder of VCI Global (NASDAQ: VCIG) because it previously held shares in the payment company Oobit. The token foundation of Oobit, S2MA Capital, exchanged OOBT tokens for equity in this company, and Tether, as a significant investor in Oobit, ultimately became a shareholder in this company. The market value of this company is shrinking at an astonishing rate.

VCI Global price chart

One Company Holds Shares of Tether

Powerlaw Corp (NASDAQ: PWRL) claims to hold shares of Tether. This entity states that it holds Tether equity worth approximately $20 million through an entity called Rio Grande Growth Equity 1 LLC.

This fund also holds shares in Canva, Deel, Kalshi, Kraken, OpenAI, SpaceX, and Stripe.

Powerlaw price chart

How Much Are These Holdings Worth?

In total, Tether's exposure in these public markets is approximately $4.8 billion.

This figure is primarily driven by its holdings in a few large companies, including Twenty One, Rumble, and Adecoagro. The scale of these investments, along with the wide variety of the companies it invests in, shows that Tether's role is becoming increasingly diversified.

It is not just issuing its own dollar-pegged stablecoin but also investing in various industries using the funds it controls. It has also placed some executives in key positions within these companies. Overall, this review illustrates how significant Tether has become as a financial institution.