The world's largest stablecoin issuer Tether holds a combined exposure of approximately $4.8 billion in the U.S. stock market through 13 U.S.-listed companies. These connections span video streaming, gold royalty interests, satellite communications, and Bitcoin treasuries, among other fields, outlining an investment footprint for this stablecoin giant that goes far beyond "issuing coins" itself.
Rumble: Providing a streaming platform for Donald Trump Jr.
The controversial video streaming platform Rumble (Nasdaq: RUM) partners with Donald Trump Jr. to broadcast his podcast "Triggered." After accounting for warrants, Tether holds 50.3% of Rumble's shares, but deliberately keeps its voting power below 9.9% and does not truly control the company.
Rumble previously also acquired Tether's Northern Data. The company has begun marketing itself as an "AI infrastructure and video company," splitting its business in two: under the parent company RUM Group, Rumble retains the video platform, while Quake AI leads the cloud and AI business.
According to Rumble's 10-Q filing, Tether is its most important advertising buyer. The filing shows that Tether has committed to providing $50 million in advertising services annually for two years starting February 16, 2026. As of August, Rumble had recognized $6,730,859 in revenue from this deal for the six months ended June 30, 2026; in the second quarter it recognized $5.54 million in revenue from this Tether arrangement, accounting for approximately 14% of its $40.4 million in revenue that quarter.
Tether is also one of the technology providers for Rumble Wallet, and some Rumble streamers have already been promoting it: sign up and receive "$10 in USAT stablecoin."
Twenty One: Four of Seven Board Seats
Tether has close ties with the Bitcoin treasury company Twenty One Capital (NYSE: XXI). Tether and Bitfinex provided Bitcoin to help it get started, thereby becoming majority shareholders and gaining the right to nominate four of the seven board members. One of the four is Elektron Energy CEO Raphael Zagury—a Bitcoin mining company associated with Tether; after Jack Mallers' departure, Zagury has been promoted to CEO of Twenty One.
This company, which does almost nothing other than hold Bitcoin, has long traded below the value of the Bitcoin it holds, with its current market capitalization at about 60% of its BTC value.
Gold Empire: From Royalties to Storage and Logistics
Tether, which uses gold to partially back some of its tokens, has also gone deep into the gold industry. It holds 31% of Elemental Royalty (Nasdaq: ELE), a stake that has fallen to about 27% after the latter issued new shares for two acquisitions. Elemental Royalty Executive Chairman Juan Sartori is also one of Tether's key principals, Executive Chairman of Tether-controlled Adecoagro, and a director of Gold.com (NYSE: GOLD).
Tether has also disclosed holding 12.6% of Gold.com, which has since risen above 13%. The company disclosed that it "leases precious metals to Tether, Tether buys and sells precious metals with it, and uses the company's secure storage and logistics services." In fiscal year 2026, the company's total revenue from business activities with Tether was $1.2 billion; Gold.com's latest 10-Q shows that Tether accounted for more than 25% of its total revenue for the quarter. Sartori also serves as a director of Gold.com.
Tether also holds 12.6% of Versamet Royalties (Nasdaq: VMET), purchased from Royal Gold, and has nominated Juan Presa to the board of this precious metals royalty company. In addition, Tether holds 14.6% of Metalla Royalty and Streaming (NYSE: MTA) and 14.4% of Gold Royalty (NYSE: GROY).
XAUT, Mining Machines, and Bitcoin Mining Companies
Tether holds 12% of Aurelion (Nasdaq: AURE), a digital asset treasury company that holds Tether-issued Tether Gold (XAUT) and is controlled by Antalpha Platform (Nasdaq: ANTA). Tether also invests in Antalpha Platform, with a stake of about 8%. The company also holds XAUT and Tether Gold, and provides loans to Bitcoin miners—especially Bitmain customers.
Tether disclosed holding 19.7% of Bitdeer (Nasdaq: BTDR), founded by Jihan Wu, and has traded quite actively: reducing its stake multiple times in 2025, then buying back, and selling again in June of this year.
Tether has also taken a stake in Adecoagro (NYSE: AGRO)—the company is primarily an agribusiness, but has partnered with Tether on a Bitcoin mining pilot project aimed at helping it "monetize 10 megawatts of surplus energy."
Satellites, the SKY Treasury, and "Stuck" Investments
Tether has not limited its sights to Earth and has also invested in Satellogic (Nasdaq: SATL). Interestingly, former Treasury Secretary Steven Mnuchin from the Trump administration holds 20.3% of the company through his investment firm and is also a major shareholder.
Stablecoin Development Corporation (NYSE: SDEV) is a SKY digital asset treasury company in which Tether has beneficial ownership of more than 9.9%. Since Tether's investment, the company's market capitalization has evaporated by about 99%.
Due to its previous stake in the payments company Oobit, Tether has also indirectly become a shareholder of VCI Global (Nasdaq: VCIG): Oobit's token foundation S2MA Capital exchanged OOBT tokens for equity in the company, and Tether, as a major Oobit investor, thereby became a holder of VCI Global. The value of this company is shrinking at an alarming rate.
In addition, Powerlaw Corp (Nasdaq: PWRL) claims to hold Tether shares, stating that it purchased approximately $20 million of Tether equity through an entity called Rio Grande Growth Equity 1, LLC. The fund also holds stakes in Canva, Deel, Kalshi, Kraken, OpenAI, SpaceX, and Stripe.
Tether Is No Longer Just a Stablecoin Issuer
On the whole, Tether's exposure in these public markets is approximately $4.8 billion, dominated by holdings in a few large companies such as Twenty One, Rumble, and Adecoagro. This scale and such a diversified portfolio of companies show that the role Tether has set for itself is increasingly multifaceted: it is not only issuing dollar-pegged stablecoins, but also using the vast funds it controls to invest across industries and placing executives such as Juan Sartori into key positions at some portfolio companies. This review also shows that, as a financial company, Tether's weight can no longer be ignored.
