Karla Barker 
Tether, the largest stablecoin issuer, holds about $4.8 billion of exposure to US stock markets through 13 listed companies, according to a review of regulatory filings. The holdings range from a video platform and a Bitcoin treasury firm to gold royalties, satellite imaging and smaller payments-related stakes. The mix shows how far Tether has moved beyond simply issuing a dollar-pegged token.
Rumble and Twenty One Capital
Tether has a 50.3% stake in Rumble when warrants are counted, but it deliberately keeps voting control below 9.9%. Rumble streams Donald Trump Jr.’s podcast and has also absorbed Tether-owned Northern Data. The filing shows Tether committed $50 million a year in advertising over two years starting February 2026. In the second quarter, Rumble recognized $5.54 million from the arrangement, about 14% of its $40.4 million in revenue. Tether is also tied to Twenty One Capital, a Bitcoin treasury firm. Tether and Bitfinex became majority owners by providing Bitcoin to launch it, and Tether could nominate four of seven board members. Zagury later became CEO after Jack Mallers left. Twenty One trades below the value of its Bitcoin, roughly six-tenths at the time of review.
Gold, mining and satellites
Tether has a 31% stake in Elemental Royalty, reduced to about 27% after new shares were issued for acquisitions. Executive chairman Juan Sartori is also a Tether principal and holds roles at other firms. Tether owns 12.6% of Gold.com, which says Tether represented more than 25% of revenue in a recent quarter and that fiscal 2026 business with Tether reached $1.2 billion. Smaller stakes include Versamet Royalties at 12.6%, Metalla Royalty and Streaming at 14.6%, Gold Royalty at 14.4%, Aurelion at 12% and Antalpha at about 8%. Tether also disclosed 19.7% of Bitdeer and controls Adecoagro, which has worked on Bitcoin mining pilots. It holds a stake in Satellogic, where former Treasury Secretary Steven Mnuchin is also a major holder.
Smaller holdings and the total
Other positions include Stablecoin Development Corporation, where Tether has beneficial ownership of 9.9%; the firm has lost about 99% of its value since Tether got involved. Tether also ended up with a stake in VCI Global through its investment in Oobit. Powerlaw Corp claims it acquired about $20 million of Tether equity through a fund. The total $4.8 billion exposure is dominated by Twenty One, Rumble and Adecoagro. The filings suggest Tether is acting less like a single-purpose stablecoin issuer and more like a broad financial investor. It is hard to say whether that will help or hurt the stablecoin business, but the reach is now plain.