Tether Expands Investments in Gold, Bitcoin and AI
Tether has grown beyond being the company behind the world’s largest dollar stablecoin. The crypto firm has about $4.8 billion invested in 13 U.S.-listed companies, based on the latest disclosed share counts and closing prices on Nov. 9, according to Protos’s analysis. Three companies make up most of the portfolio: bitcoin treasury firm Twenty One Capital, video platform Rumble and agricultural group Adecoagro. Together, Tether’s stakes are worth roughly $3.66 billion, or about 76% of the tracked total. These figures reflect current market value, not necessarily Tether’s original investment cost.
Twenty One and Rumble Make Up the Largest Stakes
Tether’s largest holding is Twenty One Capital, valued at about $1.37 billion. Tether and Bitfinex became majority owners by contributing bitcoin to launch the company. Tether also gained the right to nominate four of its seven directors. However, Twenty One’s stock trades at only around 57% of the value of its 43,514 BTC, showing the discount investors have applied to some crypto treasury companies. Tether’s stake in Rumble is worth about $1.33 billion. Including warrants, Tether has a 50.3% economic interest, though its voting control remains below 9.9%. The relationship goes beyond ownership: Tether agreed to purchase $50 million in Rumble advertising each year for two years. Rumble reported $5.54 million in revenue from the agreement in the second quarter, equivalent to 14% of quarterly revenue.
Gold Becomes a Major Strategic Theme
Tether has also built a portfolio of precious-metals investments, including Elemental Royalty, Gold.com, Versamet Royalties, Metalla Royalty & Streaming and Gold Royalty. It also holds stakes in Aurelion and Antalpha, which are linked to Tether Gold. Gold.com reported $1.2 billion in fiscal 2026 revenue from business with Tether. Tether accounted for more than 25% of Gold.com’s revenue in a recent quarter. The companies trade precious metals with each other, and Gold.com provides Tether with storage and logistics services.
Tether’s Portfolio Extends Into Industry
Tether’s portfolio includes bitcoin mining firm Bitdeer, agriculture and energy company Adecoagro, and satellite imaging company Satellogic. Performance has varied. Twenty One has fallen roughly 53% since its listing, while Antalpha has declined about 90% since its market debut. By contrast, Metalla and several gold-royalty investments have risen substantially over the periods tracked by Protos. Tether executives also occupy influential roles across parts of the network. Juan Sartori, the company’s head of special projects, has held leadership or board positions at Adecoagro, Elemental Royalty and Gold.com. Tether is increasingly resembling a diversified investment and industrial group. USDT remains its core product, but the company is using the profits and influence generated by its stablecoin business to build a much broader financial empire.
