Research shows the stablecoin issuer holds roughly $4.8 billion across 13 U.S.-listed companies, spanning video platforms, gold royalties and crypto‑related firms.
A review of recent U.S. SEC filings indicates that Tether Ltd., the issuer of the USDT stablecoin, has approximately $4.8 billion of equity exposure to publicly traded companies. The exposure spans 13 listed firms across video streaming, gold‑royalty, satellite, and crypto‑treasury sectors, highlighting the breadth of the stablecoin’s profit‑allocation strategy.
Tether’s largest single public‑market holding is a 50.3% economic interest in Rumble (Nasdaq: RUM), a video‑streaming platform that hosts right‑wing content. The company deliberately keeps its voting power under the 9.9% threshold to avoid control. Rumble disclosed that Tether will provide $50 million of advertising services per year for two years starting 16 February 2026, and that the arrangement contributed roughly 14% of Rumble’s $40.4 million Q2 revenue.
Tether’s portfolio includes multiple royalty and streaming firms. It holds a 31% stake in Elemental Royalty (Nasdaq: ELE), which has been diluted to about 27% after recent share issuances. Additional positions include 12.6% of Versamet Royalties (Nasdaq: VMET), 14.6% of Metalla Royalty (NYSE: MTA), and 14.4% of Gold Royalty (NYSE: GROY). According to Gold.com’s latest 10‑Q, Tether accounts for over 25% of the company’s quarterly revenue.
Beyond media and metals, Tether is linked to several crypto‑focused firms. It is a majority owner of Twenty One Capital (NYSE: XXI), a BTC‑treasury vehicle, and retains board nomination rights. Tether also owns a 12% stake in Aurelion (Nasdaq: AURE), which holds Tether‑issued Tether Gold (XAUT) and lends to Bitcoin miners. Other disclosed holdings include a 19.7% position in Bitdeer (Nasdaq: BTDR) and a 9.9% beneficial ownership of Stablecoin Development Corp (NYSE: SDEV).
Regulators may scrutinize the breadth of Tether’s public‑market investments, especially given the firm’s claim that USDT is fully backed by cash and equivalents. Observers will track any disclosures about how earnings from these equities are used to support the stablecoin’s reserves, and whether voting‑control thresholds trigger additional filing requirements.
The exposure reflects how Tether allocates profits into equity assets; it does not directly affect the 1:1 redemption claim, but regulators may examine whether those assets qualify as “cash equivalents.”
Staying under the 9.9% threshold helps Tether avoid triggering certain disclosure and control obligations under U.S. securities law.
The $50 million per‑year advertising arrangement commenced on 16 February 2026 and runs for two years.
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