5:27 PM — Rumble, Tether, xxi — by Protos Staff

Tether has about $4.8B in exposure to US stock markets

Tether has approximately $4.8B in exposure to US public markets through firms including Rumble and Twenty One.

Tether, the world’s largest stablecoin issuer, holds about $4.8 billion of exposure to the US stock markets through 13 US-listed companies.

These entanglements include a controversial video-streaming platform that platforms right-wing influencers, royalties from gold mines, satellites, and a BTC treasury play.

Protos has reviewed regulatory filings in the US to better understand Tether’s links to these public markets.

Connections map: Tether’s ties to US-listed companies. Stakes, board seats and deals. Teal: Tether controls it. Data: SEC filings. 1 person and 17 organisations, joined by 23 connections. Arranged around Tether. Most connected: Tether (17), Cantor Fitzgerald (4), Juan Sartori (4), Adecoagro (2). — Map showing Tether’s connections to various publicly-traded firms.

Video-streaming for Donald Trump Jr.

Rumble (Nasdaq: RUM) is a video-streaming platform that partners with Donald Trump Jr. to stream his podcast, Triggered.

Tether has a 50.3% stake in Rumble, counting its warrants.

However, Tether doesn’t truly have control of Rumble, deliberately staying under 9.9% voting control.

Line chart: Rumble and Tether. RUM daily close. Markers show Tether's moves, from SEC filings; the arrow runs from the December 2024 peak to the latest close. Data from Tiingo. RUM ($) fell from $5 (Oct 1, 2024) to $5 (Nov 10, 2026), down 2.1%, with a high of $16 (Dec 26, 2024). Annotations: Tether deal announced at Dec 2024; Tether closes $775M buy at Feb 2025; Northern Data deal at Nov 2025; ND close: Tether 48.7% at Jun 2026. Callout: down 69% from $16.27 (Dec 26, 2024) to $5.11 (Nov 10, 2026). — Chart showing Rumble’s price.

Rumble also had previously acquired Tether-owned Northern Data.

This firm has started advertising itself as an “AI infrastructure and video company” as it widens its focus from just doing video streaming, effectively splitting itself in half (still under the RUM Group parent), with Rumble maintaining the video platform and Quake AI leading the cloud and AI business.

Tether is the most important purchaser of advertising from Rumble, according to Rumble’s 10-Q. According to the filing, “Tether has committed to provide advertising services of $50 million per year over a two-year period commencing February 16, 2026.

It also shows that, as of August, Rumble “recognized revenue of $6,730,859… for the six months ended June 30, 2026” related to this deal.

For quarter two, Rumble recognized $5.54 million from this Tether arrangement, representing approximately 14% of the $40.4 million in revenues for that quarter.

Tether is also one of the technology providers for the Rumble Wallet and some Rumble streamers have been advertising that if you sign up, you’ll receive “$10 in US Stablecoin (USAT).”

Bitcoin treasury

Tether is intimately tied in to BTC treasury firm Twenty One Capital (NYSE: XXI).

For one thing, Tether and Bitfinex became majority owners when they provided the BTC that got the firm off the ground.

It also had the right to nominate four of the seven board members for the firm. The four it chose were:

Paolo Ardoino, Tether’s CEO
Zachary Lyons, Tether’s CIO
Bo Hines, Tether US’ CEO
Raphael Zagury, CEO for Elektron Energy, a Tether-linked BTC mining operation

Line chart: Twenty One Capital and Tether. XXI daily close since its NYSE debut on 9 Dec 2025. Markers show Tether's moves, from SEC filings; the arrow runs from the first close to the latest close. Data from Tiingo. XXI ($) fell from $11 (Dec 9, 2025) to $5 (Nov 10, 2026), down 53%, with a high of $12 (Dec 11, 2025) and a low of $4 (Jul 31, 2026). Annotations: Lists as Tether-controlled at Dec 2025; Tether buys SoftBank stake at May 2026; Tether designee Zagury CEO at Jul 2026. Callout: down 53% from $11.42 (Dec 9, 2025) to $5.32 (Nov 10, 2026). — Chart of XXI’s price.

Zagury has subsequently been elevated to CEO for the firm following Jack Mallers’ departure.

This firm, which does little besides hold BTC, has often traded below the value of the asset.

Currently, it trades at approximately six-tenths of the value of its BTC.

Line chart: Twenty One trades below its bitcoin. Twenty One's Class A market value ("Shares"), and that plus its $486.5M of convertible notes ("Plus notes"), divided by the value of its 43,514 bitcoin, daily since its NYSE debut. Below 1×, it is valued at less than its bitcoin. Data: SEC filings, Tiingo, on-chain. Shares fell from 0.98× (Dec 9, 2025) to 0.57× (Nov 10, 2026), down 41%, with a high of 1.03× (Dec 10, 2025) and a low of 0.54× (Oct 19, 2026). Plus notes fell from 1.10× (Dec 9, 2025) to 0.73× (Nov 10, 2026), down 34%, with a high of 1.16× (Dec 19, 2025) and a low of 0.67× (Oct 20, 2026). A dashed line marks 1.00× (Worth its bitcoin). Annotations: Lists as Tether-controlled at Dec 2025; Tether buys SoftBank stake at May 2026; Tether designee Zagury CEO at Jul 2026. Note: 0.58× (Nov 10, 2026 Shares, 0.575×). — Chart of calculated mNAV for XXI.

Mining for gold

Tether, whose namesake tokens are partially backed by gold, has also become an investor in the gold industry.

This includes a 31% stake in Elemental Royalty (Nasdaq: ELE) that has fallen to approximately 27% after Elemental, which owns royalties in precious metals firms, issued new shares for two acquisitions.

Line chart: Elemental Royalty and Tether. ELE daily close since its Nasdaq debut. Markers show Tether's moves, from SEC filings; the arrow runs from the first close to the latest close. Data from Tiingo. ELE ($) rose from $13 (Nov 25, 2025) to $16 (Nov 10, 2026), up 25%, with a high of $24 (Mar 12, 2026). Annotation: Nasdaq debut; Tether ~32% at Nov 2025. Callout: up 25% from $12.90 (Nov 25, 2025) to $16.09 (Nov 10, 2026). — Chart of Elemental Royalty Price.

The executive chairman for Elemental Royalty, Juan Sartori, is also a principal of Tether, an executive chairman for Tether-controlled Adecoagro, and a director for Gold.com (NYSE: GOLD).

Tether is also an investor in Gold.com, disclosing a 12.6% stake, which has risen over 13%.

The firm also discloses that it “leases precious metals from Tether, and that Tether purchases and sells precious metals with it. Tether also utilizes the company’s secure storage and logistics services.”

Line chart: Gold.com and Tether. GOLD daily close, not adjusted for dividends. Markers show Tether's moves, from SEC filings; the arrow runs from the day Tether's PIPE was signed to the latest close. Data from Tiingo. GOLD ($) rose from $30 (Dec 2, 2025) to $37 (Nov 10, 2026), up 26%, with a high of $64 (Feb 9, 2026). Annotations: Tether PIPE signed at Feb 2026; Sartori joins board at Mar 2026; Starts open-market buys at May 2026. Callout: down 27% from $51.48 (Feb 4, 2026) to $37.48 (Nov 10, 2026). — Chart of Gold.com price.

The firm also mentioned that for “fiscal 2026, the aggregate company revenues from business activities with Tether was $1.2 billion.”

In Gold.com’s recent 10-Q, it included a disclosure that Tether represented over 25% of its total revenue for the quarter.

Sartori, Tether’s head of special projects, is also a director for Gold.com.

Line chart: Versamet Royalties and Tether. VMET daily close, OTC before its March 2026 Nasdaq listing, adjusted for a 1-for-5 consolidation in Sept 2025. Markers show Tether's moves and, in light grey, corporate events, from SEC filings; the arrow runs from Tether's purchase to the latest close. Data from Tiingo. VMET ($) rose from $5 (Aug 28, 2025) to $9 (Nov 10, 2026), up 61%, with a high of $14 (May 29, 2026). Annotations: 1-for-5 consolidation at Sep 2025; Buys Royal Gold block at Nov 2025; Nasdaq listing at Mar 2026. Callout: down 6% from $9.26 (Nov 17, 2025) to $8.72 (Nov 10, 2026). — Chart of price of Versamet Royalties.

Tether also owns a 12.6% stake in Versamet Royalties (Nasdaq: VMET) that it acquired from Royal Gold.

Tether nominates Juan Presa to serve on the board of this firm, which owns royalty rights on precious metals.

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

Line chart: Metalla and Tether. MTA daily close. Markers show Tether's moves, from SEC filings; the arrow runs from Tether's first 13D (its first purchase date is not disclosed) to the latest close. Data from Tiingo. MTA ($) rose from $3 (Jun 2, 2025) to $8 (Nov 10, 2026), up 141%, with a high of $11 (Aug 25, 2026). Annotations: 60-day 13D window opens at Aug 2025; 13D filed: 5.5% at Oct 2025; 14.6% at Nov 2026. Callout: up 16% from $6.93 (Oct 24, 2025) to $8.03 (Nov 10, 2026). — Chart of price of Metalla.

That’s not all; Tether also owns a 14.4% stake in Gold Royalty (NYSE: GROY), another firm that owns royalties on precious metal mines.

Line chart: Gold Royalty and Tether. GROY daily close. Markers show Tether's moves, from SEC filings; the arrow runs from Tether's first 13D (its first purchase date is not disclosed) to the latest close. Data from Tiingo. GROY ($) rose from $2 (Jun 2, 2025) to $3 (Nov 10, 2026), up 61%, with a high of $5 (Jan 20, 2026). Annotations: 60-day 13D window opens at Aug 2025; 13D event date at Oct 2025. Callout: down 12% from $3.49 (Oct 17, 2025) to $3.08 (Nov 10, 2026). — *Chart of price of Gold Royalty*

Tether also owns a 12% stake in Aurelion (Nasdaq: AURE), a digital asset treasury firm that holds Tether-issued Tether Gold (XAUT).

This firm is controlled by Antalpha Platform (Nasdaq: ANTA).

Line chart: Aurelion and Tether. AURE daily close, adjusted for the 1-for-10 consolidation of 19 Feb 2026. Markers show Tether's moves and, in light grey, corporate events, from SEC filings; the arrow runs from the close on the day of the PIPE, also the stock's high to the latest close. Data from Tiingo. AURE ($) fell from $6 (Sep 2, 2025) to $1 (Nov 10, 2026), down 83%, with a high of $12 (Oct 10, 2025). Annotations: Tether in $100M PIPE at Oct 2025; 1-for-10 consolidation at Feb 2026. Callout: down 91% from $11.70 (Oct 10, 2025) to $1.04 (Nov 10, 2026). — *Chart of price of Aurelion*

Tether also invests in Antalpha Platform, owning approximately 8%.

This firm also holds XAUT and Tether Gold, and lends to BTC miners, specifically Bitmain customers.

Line chart: Antalpha and Tether. ANTA daily close from its Nasdaq debut. Tether paid the $12.80 IPO price. Markers show Tether's moves, from SEC filings; the arrow runs from the first close to the latest close. Data from Tiingo. ANTA ($) fell from $16 (May 14, 2025) to $2 (Nov 10, 2026), down 90%. Annotation: Tether buys at IPO at May 2025. Callout: down 90% from $16.38 (May 14, 2025) to $1.70 (Nov 10, 2026). — Chart of price of Antalpha.

Mining for digital gold

Tether disclosed a 19.7% stake in Jihan Wu-founded Bitdeer (Nasdaq: BTDR).

The stablecoin giant relatively actively trades this firm, selling repeatedly in 2025, and then buying back shares before selling again in June of this year.

There’s also Adecoagro (NYSE: AGRO), which is mostly an agricultural conglomerate but has worked with Tether on BTC mining pilots.

This project was meant to allow them “to monetize 10 MW of surplus energy.”

Tether controls this firm.

Line chart: Adecoagro and Tether. AGRO daily close, not adjusted for dividends. Markers show Tether's moves, from SEC filings; the arrow runs from Tether's first purchase to the latest close. Data from Tiingo. AGRO ($) fell from $10 (Jun 3, 2024) to $9 (Nov 10, 2026), down 6.3%, with a high of $15 (Mar 30, 2026) and a low of $7 (Dec 12, 2025). Annotations: Tether starts buying at Jul 2024; $12.41 offer letter at Feb 2025; Control; Sartori chair at Apr 2025; Buys 30.3M in offering at Dec 2025. Callout: down 6% from $9.47 (Jul 29, 2024) to $8.93 (Nov 10, 2026). — *Chart of price of Adecoagro*

Space, the final frontier

Tether refuses to limit itself to terrestrial concerns, investing in Satellogic (Nasdaq: SATL).

Interestingly, Steven Mnuchin, the former Treasury Secretary under Donald Trump, is also a major holder.

He owns 20.3% of the firm through his investment firms.

Whatever SDEV is

Stablecoin Development Corporation (NYSE: SDEV) is a SKY digital asset treasury firm.

Tether has beneficial ownership over 9.9% of this company.

The firm has lost massive amounts of its value, approximately 99% since Tether got involved.

Line chart: Stablecoin Development Corp and Tether. SDEV daily close, adjusted for the 1-for-5 reverse split of 20 Feb 2026. Markers show Tether's moves and, in light grey, corporate events, from SEC filings; the arrow runs from the close on the day of Tether's PIPE to the latest close. Data from Tiingo. SDEV ($) fell from $7 (Oct 1, 2025) to $1 (Nov 10, 2026), down 88%, with a high of $96 (Jan 9, 2026). Annotations: Tether PIPE at $0.85 split-adj. at Jan 2026; 1-for-5 reverse split at Feb 2026; Tether exercises at Oct 2026. Callout: down 99% from $73.8500 (Jan 16, 2026) to $0.8503 (Nov 10, 2026). — Chart of price of SDEV.

Oobit and VCI Global

Tether has also ended up a holder in VCI Global (Nasdaq: VCIG) because of its pre-existing stake in Oobit, a payments firm.

The Oobit token foundation, S2MA Capital, exchanged OOBT tokens for equity in this firm, and since Tether was a major investor in Oobit, it ended up a holder in this firm.

This firm has been losing value at an incredible rate.

Line chart: VCI Global and Tether. VCIG daily close, adjusted for four reverse splits (486,000-to-1 in all); unadjusted, it never closed above $11.75. Markers show Tether's moves and, in light grey, corporate events, from SEC filings; the arrow runs from the deal-day close to the latest close. Data from Tiingo. VCIG ($) fell from $162K (Sep 16, 2025) to $5.70 (Nov 10, 2026), down 100%, with a high of $190.35K (Sep 17, 2025) and a low of $3.04 (Oct 30, 2026). Annotations: 1:30 at Sep 2025; OOB deal at Nov 2025; 1:60 at Feb 2026; 1:15 at Aug 2026; 1:18 at Nov 2026. Callout: down 99.98% from $28.67K (Nov 10, 2025) to $5.70 (Nov 10, 2026). — Chart of price of VCI Global.

One firm has a stake in Tether

Powerlaw Corp (Nasdaq: PWRL) claims that it has a stake in Tether.

This entity claims that it acquired approximately $20 million worth of Tether equity through an entity called Rio Grande Growth Equity 1, LLC.

This fund also owns stakes in Canva, Deel, Kalshi, Kraken, OpenAI, SpaceX, and Stripe.

Line chart: Powerlaw and Tether. PWRL daily close since it listed on 27 May 2026, holding Tether shares. Markers show Tether's moves, from SEC filings; the arrow runs from the first close to the latest close. Data from Tiingo. PWRL ($) fell from $28 (May 27) to $11 (Nov 10, 2026), down 60%, with a high of $29 (May 28) and a low of $10 (Sep 1). Annotation: Lists; holds Tether shares at May 2026. Callout: down 60% from $27.68 (May 27) to $11.02 (Nov 10). — Chart of Powerlaw price.

What is it worth?

Firm	Ticker	Shares	As of	Close 11-09	Value	Source
Twenty One Capital	XXI	245,438,260	2026-05-19	$5.57	$1.367bn	10-K 2026 Item 12; 8-K 2026-05-20
Rumble (RUM Group)	RUM	261,485,350	2026-09-04	$5.08	$1.328bn	13D/A 2026-09-04; RUM 10-Q Q2 2026
Adecoagro	AGRO	105,880,368	2026-03-24	$9.12	$965.6M	13D/A 2026-03-26
Elemental Royalty	ELE	20,354,627	2026-07-02	$16.82	$342.4M	13D/A 2026-07-02
Bitdeer	BTDR	37,729,510	2026-06-12	$6.61	$249.4M	13D/A 2026-06-30
Gold.com	GOLD	3,870,787	2026-10-28	$38.34	$148.4M	Form 4 2026-10-28
Versamet Royalties	VMET	13,718,812	2026-06-29	$9.38	$128.7M	13D/A 2026-06-29
Metalla Royalty & Streaming	MTA	13,663,050	2026-11-04	$8.45	$115.5M	13D/A 2026-11-04
Gold Royalty	GROY	33,300,000	2026-07-30	$3.19	$106.2M	13D/A 2026-07-30
Satellogic	SATL	10,000,000	2026-06-30	$3.965	$39.65M	10-Q Q2 2026
Stablecoin Development Corp	SDEV	5,546,110	2026-10-21	$0.89	$4.9M	S-3/A 2026-10-26 fn. 4
Aurelion	AURE	4,166,667	2026-01-21	$1.06	$4.4M	13D 2026-01-21; 6-K 2026-02-13
Antalpha Platform	ANTA	1,950,000	2026-06-12	$1.61	$3.1M	13D/A 2026-06-16
Total					$4.804bn

In total, Tether has approximately $4.8 billion in exposure to these public markets.

This is dominated by its role in a couple of the large firms, including Twenty One, Rumble, and Adecoagro.

This amount of value and the wide variety of firms in which it’s invested show the increasingly varied role that Tether has assigned itself.

Bar chart: Tether's stakes in US-listed firms are worth $4.8bn. Market value of each Tether stake at the Nov 9, 2026 close: latest filed share count × closing price; $4.8bn in all. Rumble includes pre-funded warrants. Data: SEC filings, Tiingo. Value ($) for 13 companies, Twenty One to Antalpha. Highest Twenty One at $1.4B; lowest Antalpha at $3.1M. — Chart of the value of Tether’s stakes.

It’s not solely issuing its dollar-pegged stablecoin; it’s using a wide variety of the funds it controls to invest across industries.

It also placed some of its executives, like Head of Special Projects Juan Sartori, into key roles at some of these firms.

Broadly, this review illustrates how critically important Tether is as a financial firm.

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