Tether has about $4.8 billion in exposure to 13 U.S.-listed companies, according to Protos’s analysis of disclosed share counts and Nov. 9 closing prices. That is market value, not necessarily what Tether paid. Stakes in Twenty One Capital, Rumble and Adecoagro account for roughly $3.66 billion, or 76% of the tracked total.
Tether’s Rumble stake is valued at about $1.33 billion. Including warrants, it has a 50.3% economic interest, but its voting control remains below 9.9%. The portfolio also spans gold, bitcoin mining and satellite imaging; Protos reports that its tracked investments have had uneven performance.
