Tether held stakes in 13 U.S.-listed companies with a combined market value of about $4.8 billion, according to a Protos report cited by TechFlow on November 12, 2026. The estimate was based on U.S. securities filings and market prices from early November 2026.
The largest reported positions were in bitcoin treasury company Twenty One Capital (XXI), valued at about $1.367 billion; video platform Rumble (RUM), at about $1.328 billion; and agricultural company Adecoagro (AGRO), at about $966 million. Together, those three holdings represented roughly 76% of the reported equity exposure.
Tether also held investments in companies including Bitdeer and Elemental Royalty. The holdings spanned businesses involving bitcoin mining, gold mining rights and satellite technology.
The report said the investments came mainly from Tether’s profits and excess reserves. They should not be treated as equivalent to the liquid reserve assets backing USDT issuance.
Original report: TechFlow, published November 12, 2026, at 15:45 (UTC+8).