Tether’s stakes in 13 companies listed in the United States were worth about $4.8 billion at the close of Monday 9 November, according to a line-by-line rebuild by Coindaro from filings with the Securities and Exchange Commission (SEC). At prices read on Wednesday 11 November between 17:30 and 17:38 UTC, the same shares were worth about $4.96 billion, mostly because Rumble stock jumped. The tally was first published on 11 November by Protos, which put Tether’s exposure to US stock markets at about $4.8 billion. Tether itself has not published a total.
The figure holds up against the documents Tether’s investment arm filed company by company, though not every line can be traced to a filing. Ten of the 13 lines come straight from SEC filings: Schedules 13D and their amendments, Forms 4 and, for Twenty One Capital, the company’s own annual report and an 8-K. Those ten add up to $4.75 billion at the 9 November close. The three other lines, Satellogic, Stablecoin Development Corp and Aurelion, use Protos’s share counts, and the filings do not confirm Tether’s current holding in them. Together they are worth about $49 million, about 1% of the total.
The money is not spread evenly. Three holdings, Twenty One Capital (XXI), Rumble (RUM) and Adecoagro (AGRO), were worth $3.66 billion on 9 November, 76% of the total. The ten other lines share the remaining $1.14 billion.
How we rebuilt Tether’s stock holdings from SEC filings
The filer behind almost every document is Tether Global Investments Fund, S.I.C.A.F., S.A., an El Salvador entity registered with the SEC under CIK 0002025889. It was called Tether Holdings, S.A. de C.V. until a name change on 9 January 2026. Its filing history on EDGAR lists the stakes through two subsidiaries, Tether International, S.A. de C.V. and Tether Investments, S.A. de C.V. The filings name Giancarlo Devasini as the controlling person, with more than 50% of the voting interest in the fund.
Tether files no Form 13F, the quarterly list of holdings that large US money managers publish. So there is no single document with every position. What exists is a Schedule 13D (or the shorter 13G for passive holders) for each company in which Tether owns more than 5% of a class of voting shares, plus amendments (13D/A) when a holding changes materially, and Forms 4 when Tether trades as an insider. We took the share count from the most recent of these for each company and multiplied it by two prices: the 9 November close used by Protos, which we checked against Yahoo Finance daily closes for all 13 tickers, and the last trade on 11 November.
That method has a limit readers should keep in mind. The share counts carry different dates: among the lines checked in filings, they run from Adecoagro’s position as of 24 March to Metalla’s amendment of 4 November. Anything Tether bought or sold since a filing, without crossing a threshold that requires a new one, is not in the table. Holdings below 5% need no 13D at all, so smaller positions may exist that no public document shows.
Tether stocks: the full table of US-listed stakes
| Company (ticker) | Shares held | Stake | Latest filing used | Value at 9 Nov close ($m) | Value 11 Nov, 17:30-17:38 UTC ($m) |
|---|---|---|---|---|---|
| Twenty One Capital (XXI) | 245,438,260 Class A | about 70.8% of Class A (our arithmetic, 30 June count) | 10-K, 31 Mar 2026, and 8-K, 20 May 2026 | 1,367.1 | 1,324.1 |
| Rumble (RUM) | 261,485,350 (incl. 119,607,981 pre-funded warrants) | 50.3% | 13D/A, 4 Sep 2026 | 1,328.3 | 1,567.6 |
| Adecoagro (AGRO) | 105,880,368 | 74.8% | 13D/A, 26 Mar 2026 | 965.6 | 941.3 |
| Elemental Royalty (ELE) | 20,354,627 | 31.6% (about 26.6% on the 9 Nov share count) | 13D/A, 2 Jul 2026 | 342.4 | 327.3 |
| Bitdeer (BTDR) | 37,729,510 | 19.7% | 13D/A, 30 Jun 2026 | 249.4 | 271.3 |
| Gold.com (GOLD) | 3,870,787 | about 13.3% (our arithmetic) | 13D/A, 8 Sep 2026, and Forms 4, 13 to 28 Oct 2026 | 148.4 | 145.3 |
| Versamet Royalties (VMET) | 13,718,812 | 12.6% | 13D/A, 29 Jun 2026 | 128.7 | 120.0 |
| Metalla Royalty & Streaming (MTA) | 13,663,050 | 14.6% | 13D/A, 4 Nov 2026 | 115.5 | 108.6 |
| Gold Royalty (GROY) | 33,300,000 | 14.4% | 13D/A, 30 Jul 2026 | 106.2 | 100.6 |
| Antalpha (ANTA) | 1,950,000 | 8.1% | 13D/A, 16 Jun 2026 | 3.1 | 3.7 |
| Subtotal, 10 lines checked in the filings | 4,754.7 | 4,909.8 | |||
| Satellogic (SATL), Protos figure | 10,000,000 | not stated in any filing | Satellogic 10-Q, 10 Nov 2026: shows the note conversion, not the current holder | 39.6 | 41.3 |
| Stablecoin Development Corp (SDEV), Protos figure | 5,546,110 | more than 9.9% (Protos) | Tether 13G/A, 17 Aug 2026: warrants for 5,617,689 shares, capped at 9.99% | 4.9 | 4.8 |
| Aurelion (AURE), Protos figure | 4,166,667 | 12% (Protos) | Tether 13D, 21 Jan 2026: 41,666,668 shares before a 1-for-10 consolidation on 19 Feb | 4.4 | 4.1 |
| All 13 lines | 4,803.7 | 4,959.9 |
The first ten lines were checked in the filing text: number of shares, percentage and date. Their subtotal, $4,754.7 million, is the figure that rests on SEC documents alone. The three lines marked as Protos figures are in the 13-line total so that it compares with Protos’s $4.8 billion. Two of them can be partly traced: Tether’s 13D on Aurelion reported 41,666,668 shares in January, which a 1-for-10 share consolidation in February turned into the 4,166,667 Protos uses, and Tether’s latest 13G/A on Stablecoin Development Corp reports warrants for 5,617,689 shares rather than the 5,546,110 shares Protos lists. Either way the three lines weigh about $49 million.
Two percentages are ours rather than Tether’s. Gold.com’s 13D/A of 8 September gives 12.6% for 3,670,787 shares, after an open-market purchase of 100,000 shares on 3 September. Three Forms 4 filed in October show 200,000 more shares bought in the market between 7 and 28 October at $38.96 to $39.96 each, which brings the total to 3,870,787, or 13.3% of the 29,121,293 shares the filing uses. Elemental Royalty’s 13D/A gives 31.6% of 64,383,030 shares as of 11 May; the company reported 76,476,858 shares outstanding on 9 November, which would cut Tether’s 20,354,627 shares to about 26.6%.
Three holdings carry three quarters of the money
Twenty One Capital: the SoftBank block bought in May
The largest line by value at the 9 November close is Twenty One Capital, the bitcoin company Tether helped set up. Its 10-K, filed on 31 March 2026, lists Tether International with 156,331,512 Class A shares, 45.1% of that class as of 30 March. An 8-K of 20 May then reported that SoftBank sold Tether International 89,106,748 Class A shares on 19 May. Adding the two gives 245,438,260 shares, worth $1,367 million at $5.57.
Class A shares at Twenty One carry no vote; the voting shares are Class B. On the 346,807,836 Class A shares outstanding at 30 June, reported in the company’s 10-Q of 11 August, Tether International’s holding is about 70.8% of the class. The same 10-Q shows that Tether also supplied the company’s first bitcoin: it bought 4,812.220927 BTC for $458.7 million, money raised in the initial private placement, and sold them to the company at closing.
Rumble: half the economics, with a cap on votes
Rumble is the line that moves most. Tether’s 13D/A of 4 September counts 261,485,350 shares: 141,877,369 ordinary shares and 119,607,981 pre-funded warrants, which can be turned into shares for a nominal price. That is 50.3% of the video platform’s Class A stock, on a count that includes the warrants and shares exchangeable from a Canadian subsidiary. The amendment followed Tether Investments’ purchase on 2 September of 8,256,155 of those exchangeable shares, for which Rumble must issue 16,744,307 more pre-funded warrants rather than voting shares, under a “Voting Limitation” that caps the stock Tether may hold directly.
We valued the warrants as if they were shares, as Protos did. A reader who counted only the 141.9 million Class A shares would get about $721 million at the 9 November close instead of $1,328 million.
Adecoagro: a controlling stake in a farm and food group
The third block is the least crypto of all. Tether’s 13D/A of 26 March 2026 reports 105,880,368 Adecoagro shares, 74.8% of the South American agricultural company. That is control, not a portfolio position, and it is the oldest share count among the lines checked in filings. At $9.12 on 9 November it was worth $966 million.
The Bitfinex shares in Twenty One are not in the total
One holding often lumped with Tether’s is left out of both Protos’s figure and ours. Twenty One’s 10-K lists iFinex, Inc., the company behind the Bitfinex exchange, with 59,404,499 Class A shares. iFinex is controlled by Giancarlo Devasini through Digfinex, according to the 10-K, but it is a separate company from Tether, with its own balance sheet.
Those shares were worth about $331 million at the 9 November close and about $320 million at 17:38 UTC on 11 November. Counted together with Tether’s, the Twenty One line would reach about $1.7 billion and the 13-line total about $5.13 billion at the 9 November close. On voting power the two groups do act as one block at Twenty One: according to the 10-Q, Tether and Bitfinex hold all 215,736,011 Class B voting shares, after SoftBank’s 89.1 million Class B shares were cancelled with the May sale.
Gold royalties and a bitcoin miner make up most of the rest
Below the three large lines, the pattern is gold. Elemental Royalty, Versamet Royalties, Metalla Royalty & Streaming and Gold Royalty are companies that buy a share of future output from mines; together they come to about $693 million at the 9 November close. Gold.com, a precious-metals dealer, adds $148 million. Two lines grew recently through market purchases. Besides Gold.com’s October buying, the Metalla amendment, filed on 4 November for a change dated 2 November and Tether’s newest filing, lists 453,874 shares bought in the market between 26 October and 4 November at $7.20 to $7.73.
The link between these holdings and Tether’s own gold business shows up in at least one filing. Elemental’s report for the quarter to 30 September, attached to a 6-K filed on 10 November, shows the company holding Tether Gold (XAUT) tokens worth $1.8 million at 30 September and letting shareholders take its third-quarter dividend in XAUT instead of cash.
Bitdeer, the bitcoin miner, is the only crypto company of size outside Twenty One: 37,729,510 shares, 19.7%, according to the 13D/A of 30 June for a change dated 12 June. Antalpha is the smallest checked line at $3.1 million.
Rumble and Twenty One move the total by about $150 million in two sessions
Because the portfolio is concentrated, a few tickers decide its value. Between the 9 November close and 17:38 UTC on 11 November, Rumble rose from $5.08 to $5.995, adding about $240 million to Tether’s line on its own; the stock was 17% above its 10 November close of $5.11. Bitdeer rose 9% over the same span, to $7.19. Twenty One went the other way, about 3% lower at $5.395, which took $43 million off the largest holding.
The net effect was a rise of about $156 million, from $4.80 billion to $4.96 billion. That is why the honest way to give the figure is a range, about $4.8 billion to $5.0 billion depending on the day, rather than a single number. For reference, bitcoin traded near $74,420 at 17:14 UTC on 11 November, according to the Coindaro market snapshot.
What the stakes do not tell USDT holders
None of the filings say where in the Tether group these shares sit. They are held by the investment fund and its subsidiaries. Whether any of them is counted among the assets behind USDT, or only in Tether’s own equity, is not established by any public document, and this article does not draw that link.
Tether’s latest attestation, prepared by BDO for the third quarter and covered in our report on the $7.95 billion buffer, is a snapshot check by an accounting firm, not a full audit. Whether any of the shares in this table are counted in it is not established. How Tether’s reserves are built, and how they differ from Circle’s, is laid out in our guide to USDT and USDC, and the company’s background is on our Tether page.
What the table does show is that Tether is now a sizeable investor in US small and mid-sized companies, with majority economic stakes in Twenty One, Rumble and Adecoagro, and that the value of the group’s investment portfolio moves with Rumble’s and Twenty One’s share prices. That makes the group’s investment side more visible to US lawmakers. Senator Richard Blumenthal has asked Tether for records and set a deadline of 4 January, as reported in our story on his letters to Binance, Tether and Trump’s crypto firms.
What is still unknown, and the filings to watch
Several gaps remain. We found no filing stating that Tether still holds all 10 million Satellogic shares that came from converting notes Tether Investments Limited bought in April 2024; Satellogic’s 10-Q for the third quarter, filed on 10 November, shows the conversion but not the current holder. The Stablecoin Development Corp and Aurelion counts are Protos’s. Positions below 5% are invisible by design, and no Tether statement gives a total.
The next documents to read are any new 13D amendments from Tether Global Investments Fund, which must follow a material change in a stake, and the quarterly reports of Twenty One and Rumble, which give updated share counts. The most recent change on record is Metalla’s, filed on 4 November, a week before Protos published its tally.