According to Protos's analysis of U.S. regulatory filings, stablecoin issuer Tether has equity exposure to 13 U.S.-listed companies, with a total estimated value of approximately $4.8 billion. Its investments span areas including video platforms, gold mining, Bitcoin mining, and crypto asset reserves. The three largest holdings are Twenty One Capital ($1.367 billion), Rumble ($1.328 billion), and Adecoagro ($966 million), totaling approximately $3.66 billion, or 76% of its total exposure. Some investments have performed poorly: Twenty One Capital has fallen about 53% since going public, while Aurelion and Antalpha have declined approximately 91% and 90%, respectively. The report says these investments are funded primarily by Tether's profits and excess capital.