Tether’s largest U.S. stock holding is Twenty One Capital, which has fallen about 53% since its listing. After analyzing U.S. regulatory filings, Protos estimates that Tether has equity exposure to 13 U.S.-listed companies, with a combined valuation of about $4.8 billion. Its three largest holdings total $3.66 billion, or 76% of the portfolio.
Aurelion and Antalpha have fallen even further, by about 91% and 90%, respectively. The holdings are concentrated in Bitcoin treasuries, gold mining, and video platforms. In effect, profits from the stablecoin business are being used to buy crypto equities, whose unrealized losses rise and fall with the market. The report says these positions are backed by profits and excess capital.
Rather than asset allocation, this looks more like Tether is funneling money into publicly listed companies in its own ecosystem. Three holdings make up 76% of the portfolio, and the largest has fallen 53% since its listing. The volatility of this portfolio can only be much greater than that of $USDT itself.
#Tether #美股持仓 #cryptoequities
Aurelion and Antalpha have fallen even further, by about 91% and 90%, respectively. The holdings are concentrated in Bitcoin treasuries, gold mining, and video platforms. In effect, profits from the stablecoin business are being used to buy crypto equities, whose unrealized losses rise and fall with the market. The report says these positions are backed by profits and excess capital.
Rather than asset allocation, this looks more like Tether is funneling money into publicly listed companies in its own ecosystem. Three holdings make up 76% of the portfolio, and the largest has fallen 53% since its listing. The volatility of this portfolio can only be much greater than that of $USDT itself.
#Tether #美股持仓 #cryptoequities