Three Tether Equity Stakes Valued at $3.66 Billion at November 9 Close
Key Facts
The estimated market value of three of Tether’s largest U.S. equity positions was $3.66 billion at the November 9, 2026, close, equivalent to 76% of the estimated portfolio, according to a reconstruction published by Coindaro. The positions were in Twenty One Capital, Rumble and Adecoagro, concentrating most of the valuation in three companies. Protos estimated the value of the stakes based on share prices and share counts attributed to entities linked to Tether. The figures represent the market value of the stakes at the closing date, not an amount the company said it paid to invest in them. The concentration matters because changes in the value of a limited number of positions have a substantial effect on the overall valuation.
Protos valued the Twenty One Capital position at $1.367 billion, making it the largest of the three positions on November 9. The Rumble position was valued at $1.328 billion, followed by Adecoagro at $965.6 million. Together, the three estimates amount to $3.66 billion, or 76% of the total reported by Coindaro. Coindaro said it directly verified disclosures for 10 of 13 positions, while share counts for three smaller positions were based on Protos. The disclosures did not confirm current holdings in those three positions, so not all elements of the reconstruction carry the same level of direct verification.
Adecoagro’s stake appears in a filing with the U.S. Securities and Exchange Commission, in which Tether-linked filers said they owned 105,880,368 shares, representing 74.8% of outstanding shares under the calculation basis set out in the filing dated March 26, 2026. Protos valued the position at $965.6 million at the November 9 close, based on that day’s share price. This distinguishes the share count documented in the earlier filing from its later market value, which changes with the price. At Rumble, the position is connected to a commercial relationship documented in a company filing, alongside the equity holding. Tether committed to buying advertising and marketing services from Rumble for at least $50 million a year over an initial two-year term beginning February 15, 2026.
The equity arrangement linked to Rumble includes a restriction on the voting power of Tether and its affiliates. Rumble’s registration statement says the arrangement caps voting power at 9.9%, and that the company uses pre-funded warrants when issuing shares would exceed that limit. This means the economic value of the position and the share count alone do not determine how much voting power can be exercised under the arrangement. In its financial disclosure, Tether said net operating profit was $1.5 billion in the third quarter of 2026. It added that its assets exceeded its liabilities by $7,954,630,470 on September 30, while U.S. Treasury bills and reverse repurchase agreements provided most of the period’s income.
Tether said USDT issuance remained broadly stable at $184 billion during the first three quarters of 2026, and that its direct and indirect holdings of U.S. Treasury bills totaled $132.4 billion at the end of the third quarter. These figures put the equity valuation in the context of company data on issuance and reserve assets, but are not part of the value of the three positions. In another Tether-linked business, Gold.com reported that revenue from its precious metals leasing, sales and purchases, along with storage and logistics, totaled $1.2 billion in its fiscal year ended June 30, 2026. The company said those activities continued in fiscal 2027. The disclosures thus show the commercial relationship extending into the next fiscal year, while the market valuation of the three positions remains based on November 9 closing prices.