According to TechFlow, on September 9, The Block reported that according to Nasdaq public documents, stablecoin issuer Tether spent approximately US$102 million through its investment department between July 29 and August 16, 2024 to acquire 9.8% of the outstanding shares of South American agricultural giant Adecoagro SA (Nasdaq: AGRO), becoming the company's third largest shareholder.
Adecoagro is Argentina's largest producer of milk and rice. It also operates sugarcane and renewable energy businesses in Brazil, and grows crops such as soybeans and corn in Argentina and Uruguay. As of press time, Adecoagro's market value is approximately $1.2 billion. A Tether spokesperson said the investment is part of the company's strategy to use profits for diversified investments. "Tether views land as a key asset class that complements its existing Bitcoin and gold investments. Land is scarce, can provide long-term returns, and has historically been a safe haven during periods of geopolitical instability."