The latest business that caught the eye—and the capital— of Tether USDT -0.02% , issuer of the world's largest stablecoin and the most valuable company in crypto, has been revealed. 

Between July 29 and August 16 of this year, Tether's investment division purchased shares worth about $102 million in South America-based agricultural giant Adecoagro SA, which trades on the Nasdaq stock exchange as AGRO, filings show. The shares represent 9.8% of Adecoagro's total outstanding shares, making Tether the company's third-largest shareholder. 

Adecoagro is Argentina's largest producer of milk and rice, according to local news site Ámbito. The company, which trades at a market capitalization of just under $1.2 billion, also farms and processes sugar cane and renewable energy in Brazil and plants crops such as soybeans and corn in Argentina and Uruguay. 

When reached for comment, a Tether spokesperson described the move as one step in the company's quest to spend its profits on diverse investment opportunities. "Tether views land as a crucial asset class, complementing its existing investments in Bitcoin and gold. Land is inherently scarce, provides long-term yield, and has historically served as a safe haven during periods of geopolitical instability," Tether said. 

Tether, in April, announced plans to reorganize the company into four divisions: Tether Finance, to manage the USDT stablecoin, Tether Data, to manage its investments in bitcoin mining, Tether Data, to oversee strategic investments in technology companies, and Tether Edu, to spearhead educational initiatives. It is not immediately clear which division oversaw the Adecoagro investment.

"We believe that investing in land, agriculture, and related ventures is essential to our journey toward creating value for humanity through sustainable development," Tether said. 

Tether announced in August, following its record-breaking $5.2 billion in profit over the first half of 2024, that it would be doubling its workforce by 2025, "...with a substantial focus on enhancing our development, investment and compliance teams," CEO Paolo Ardoino said.  The company has also recently invested in Taiwan-headquartered exchange XREX and Nasdaq-listed bitcoin miner Bitdeer. 

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