Tether, one of the largest companies in the cryptocurrency industry, is looking to farm more than treasury yields. According to reports, the company is in the process of acquiring a majority stake in Adecoagro, an agricultural powerhouse operating in South America.

Tether has introduced a bid that would make it owner of 51% of Adecoagro in a deal that would involve a disbursement of $385 million. Bloomberg reported the company is offering a 27% premium to the market prices of Adecoagro shares, making a takeover likely due to the favorable offer.

“This investment is part of Tether’s broader approach to allocating profits into strategic sectors such as financial technology, artificial intelligence, biotech, and energy,” it said in a release.

In September, Tether acquired 9.8% of Adecoagro in a $100 million deal as part of an expansion of its investments in Latam countries. At that time, the company became the third largest stockholder of the agricultural giant.

Read more: Tether Invests $100 Million in Latam’s Agricultural Giant Adecoagro

Adecoagro has a presence in Argentina and Brazil, being one of the main dairy producers in the former. In Brazil, Adecoagro manages close to 200,000 hectares of sugarcane crops that can be used to refine sugan and ethanol.

In its bid, Tether explained that the deal would align with its interest, now that it has moved its headquarters to El Salvador.

“South America is one of USDT’s fastest-growing markets, driven largely by demand from across Argentina and Brazil owing to economic instability, volatile national currencies, and perennial battles with inflation,” Tether’s bid note remarked.

Adecoagro stated that it is considering the proposal and has sought help from advisors before answering. The action constitutes yet another expansion move from the company, which started growing into fields other than cryptocurrency since last year.

While the company has invested in artificial intelligence and green energy, it has also moved to other less conventional fields, like biotechnology and even a football team in Italy.

Read more: Tether Acquires Minority Stake in Juventus to Drive Blockchain Adoption in Sports

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