In a move that surprised the market, Tether Holdings Limited, The company behind the cryptocurrency USDT, bought 10.048 billion shares of the energy and food firm Adecoagro, commanded by the Argentine Marino Bosch. This way, The crypto giant disbursed around US$100 million and kept 9.8% of the company, which in Argentina is the main milk producer with a high-tech dairy farm.
From this operation, Tether not only managed to diversify its investment portfolio but also became the third largest shareholder of the agribusiness company.
The key fact is that Adecoagro is a giant in the world of agribusiness, valued at around US$1.1 billion, with great growth potential and that is why Tether’s decision to land in the company is understandable.
The firm currently has a presence in Argentina, Brazil and Uruguay, Its shares are listed on the New York Stock Exchange forks Leader in South America in the production of food and renewable energy. In Argentina, in addition to being the main milk producerhas vertically integrated production and produces fluid milk, flavored milk, creams, cheeses and powdered milk.
Adecoagro currently operates two dairy processing plants located in Chivilcoy, province of Buenos Aires and in Morteros, Córdoba. These Two establishments were purchased from the SanCor dairy cooperative, along with the brands The Three Girls and Angelita that are present on local shelves. In addition, it is the main producer of rice of the country and owns four processing plants, under its Molinos Ala brand, and has a market share of around 18%.
In Brazil, around 193,000 hectares of sugar cane are planted which processes sugar and ethanol for production. It grinds around 11 million tons of sugar cane per year and has the capacity to produce up to 956,000 tons of sugar, 781,000 cubic meters of ethanol and 950,000 MWh of renewable electricity.
Meanwhile, as far as agriculture is concerned, It sows around 230,000 hectares of soybeans, corn, wheat and peanuts, among other crops, distributed between Argentina and Uruguay. As for its prospects, the company is focused on added value at source and therefore its investments are projected to be directed towards this segment.
The most profitable cryptoasset company
Meanwhile Tether Limited is the company behind Tether, the cryptocurrency of the stablecoin type that claims that each of its tokens is backed by one US dollar. Specifically, this cryptocurrency It was the first stablecoin into existence. It was launched in 2014 by entrepreneur Reeve Collins; bitcoin investor Brock Pierce; and developer Craig Stellers. It has since become the largest by market capitalization.
In the first quarter of 2024 alone, Tether reported unaudited financial results for the entire company. US$4.5 billion and a net worth of US$11.4 billion. In 2023, it reported a net profit of $6.2 billion, making it the most profitable cryptoasset company today.
The British Virgin Islands-based company recently announced it would diversify its operations by adding Bitcoin mining, artificial intelligence and education to its portfolio.
Source: Ambito
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