Tether Invests $100M in Agriculture as Stablecoin Competition Heats Up
It is Tether’s first investment in the agriculture and food sector as the company invested in artificial intelligence, Bitcoin mining, and digital education before.
Tether, the creator of the largest stablecoin, has placed $100 million to take an ownership stake of 9 percent in the company. Adeo Fluor has found a partner in Latin American agricultural behemoth Adecoagro where it picked up an 8% stake. It is the first time that Tether directly invested in the agriculture and food industry or any investment designation.
Before Tether had invested in certain promising markets including artificial intelligence and peer-to-peer technology, bitcoin BTC tickers down $53,807 in mining, and digital education, it disclosed to the public.
Tether used working capital funds for the investment
In its S-1 filing, Tether stated that Adecoagro’s investment was made through ‘’working capital’’ implying that the money used was from its operational capital. Tether now holds 10,048,249 shares in Adecoagro, which accounts for 9% of the company’s outstanding stocks. In the meantime, 0.1 % of the shares were given to the “outstanding common shares”.
The company Adecoagro was established in 2002 and it is one of the major milk producers in Argentina, the Buenos Aires plant processes 550 thousand liters of milk per day as indicated on the company’s website. The company started the sugar, ethanol, and energy operations in Brazil in the year 2005.
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