The latest businesses and capital that caught our eye tether USDT
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The founder of the cryptocurrency exchange, the world’s largest stablecoin issuer and the most valuable company in cryptocurrency history has been revealed.
Between July 29 and August 16 of this year, Tether’s investment arm purchased about $102 million worth of shares in South American agricultural giant Adecoagro SA, which trades on the Nasdaq stock exchange under the ticker symbol AGRO, according to the filing. The shares represented 9.8% of Adecoagro’s total outstanding shares, making Tether the company’s third-largest shareholder.
According to local news site Ámbito, Adecoagro is Argentina’s largest producer of milk and rice. With a market capitalization of just under $1.2 billion, the company grows and processes sugarcane 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 a step in the company’s quest to invest its revenue in a variety of investment opportunities. “Tether views land as an important asset class that complements our existing investments in bitcoin and gold. Land is inherently scarce, provides long-term returns, and has historically served as a safe haven during periods of geopolitical instability,” Tether said.
Tether announced plans in April to reorganize the company into four divisions: Tether Finance, which manages the USDT stablecoin; Tether Data, which manages investments in bitcoin mining; Tether Data, which oversees strategic investments in technology companies; and Tether Edu, which leads education initiatives. It is not yet clear which division oversees the Adecoagro investment.
“We believe that investing in land, agriculture and related businesses is essential to our journey to create value for humanity through sustainable development,” Tether said.
Tether announced in August that it would double its staff by 2025 after posting a record $5.2 billion in profit in the first half of 2024. “…We are focused on strengthening our development, investment and compliance teams,” CEO Paolo Ardoino said. The company recently invested in Taiwan-based exchange XREX and Nasdaq-listed bitcoin miner Bitdeer.
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