SCHEDULE: Tether Entities Boost Adecoagro Stake to 73.6%

Tether Holdings and its subsidiary Tether Investments increased their beneficial ownership in Adecoagro S.A. to 73.6% through recent open market purchases.

Summary

• Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini collectively beneficially own 73,553,625 Common Shares of Adecoagro S.A.
• This represents 73.6% of the 99,993,156 Common Shares outstanding as of April 4, 2025.
• Tether Investments, S.A. de C.V. completed open market purchases of 2,000,432 Common Shares between June 20, 2025, and August 18, 2025.
• The purchase prices for these shares ranged from $8.8659 to $9.4999 per share.
• Tether Holdings and Tether Investments have changed their jurisdiction from British Virgin Islands entities to El Salvador entities.

Sentiment

Score: 8

Explanation: The filing indicates a very strong positive sentiment from a major shareholder, Tether entities, who have significantly increased their beneficial ownership in Adecoagro S.A. to 73.6% through consistent open market purchases. This substantial accumulation of shares, totaling over 2 million in recent months, demonstrates high confidence in the company's value and future prospects. While the filing itself is a routine disclosure, the underlying action of aggressive share accumulation by a controlling shareholder is a strong bullish signal.

Positives

• Significant increase in beneficial ownership by a major holder (Tether entities and Giancarlo Devasini) to 73.6% indicates strong confidence in Adecoagro S.A.
• Consistent open market purchases of over 2 million shares by Tether Investments, S.A. de C.V. over a two-month period suggest a strategic accumulation of shares.
• The purchases were made at varying prices, demonstrating a willingness to acquire shares across a price range, with the highest purchase price at $9.4999.

Future Outlook

No specific forward-looking statements or guidance are provided in this filing.

Industry Context

This filing, a Schedule 13D amendment, primarily concerns changes in beneficial ownership by a significant investor group. It does not provide broader industry trends or competitive analysis. However, increased ownership by a major shareholder in an agricultural company like Adecoagro S.A. could signal long-term confidence in the sector's fundamentals or the company's specific strategy within the agricultural industry.

Stakeholder Impact

• Shareholders: The increased stake by a major holder could be viewed positively, signaling confidence and potentially reducing float, which might impact liquidity. For minority shareholders, a dominant shareholder could influence corporate decisions.
• Management: The increased control by Tether entities may imply closer oversight or strategic alignment with their interests.

Key Dates

Recommendation

The filing reveals that Tether Holdings, S.A. de C.V., and its subsidiary Tether Investments, S.A. de C.V., along with Giancarlo Devasini, have aggressively increased their beneficial ownership in Adecoagro S.A. to a commanding 73.6% through substantial open market purchases. The acquisition of over 2 million additional shares within a two-month period, at prices up to $9.4999, signals profound confidence from a major, likely controlling, shareholder. This significant accumulation suggests that the reporting persons see considerable intrinsic value and future upside in Adecoagro, making it a compelling 'strong buy' for investors looking to align with a highly committed and dominant shareholder.

Keywords

Adecoagro, Tether Holdings, Tether Investments, Giancarlo Devasini, Schedule 13D, beneficial ownership, open market purchases, SEC filing, investment, agriculture