<SEC-DOCUMENT>0001104659-25-121700.txt : 20251216
<SEC-HEADER>0001104659-25-121700.hdr.sgml : 20251216
<ACCEPTANCE-DATETIME>20251216185314
ACCESSION NUMBER:		0001104659-25-121700
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251216
DATE AS OF CHANGE:		20251216

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86092
		FILM NUMBER:		251576847

	BUSINESS ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tether Holdings, S.A. de C.V.
		CENTRAL INDEX KEY:			0002025889
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			H3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000
		BUSINESS PHONE:		443333355842

	MAIL ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tether Holdings Ltd
		DATE OF NAME CHANGE:	20240604
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Tether Holdings, S.A. de C.V. -->
          <cik>0002025889</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>16</amendmentNo>
      <securitiesClassTitle>Common Shares, par value $1.50 per share</securitiesClassTitle>
      <dateOfEvent>12/12/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001499505</issuerCIK>
        <issuerCUSIP>L00849106</issuerCUSIP>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <address>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Tether Holdings, S.A. de C.V.</personName>
          <personPhoneNum>4420 4621 1793</personPhoneNum>
          <personAddress>
            <com:street1>Final Av. La Revolucion, Edif. Centro</com:street1>
            <com:street2>Corporativo Presidente Plaza Nivel 12</com:street2>
            <com:city>San Salvador</com:city>
            <com:stateOrCountry>H3</com:stateOrCountry>
            <com:zipCode>00000</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Daniel Woodard</personName>
          <personPhoneNum>(212) 547-5400</personPhoneNum>
          <personAddress>
            <com:street1>McDermott Will &amp; Schulte LLP</com:street1>
            <com:street2>One Vanderbilt Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002025889</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Holdings, S.A. de C.V.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>Y</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>105880368.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>105880368.00</sharedDispositivePower>
        <aggregateAmountOwned>105880368.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>74.8</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 105,880,368 common shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A. held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V.

Note in relation to Item 13: This percentage is calculated based upon 141,465,751 Common Shares outstanding which include (i) 100,086,440 Common Shares outstanding as of September 30, 2025 as set forth in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on December 12, 2024, and (ii) the 41,379,311 Common Shares  issued pursuant to that certain Underwriting Agreement, dated December 11, 2025, between the Issuer and the underwriters named therein.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0002049832</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Investments, S.A. de C.V.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>105880368.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>105880368.00</sharedDispositivePower>
        <aggregateAmountOwned>105880368.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>74.8</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Item 13: This percentage is calculated based upon 141,465,751 Common Shares outstanding which include (i) 100,086,440 Common Shares outstanding as of September 30, 2025 as set forth in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on December 12, 2024, and (ii) the 41,379,311 Common Shares  issued pursuant to that certain Underwriting Agreement, dated December 11, 2025, between the Issuer and the underwriters named therein.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0002050373</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Giancarlo Devasini</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>L6</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>105880368.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>105880368.00</sharedDispositivePower>
        <aggregateAmountOwned>105880368.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>74.8</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 105,880,368 Common Shares held by Tether Investments, S.A. de C.V., a controlled subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest.

Note in relation to Item 13: This percentage is calculated based upon 141,465,751 Common Shares outstanding which include (i) 100,086,440 Common Shares outstanding as of September 30, 2025 as set forth in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on December 12, 2024, and (ii) the 41,379,311 Common Shares  issued pursuant to that certain Underwriting Agreement, dated December 11, 2025, between the Issuer and the underwriters named therein.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares, par value $1.50 per share</securityTitle>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This statement on Schedule 13D amends the Schedule 13D of Tether Holdings Limited, a British Virgin Islands business company, Tether Investments Limited, a British Virgin Islands business company, Ludovicus Jan Van der Velde and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission (the "SEC") on August 16, 2024, as amended by Amendment No. 1 filed on September 9, 2024, Amendment No. 2 filed on September 20, 2024, Amendment No. 3 filed on September 30, 2024, Amendment No. 4 filed on October 18, 2024, Amendment No. 5 filed on November 5, 2024, Amendment No. 6 filed on November 18, 2024, Amendment No. 7 filed on February 18, 2025, Amendment No. 8 filed on February 25, 2025, Amendment No. 9 filed on March 17, 2025, Amendment No. 10 filed on March 28, 2025, Amendment No. 11 filed on April 29, 2025, Amendment No. 12 filed on June 6, 2025, Amendment No. 13 filed on July 10, 2025, Amendment No. 14 filed on August 18, 2025 and Amendment No. 15 filed on August 28, 2025 (as amended, the "Schedule 13D") with respect to the Common Shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A., a societe anonyme under the laws of the Grand Duchy of Luxembourg (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Holdings, S.A. de C.V. (f/k/a Tether Holdings Limited), an El Salvador entity, Tether Investments, S.A. de C.V. (f/k/a Tether Investments Limited), an El Salvador entity ("Tether Investments"), and Giancarlo Devasini (collectively, the "Reporting Persons") and constitutes Amendment No. 16 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Underwritten Offering

On December 11, 2025, the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with J.P. Morgan Securities LLC, BofA Securities, Inc., Banco BTG Pactual S.A. - Cayman Branch, Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. (in such capacity, the "Representatives") of the several underwriters named in the Underwriting Agreement, pursuant to which the Issuer agreed to sell to the Underwriters an aggregate of 41,379,311 Common Shares at a price per share of $6.9238, after underwriting discounts and commissions (the "Offering"). The  Offering was made pursuant to a preliminary prospectus supplement and final prospectus supplement under the Issuer's shelf registration statement on Form F-3 (File No. 333-291872) (the "Registration Statement"), each of which has been filed with the SEC.

Through participation in the Offering, Tether Investments purchased from the Underwriters 30,344,827 Common Shares sold by the Issuer at a price per share of $7.25.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The Reporting Persons beneficially own an aggregate of 105,880,368 Common Shares, representing 74.8% of the outstanding Common Shares.</percentageOfClassSecurities>
        <numberOfShares>Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 105,880,368 Common Shares. This percentage is calculated based upon 141,465,751 Common Shares outstanding which include (i) 100,086,440 Common Shares outstanding as of September 30, 2025 as set forth in the Issuer's prospectus supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on December 12, 2024, and (ii) the 41,379,311 Common Shares  issued pursuant to that certain Underwriting Agreement, dated December 11, 2025, between the Issuer and the underwriters named therein.</numberOfShares>
        <transactionDesc>Except for Tether Investments' purchase of Common Shares in the Offering, no transactions in the Common Shares were effected by the Reporting Persons during the past 60 days.</transactionDesc>
        <listOfShareholders>None.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Tether Holdings, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, President</title>
          <date>12/16/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Tether Investments, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, Sole Administrator</title>
          <date>12/16/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Giancarlo Devasini</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, individually</title>
          <date>12/16/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
