# EDGAR Filing Document

**Accession Number:** 0001499505
**File Stem:** 0001104659-25-084855
**Filing Date:** 2025-8
**Character Count:** 17235
**Document Hash:** 095e400e25bbe2a19f0852646d0088fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-084855.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001104659-25-084855

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251274728

**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

## Ex-99.(B)

**Schedule B**

The following table lists all transactions completed by the Reporting Persons in the Common Shares since June 29, 2025, which were all completed through open market purchases.

**Tether Investments, S.A. de C.V.:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Shares Bought** | &nbsp;&nbsp;**Price** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**33011** | &nbsp;&nbsp;**9.1265** |
| &nbsp;&nbsp;**July 1, 2025** | &nbsp;&nbsp;**24155** | &nbsp;&nbsp;**9.2243** |
| &nbsp;&nbsp;**July 2, 2025** | &nbsp;&nbsp;**60000** | &nbsp;&nbsp;**9.1976** |
| &nbsp;&nbsp;**July 3, 2025** | &nbsp;&nbsp;**67830** | &nbsp;&nbsp;**9.3426** |
| &nbsp;&nbsp;**July 7, 2025** | &nbsp;&nbsp;**99910** | &nbsp;&nbsp;**9.3042** |
| &nbsp;&nbsp;**July 8, 2025** | &nbsp;&nbsp;**121700** | &nbsp;&nbsp;**9.3266** |
| &nbsp;&nbsp;**July 9, 2025** | &nbsp;&nbsp;**102093** | &nbsp;&nbsp;**9.1850** |
| &nbsp;&nbsp;**July 10, 2025** | &nbsp;&nbsp;**58016** | &nbsp;&nbsp;**9.1406** |
| &nbsp;&nbsp;**July 11, 2025** | &nbsp;&nbsp;**83765** | &nbsp;&nbsp;**9.3814** |
| &nbsp;&nbsp;**July 14, 2025** | &nbsp;&nbsp;**54540** | &nbsp;&nbsp;**9.4026** |
| &nbsp;&nbsp;**July 15, 2025** | &nbsp;&nbsp;**60300** | &nbsp;&nbsp;**9.4370** |
| &nbsp;&nbsp;**July 16, 2025** | &nbsp;&nbsp;**22187** | &nbsp;&nbsp;**9.2899** |
| &nbsp;&nbsp;**July 17, 2025** | &nbsp;&nbsp;**4770** | &nbsp;&nbsp;**9.4881** |
| &nbsp;&nbsp;**July 18, 2025** | &nbsp;&nbsp;**17022** | &nbsp;&nbsp;**9.4999** |
| &nbsp;&nbsp;**July 21, 2025** | &nbsp;&nbsp;**55143** | &nbsp;&nbsp;**9.4590** |
| &nbsp;&nbsp;**July 22, 2025** | &nbsp;&nbsp;**37214** | &nbsp;&nbsp;**9.4927** |
| &nbsp;&nbsp;**July 23, 2025** | &nbsp;&nbsp;**700** | &nbsp;&nbsp;**9.4971** |
| &nbsp;&nbsp;**July 24, 2025** | &nbsp;&nbsp;**49475** | &nbsp;&nbsp;**9.4362** |
| &nbsp;&nbsp;**July 25, 2025** | &nbsp;&nbsp;**52730** | &nbsp;&nbsp;**9.4146** |
| &nbsp;&nbsp;**July 28, 2025** | &nbsp;&nbsp;**37113** | &nbsp;&nbsp;**9.2340** |
| &nbsp;&nbsp;**July 29, 2025** | &nbsp;&nbsp;**552** | &nbsp;&nbsp;**9.2500** |
| &nbsp;&nbsp;**July 30, 2025** | &nbsp;&nbsp;**32800** | &nbsp;&nbsp;**9.2311** |
| &nbsp;&nbsp;**July 31, 2025** | &nbsp;&nbsp;**62516** | &nbsp;&nbsp;**9.2293** |
| &nbsp;&nbsp;**August 1, 2025** | &nbsp;&nbsp;**47062** | &nbsp;&nbsp;**8.9127** |
| &nbsp;&nbsp;**August 4, 2025** | &nbsp;&nbsp;**49926** | &nbsp;&nbsp;**8.8659** |
| &nbsp;&nbsp;**August 5, 2025** | &nbsp;&nbsp;**101841** | &nbsp;&nbsp;**9.0563** |
| &nbsp;&nbsp;**August 6, 2025** | &nbsp;&nbsp;**40953** | &nbsp;&nbsp;**9.0234** |
| &nbsp;&nbsp;**August 7, 2025** | &nbsp;&nbsp;**43627** | &nbsp;&nbsp;**9.1238** |
| &nbsp;&nbsp;**August 8, 2025** | &nbsp;&nbsp;**35917** | &nbsp;&nbsp;**9.1555** |
| &nbsp;&nbsp;**August 11, 2025** | &nbsp;&nbsp;**28388** | &nbsp;&nbsp;**9.1577** |
| &nbsp;&nbsp;**August 12, 2025** | &nbsp;&nbsp;**28660** | &nbsp;&nbsp;**9.2208** |
| &nbsp;&nbsp;**August 13, 2025** | &nbsp;&nbsp;**30909** | &nbsp;&nbsp;**9.2114** |
| &nbsp;&nbsp;**August 14, 2025** | &nbsp;&nbsp;**55167** | &nbsp;&nbsp;**9.1133** |
| &nbsp;&nbsp;**August 15, 2025** | &nbsp;&nbsp;**74878** | &nbsp;&nbsp;**9.1628** |
| &nbsp;&nbsp;**August 18, 2025** | &nbsp;&nbsp;**43299** | &nbsp;&nbsp;**9.2349** |
| &nbsp;&nbsp;**August 19, 2025** | &nbsp;&nbsp;**350000** | &nbsp;&nbsp;**8.4190** |
| &nbsp;&nbsp;**August 20, 2025** | &nbsp;&nbsp;**209325** | &nbsp;&nbsp;**8.4204** |
| &nbsp;&nbsp;**August 21, 2025** | &nbsp;&nbsp;**103759** | &nbsp;&nbsp;**8.5381** |
| &nbsp;&nbsp;**August 22, 2025** | &nbsp;&nbsp;**86727** | &nbsp;&nbsp;**8.7487** |
| &nbsp;&nbsp;**August 25, 2025** | &nbsp;&nbsp;**88038** | &nbsp;&nbsp;**8.6508** |
| &nbsp;&nbsp;**August 26, 2025** | &nbsp;&nbsp;**182396** | &nbsp;&nbsp;**8.4486** |
| &nbsp;&nbsp;**August 27, 2025** | &nbsp;&nbsp;**103633** | &nbsp;&nbsp;**8.3516** |
| &nbsp;&nbsp;**August 28, 2025** | &nbsp;&nbsp;**73979** | &nbsp;&nbsp;**8.4756** |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 15)**

**ADECOAGRO S.A.**

*(Name of Issuer)*

**Common Shares, par value $1.50 per share**

*(Title of Class of Securities)*

**L00849106**

*(CUSIP Number)*

**Tether Holdings, S.A. de C.V.**<br>Final Av. La Revolucion, Edif. Centro<br>Corporativo Presidente Plaza Nivel 12<br>San Salvador H3 00000<br>4420 4621 1793

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/26/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **L00849106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tether Holdings, S.A. de C.V.** | Name of reporting person<br>**Tether Holdings, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[x] | |
| 6 | Citizenship or place of organization<br>**H3** | Citizenship or place of organization<br>**H3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**74751482.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**74751482.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**74751482.00** | Aggregate amount beneficially owned by each reporting person<br>**74751482.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.7%** | Percent of class represented by amount in Row (11)<br>**74.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10 and 11: Includes 74,751,482 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 100,069,440 Common Shares outstanding as of the close of business on June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 18, 2025.

| **CUSIP No.** | **L00849106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tether Investments, S.A. de C.V.** | Name of reporting person<br>**Tether Investments, S.A. de C.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**H3** | Citizenship or place of organization<br>**H3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**74751482.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**74751482.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**74751482.00** | Aggregate amount beneficially owned by each reporting person<br>**74751482.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.7%** | Percent of class represented by amount in Row (11)<br>**74.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: This percentage is calculated based upon 100,069,440 Common Shares outstanding as of the close of business on June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 18, 2025.

| **CUSIP No.** | **L00849106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Giancarlo Devasini** | Name of reporting person<br>**Giancarlo Devasini** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L6** | Citizenship or place of organization<br>**L6** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**74751482.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**74751482.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**74751482.00** | Aggregate amount beneficially owned by each reporting person<br>**74751482.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**74.7%** | Percent of class represented by amount in Row (11)<br>**74.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Note in relation to Items 8, 10 and 11: Includes 74,751,482 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 100,069,440 Common Shares outstanding as of the close of business on June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 18, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, par value $1.50 per share

**(b) Name of Issuer:**
ADECOAGRO S.A.

**(c) Address of Issuer's Principal Executive Offices:**
28, Boulevard F.W. Raiffeisen, Luxembourg, N4, L-2411

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 and Amendment No. 14 filed on August 18, 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. 15 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.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The Reporting Persons beneficially own an aggregate of 74,751,482 Common Shares, representing 74.7% of the outstanding Common Shares.

**(b)**
Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 74,751,482 Common Shares.

**(c)**
Schedule B sets forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tether Holdings, S.A. de C.V.

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, President

**Date:** 08/28/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tether Investments, S.A. de C.V.

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, Sole Administrator

**Date:** 08/28/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Giancarlo Devasini

**Signature:** /s/ Giancarlo Devasini

**Name/Title:** Giancarlo Devasini, individually

**Date:** 08/28/2025