Tether Holdings SA is expanding its business ventures by acquiring a 30% stake in Be Water, an Italian media company. The cryptocurrency company is set to invest around €10 million ($10.8 million) in Be Water, according to a knowledgeable source who preferred to remain anonymous until the deal is official. Both Tether and Be Water declined to comment at the time of the report.

Be Water owns Chora Media, a podcast production company, Will Media, and Be Water Film, a distribution and production agency. Chora Media collaborates with Bloomberg News on the podcast series "Quello che i soldi non dicono."

This investment marks the latest in a series of acquisitions by Tether, as the company has been investing in various sectors such as agriculture, artificial intelligence, and neuroscience technology. Recent investments include a strategic partnership with German tech company Northern Data AG in 2023, a significant investment in social media platform Rumble Inc., and the acquisition of a minority stake in Italian football club Juventus.

Tether's stablecoin USDT, with a market value of approximately $144 billion, aims to offer stability in the volatile cryptocurrency market by pegging its value to the US dollar. The token is supported by reserves primarily consisting of US Treasury holdings and other highly liquid assets. Tether reported a significant increase in profits due to higher interest rates on the US government bonds it holds, with over $7 billion in excess capital as of January, a substantial increase from the previous quarter.