An inside source claimed Tether is set to purchase a 30% stake in the Italian media company, Be Water. With a market value of more than $144 billion, the stablecoin firm has been expanding its portfolio beyond crypto.
According to a recent Bloomberg report, a source familiar with the dealings told the news outlet that the stablecoin issuer has agreed to to buy a 30% stake in the Italian media company Be Water.
However, the deal has not been officially announced yet and the source refused to be identified until the agreement goes public. A representative for Tether (USDT) has not responded to a request for comment regarding the deal with the Italian firm, neither has a spokesperson from Be Water.
Founded in 2021 by financier and writer Guido Brera, Be Water is a broadcast media company based in Rome, Italy. It is the parent company of podcast production firm Chora Media and Instagram-based content company Will Media, as well as the distribution and production firm Be Water Film.
It made its debut at the Cannes Film Festival last year and has partnered with major players from the Italian film industry such as screenwriter Stefano Bises and actor Alessandro Borghi.
If the deal does close, Be Water will be the company’s latest venture into multimedia companies after it invested $775 million in video sharing platform Rumble in December 2024. Most recently, the stablecoin issuer has agreed to help the platform build its own digital wallet to support creator funding.
Aside from multimedia companies, Tether’s investment portfolio covers a wide range of firms in various industries from Bitcoin (BTC) mining to commodity trading. At press time, USDT, has accumulated a market cap of more than $144 billion. While its daily trading volume currently stands at $23.8 billion, according to data from crypto.news.
Last month, an inside source signaled that Tether is planning to invest its $7 billion in excess reserves into more companies outside of the crypto space.
