Tether Makes Bold Move With $1B Bid for Juventus FC

By: Eva Baxter

Tether, a prominent issuer of stablecoins in the cryptocurrency market, has announced a significant financial maneuver by offering a $1 billion bid to acquire the Italian professional soccer team, Juventus Football Club. According to the proposal, Tether intends to buy the controlling stake of Juventus held by Exor, the holding company owned by the Agnelli family, which currently holds a 65.4% stake in the club, a position it has maintained for over a century. Should Exor accept the offer, Tether plans to extend the same purchase price to other shareholders.

Despite this ambitious move, Exor has reportedly declined Tether’s offer. The proposal involves an all-cash transaction aimed at a full acquisition, valuing Juventus’ current market capitalization at approximately 944.49 million euros, which equates to about $1.1 billion. On the day of the announcement, Juventus' stock experienced a modest rise, closing at 2.23 euros. This corporate maneuver showcases Tether’s strategic interest in further expanding its influence beyond cryptocurrencies into mainstream industries such as sports, potentially integrating blockchain technology into traditional sectors.

This development is reflective of wider trends within the cryptocurrency space where digital asset companies are increasingly interfacing with established industries. Tether's strategy aligns with a broader trend among crypto enterprises looking to diversify their investment portfolios and penetrate new markets. Given Tether's previous engagements, securing a controlling stake in such a high-profile entity as Juventus could open doors to innovative marketing opportunities and collaborations across different sectors of digital finance and sports.

While Tether's bid at present has been rejected, the proposal underscores the evolving intersection of crypto and sports industries. As cryptocurrency firms continue to grow, their interest in traditional enterprises is expected to rise, with similar acquisition attempts likely in the future. It remains to be seen how Tether will adjust its strategy following Exor’s decision, but its interest in Juventus marks a significant indication of the crypto market's ambitions to influence and participate in historic and mainstream sectors.