Shares of Juventus, one of Italy’s most storied football clubs, surged on Friday following the announcement that cryptocurrency company Tether had acquired a minority stake in the club. However, the exact size of the investment remains undisclosed.
Juventus, based in Turin, is predominantly controlled by the Agnelli family through their investment firm, Exor, which holds a 64% stake in the club. According to a spokesperson for Exor, no shares were sold directly to Tether.
Tether, known for its dominance in the stablecoin market, characterized its investment in Juventus as “strategic” on its website. In response to the news, the club’s shares saw an initial surge of up to 4.7% on high trading volumes before stabilizing and closing 1.57% higher at 2.531 euros.
Paolo Ardoino, CEO of Tether, took to X to express his enthusiasm for the partnership, stating, “Make Juventus Great Again.”
For over a century, Juventus has been under the stewardship of the Agnelli family. In recent years, the club has faced financial hurdles, prompting it to raise approximately 900 million euros ($945.5 million) from shareholders through three separate cash calls over the past six years to strengthen its financial position. Despite these efforts, Juventus reported a loss of nearly 200 million euros in the fiscal year ending June 30.
Tether, a key player in the stablecoin sector, has established itself as a crucial bridge between cryptocurrencies and traditional finance by maintaining a stable value pegged to fiat currencies. Discussing the investment, Ardoino highlighted Tether’s vision: “Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies with the well-established sports industry.”
Juventus dominated Italian football for nearly a decade until 2020, but its reputation suffered due to an accounting scandal related to player transfers and salary payments. The controversy resulted in a ban from European competitions last season, further complicating the club’s financial and competitive standing.
Currently, Juventus sits in fifth place in Serie A and is preparing for a Champions League knockout phase playoff against PSV Eindhoven. As Tether positions itself at the intersection of blockchain technology and professional sports, this investment could signal a new chapter in Juventus’ efforts to regain its standing as a dominant force in European football.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist