Tether—the issuer of the world’s largest stablecoin USDT—officially announced that it submitted a binding all-cash proposal to Exor— the Agnelli family’s holding company to acquire its entire 65.4% controlling stake in Juventus Football Club.
Tether already holds a minority stake over 10-11.5% in Juventus, built up earlier in 2025. The offer includes a premium reported around €2.66 per share, valuing the club at approximately €1.1 billion.
If Exor accepts, Tether plans a public tender offer for the remaining shares at the same price, aiming for 100% ownership. Tether commits to investing an additional €1 billion ($1.1 billion) into the club for development, squad strengthening, and long-term growth.
CEO Paolo Ardoino, a lifelong Juventus fan and Italian national, emphasized the personal and strategic significance, calling Juventus a “symbol of Italian excellence.”
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Sources close to Exor and the Agnelli family who have controlled Juventus since 1923 have indicated the club is not for sale, and the bid has reportedly been rebuffed.
The proposal is set to expire if not accepted by December 22, 2025. This move highlights crypto firms’ growing interest in mainstream assets like sports clubs, leveraging profits from stablecoin operations.
Tether reported over $10 billion in profits in the first nine months of 2025. Tether via its investment arm Tether Investments began acquiring shares in Juventus FC, a publicly traded Italian Serie A club, in early 2025 through open-market purchases.
The buildup was gradual, driven by strategic interest in sports and personal affinity from CEO Paolo Ardoino, a lifelong Juventus supporter. On February 14, 2025, Tether announces its initial acquisition of a minority stake initially around 8.2% of issued share capital, representing over 5% of voting rights.
No exact percentage was disclosed at announcement, but it marked Tether’s entry into professional sports ownership. Shares were bought on the open market; controlling shareholder Exor (Agnelli family) did not sell any.
In April 2025, Tether purchases additional shares, crossing the threshold to over 10.12% of issued share capital 6.18% of voting rights. This solidified Tether as a significant shareholder and the club’s second-largest after Exor which holds ~65.4%.
Around June, reports indicate the stake grew to approximately 10.7–11.5%, making Tether the clear second-largest shareholder. In October–November 2025, Tether nominates and secures a board seat (Francesco Garino / Paolo Garino appointed), marking greater involvement in governance.
Tether’s minority stake remains over 10%, positioning it as Juventus’ second-largest shareholder behind Exor. This stake was built entirely via market purchases, not direct sales from Exor.
The investment reflects Tether’s diversification strategy, blending crypto with traditional sectors like sports, while Ardoino has emphasized aligning with Juventus’ values of resilience and excellence. This minority position paved the way for the recent full acquisition proposal.
The bid news drove Juventus shares up significantly, reports of spikes, with the club’s market cap nearing €1 billion and caused the official JUV fan token to surge ~30–32%. This highlights investor optimism about potential new capital inflows, even if the deal fails.
Rejection preserves the Agnelli family’s historic control, maintaining traditional governance. However, Juventus has faced recent challenges—financial losses, scandals, and on-pitch struggles—potentially limiting fresh investment.
Tether’s proposed €1 billion could have addressed debt and funded squad rebuilding, but now the club relies on existing strategies. Limited visible backlash so far, but a crypto takeover could have raised concerns about diluting the club’s Italian heritage.
CEO Paolo Ardoino’s personal fandom as a lifelong supporter framed the bid positively, but traditional fans might view crypto ownership warily. This marks the boldest attempt yet by a stablecoin issuer to own a major sports club, moving beyond sponsorships.
Success could have provided Tether massive global visibility and a platform for blockchain integration, like NFTs or fan tokens. Backed by Tether’s massive profits > $10 billion in 2025, it underscores crypto firms’ shift into traditional assets.
Rejection is a setback but highlights crypto’s growing financial clout—Tether already holds >10% and a board seat. The bid drew attention to Tether’s reserves, transparency, and EU regulatory pressures on stablecoins.
A successful deal would have required Italian/EU approvals, potentially setting precedents for crypto ownership in regulated sectors like sports.