Tether says it bought a stake in Juventus Football Club
Worth some 960 million euros, Juventus is one of Europe’s largest football teams
TETHER Holdings SA de CV said it’s acquired a minority stake in Juventus Football Club, as one of crypto’s most valuable companies continues to diversify its investment portfolio.
Tether, which issues the US$142 billion stablecoin USDT, did not disclose the size or value of its holding in Turin-based Juventus in an announcement on Friday (Feb 14). Juventus did not immediately respond to a request for comment.
The El Salvador-headquartered company has ramped up its dealmaking significantly in recent years as its profits swelled, powered by rising interest rates on the US government bonds it manages. Tether said it has more than US$7 billion in excess capital last month, up from about US$1 billion from three months earlier.
Tether has been investing in everything from digital payments to farming infrastructure, rapidly expanding its reach across the global business sphere. It ploughed US$775 million into the social media company Rumble in December, while holding a stake worth more than 1.32 billion euros (S$1.86 billion) in German technology firm Northern Data.
Worth some 960 million euros, Juventus is one of Europe’s largest football teams, competing in Italy’s Serie A and in UEFA’s Champions League, the continent’s most prestigious competition. Its shares spiked following the announcement, rising as much as 4.7 per cent on Friday.
The Italian club’s revenues have been on the decline. Juventus fell from 11th to 16th place globally in Deloitte’s Football Money League this year with an estimated annual revenue of 356 million euros, the club’s lowest ranking in Money League history.
The investment in Juventus was made by Tether’s venture arm, Tether Investments. The deal is part of a broader push to integrate digital assets into sports franchises, Tether said, expanding on an earlier sponsorship deal it signed with FC Lugano in 2023.
Tether also hopes to utilise expertise from other bets it’s made, such as in the realms of artificial intelligence and biotechnology. The company said it’s collaborating on the initiative with Juan Sartori, a co-owner of Sunderland AFC. Sartori did not immediately respond to a request for comment.
As the crypto market picked up pace in 2024, football clubs became a popular place for companies to spend their marketing budgets. Crypto exchanges Kraken and Bitpanda were among those to sign new deals with teams in the UK and Europe last year, while Crypto.com announced its sponsorship arrangement with the Champion’s League until 2027. BLOOMBERG
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