#TrumpTariffs Tether is taking a big step into the crypto sports space with its bid to buy Exor's entire 65.4% stake in Juventus Football Club, which is one of the top teams in Italy and has won Serie A (Italy's professional soccer league) 36 times.
Should regulatory approval be granted or Exor accept Tether's proposal, the company will launch a public tender offer for the remaining shares, also at the same price. Tether has committed to making an investment of up to €1 billion after closing the deal to help to further develop and support the team.
What Does the Juventus Deal for Tether Mean?
The announcement made on December 12 by Tether is one of the largest moves by a crypto company into elite sports on a global level and indicates the shift in Tether's approach from being a pure stablecoin issuer to becoming a long-term investor for the benefit of traditional institutional investors.
CEO of Tether, Paulo Ardoino refers to Juventus as embodying "the essence of discipline, perseverance and continuity" - which he says reflects how Tether was built.
For the business side of Tether, buying Juventus gives it control of a globally known sports brand. This allows Tether to expand its reach outside just providing financial infrastructure and into the fields of media and entertainment as well as the growing global fan economy.
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