Tether, the world’s largest stablecoin issuer, has submitted an all-cash €1.1 billion offer to acquire Italian football giant Juventus, highlighting the cryptocurrency company’s expanding ambitions and substantial financial resources generated from its USDT token operations.
The Offer Details
The El Salvador-based company proposed paying €2.66 per share for the 65.4 percent stake in Juventus held by Exor, the holding company controlled by the billionaire Agnelli family. The family has owned the Turin-based club since 1923.
Tether indicated it would subsequently move to acquire the remaining shares at the same offer price, pending regulatory approval. The bid represents a significant premium to Friday’s closing price of €2.19 per share, valuing the entire club at €1.1 billion compared to its market capitalization of approximately €925 million.
Exor responded on Saturday by unanimously rejecting what it described as an “unsolicited proposal submitted by Tether Investments.” The holding company stated it had “no intention of selling any of its shares in Juventus to a third party.”
Tether’s Growing Stake and Personal Connection
Tether has quietly accumulated an 11.5 percent stake in Juventus throughout this year, making it a significant minority shareholder even before launching the formal takeover bid.
The acquisition attempt appears driven partly by personal motivations. Tether CEO Paolo Ardoino, who is Italian, expressed deep emotional ties to the club Friday evening.
“Juventus has always been part of my life,” Ardoino said. “I grew up with this team. As a boy, I learned what commitment, resilience, and responsibility meant by watching Juventus face success and adversity with dignity.”
The bid is expected to further inflame tensions between Tether’s Italian leadership and Elkann, whose family has maintained control of Juventus for over a century. A portion of the club was floated on the Milan stock exchange in 2001.
Tether’s Financial Strength
Tether’s ability to mount a billion-euro acquisition reflects the enormous profitability of its stablecoin business. The company operates USDT, a digital token pegged to the US dollar with approximately $185 billion in circulation.
Tether generates revenue primarily from interest earned on US Treasury securities that back USDT. The company reported $10 billion in profits for the first nine months of 2025 and expects to record approximately $15 billion in full-year earnings.
The stablecoin issuer is currently raising $15 billion to $20 billion from strategic investors at a $500 billion valuation while simultaneously expanding its US operations.
Tether has deployed its substantial profits into various investments beyond cryptocurrency, including early-stage technology startups and media companies. The Juventus bid represents the company’s most prominent traditional asset acquisition attempt to date.
The move signals Tether’s ambitions to diversify beyond its core stablecoin business and establish a presence in high-profile traditional industries like professional sports.
Challenging Context for Exor
The Tether offer arrives during a difficult period for the Agnelli family’s Exor holding company. The group’s recent decision to sell Italian media assets has triggered labor strikes at newspapers La Stampa and La Repubblica, along with harsh criticism from several Italian politicians.
Critics have suggested the Agnelli family is disengaging from Italy, though people close to Elkann reject this characterization. They maintain that Juventus and other significant Italian assets remain core to the family’s investment strategy and Italian identity.
Juventus itself has faced turbulence in recent years, including financial challenges and sporting difficulties, making the Tether offer both opportunistic and potentially appealing from a pure financial perspective.
