Tether's Juventus Stake Grows 10.7% Amid Communication Struggles

Tether, a prominent crypto firm, made a significant investment in Juventus football club on February 14, 2025, marking the first instance of a major European sports team accepting a crypto company as a major shareholder. By April, Tether's stake in Juventus had grown to 10.7%, valued at approximately €128 million, making it the second-largest shareholder behind Exor NV, which is controlled by the Agnelli family. However, the relationship between Tether and Juventus has since become strained due to weak communication and a lack of interaction since the initial share purchase. This tension raises questions about the effectiveness of crypto investments in sports partnerships beyond initial financial contributions.

Tether's CEO, Paolo Ardoino, has expressed frustration with both Juventus and Exor NV, stating that Tether's attempts to join capital talks and secure a board seat have been ignored. Tether believes that having a seat on the board would help protect Juventus' financial and operational stability in the long term. Despite exchanging letters with Juventus to arrange a meeting, no confirmation has been made. Juventus suggested that talks could occur after the Club World Cup concludes in early July, leaving the communication stalled with no clear path toward resolution or agreement. Ardoino indicated that Tether remains open to discussions but requires meaningful engagement from the club.

Exor, which has controlled Juventus for nearly a century through its €40 billion investment structure, also holds major interests in Ferrari, Stellantis, and Christian Louboutin. In contrast, Tether, founded in 2014, is relatively new and opened its first public office in El Salvador only in January 2025. Tether has no independent board and provides limited financial transparency to the public. Its $150 billion asset portfolio backs its USDT stablecoin, with $115 billion in U.S. Treasuries. In 2023, TRM Labs reported that USDT was linked to $19.3 billion in illicit financial activity.

Despite the ongoing uncertainty, Tether continues to invest in various unrelated business sectors, including agriculture, artificial intelligence, and digital media. In March, Tether acquired a 30% stake in the Italian media company Be Water. Ardoino suggested that these investments could benefit Juventus through off-field operations and long-term planning tools, such as artificial intelligence supporting club management and scouting. However, the poor communication with Juventus has caused Tether to slow further investment in the club.

The future role of Tether in Juventus is currently uncertain and under review by its leadership. Tether CEO Ardoino and chairman Giancarlo Devasini, who are longtime fans of the club, are now reassessing their involvement. They appear cautious, waiting to see if any meaningful dialogue can develop post-tournament. Their experience highlights the challenges when traditional clubs and fast-evolving firms work together. Although the Tether investment brought funds, governance participation remains unresolved. Without clearer cooperation from Juventus or Exor, the long-term impact may stay limited. This case reflects broader tensions between legacy institutions and newer financial technologies entering the sports industry.