Tether has become the second-largest shareholder in Juventus

USDT stablecoin issuer Tether is the second-largest shareholder in Juventus Football Club, trailing only Exor NV, the investment vehicle of Italy’s Agnelli family. This is the first time a major European football club has counted a crypto company among its top investors.

Tether, which formally revealed its stake in February, has accumulated a 10.7% ownership in the Turin-based club, a holding now valued at around €128 million ($149 million), per Bloomberg data. 

Juventus is arguably Italy’s most decorated football club and is now part of the 2025 Club World Cup tournament. It has been under the management of the Agnelli family, who have held a controlling interest since 1923. Exor, which owns roughly two-thirds of Juventus, also has stakes in companies such as Stellantis, Ferrari, and luxury brand Christian Louboutin.

Tether CEO: Discussions with Exor are limited

In an earlier interview, Tether CEO Paolo Ardoino told Bloomberg that his communication with Juventus and its majority owner, Exor, was “very, very limited.” Per Ardoino, Tether has sent multiple letters attempting to arrange a formal meeting, but no date has been set.

Juventus has reportedly proposed deferring meetings until after the season concludes in early July. Exor, for its part, has not commented on Tether but is expected to discuss the club’s business structure once a meeting occurs, according to a source familiar with the matter.

“Our interest is in ensuring the long-term success of the club,” a Tether spokesperson said. “We believe having a voice in decisions is part of fulfilling that responsibility.”

The lack of engagement from Juventus appears to have frustrated the crypto executive. Ardoino said that at one point, he had to buy his own match ticket to attend a game this season. 

The club, which floated 35% of its shares to the public in 2001, said in March that it is looking to raise capital of up to €100 million to fund summer player acquisitions. Exor has already agreed to provide €15 million upfront and pledged to maintain its 65.4% stake.

Questions over USDT’s illegal usage

In the eyes of Juventus board members, Tether is a crypto-native firm with an “opaque corporate structure,” much similar to Juventus’ century-old governance model. 

A 2023 United Nations report listed Tether’s stablecoin USDT as a currency for illicit finance, estimating $19.3 billion in criminal transactions involving the token last year. American officials argue that it is also used in sanctions evasion and conflict financing. 

Tether, for its part, insists it works closely with law enforcement agencies to counter misuse and claims to have helped freeze assets worth millions of dollars, which are suspected to originate from illegal operations.

According to company records, the firm made a profit of $13 billion in 2024, with $115 billion in US Treasury holdings supporting its $150 billion portfolio. The liquidity was supposedly used to purchase a 30% stake in Italian media company Be Water and projects in social media, agricultural infrastructure, and brain technology.

Like many popular football clubs, Juventus has been operating at a financial loss and needs fresh capital. According to Bloomberg consensus estimates, it is projected to post an €18 million deficit in its upcoming annual report. Juventus has not won Italy’s Serie A title in five years.

Ardoino believes Tether’s technological resources could help solve Juventus’ problems. 

“The Italian football ecosystem is still very rooted in tradition,” Ardoino said. “But it’s kind of unfortunate because the rest of the world can see Manchester United, Chelsea and PSG. They are more open to a new way to look at sports like a brand.”

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