In a recent development, stablecoin issuer Tether has announced its strategic involvement with Italian football club Juventus, not only through its significant investment but also by proposing two new board members. This move signals Tetherโs broader ambitions in the world of sports and its ongoing engagement with blockchain-powered initiatives, showcasing how crypto companies are increasingly weaving themselves into traditional industries.
- Tether nominates its deputy CIO and a lifelong Juventus supporter to join the clubโs board of directors amid ongoing controversy at Juventus.
- The company, holding a 10.7% stake in Juventus, aims to strengthen its influence through governance participation.
- CEO Paolo Ardoino promotes a campaign to โMake Juventus Great Again,โ referencing a well-known political slogan.
- Beyond football, Tetherโs investments extend into video-sharing, AI infrastructure, and major Bitcoin holdingsโhighlighting its diverse crypto portfolio.
About two weeks after reports indicated Tetherโs intent to pursue official roles within Juventus, the stablecoin giant announced it has nominated its deputy chief investment officer, Zachary Lyons, along with Francesco Garino, a medical doctor and avid Juventus supporter, to the clubโs board of directors. The move follows Tetherโs increased stake in Juventus, which stands at 10.7% after investments made earlier this year.
In their official statement, Tether expressed its commitment to fostering greater fan engagement. โSince announcing our investment in the Club, Tether has listened carefully to the voices of fans from Italy and around the world, receiving invaluable suggestions and feedback,โ the company said. โWe have proposed changes to the clubโs bylaws and advocated for enhanced corporate governance, including increased minority representation.โ
Tether CEO Paolo Ardoino also emphasized the companyโs goal to โMake Juventus Great Again,โ echoing the slogan popularized during former U.S. President Donald Trumpโs campaign. Ardoinoโs visit to the White House in July to participate in the signing of the GENIUS stablecoin bill underscores Tetherโs active involvement at the intersection of crypto and policy.
These nominations come amid turmoil within Juventusโs leadership, including the resignation of all board members last November following allegations of financial misconduct involving player salaries. In September, former CEO Andrea Agnelli and two other executives agreed to suspended sentences after plea deals with Italian authorities.
Tetherโs Broader Crypto Investments
Beyond its sports interests, Tetherโs investment portfolio includes substantial holdings in various industries. The company invested $775 million into video platform Rumble and, in August, proposed acquiring all shares of Northern Dataโa leader in AI infrastructureโtogether with Rumble, in a deal valued at over $1.17 billion.
Despite its primary role as a stablecoin issuer, Tether maintains a sizable position in Bitcoin, holding approximately 100,000 BTC, valued at over $11 billion as of September. Tetherโs USDT stablecoin boasts a market cap exceeding $181 billion, underscoring its influence within the broader crypto markets.
These moves highlight how Tether continues to diversify its investments and deepen its ties within the crypto ecosystem, incorporating blockchain technology and digital assets into its strategic expansion beyond traditional finance and sports.
