200+ crypto news providers in one place.
CoinFeather
200+ crypto news providers in one place.
Tether will put forward its own list of board candidates and propose governance changes for Italian football club Juventus, in which it holds a 10.7% stake, according to a report by Reuters on Monday. The proposals are expected ahead of a Nov. 7 shareholder meeting, marking a new phase in the company’s involvement with one of Europe’s most storied football clubs.
Tether will also contribute about $129 million as part of a planned capital increase at Juventus. The stablecoin issuer first bought into the club in February and increased its stake above 10% in April. At the time, Chief Executive Paolo Ardoino said the investment reflected Tether’s “commitment to innovation and long-term collaboration.”
The move comes as Juventus continues to rebuild after years of financial and reputational damage. In November 2022, the entire board resigned amid allegations of accounting irregularities and salary manipulation. Former chair Andrea Agnelli and two other executives agreed to suspended sentences in September as part of plea deals with Italian prosecutors. The club, which trades on the Milan exchange, has since been restructuring its finances and leadership following fines and point deductions imposed by Italian football authorities.
By seeking board representation, Tether joins a short list of crypto-linked firms attempting to exert influence over major European brands. The move also comes as the company marks the 11th anniversary of its flagship stablecoin, USDT, which remains the world’s largest by market capitalization at roughly $177 billion, according to CoinGecko.
The Juventus investment adds to a series of acquisitions and partnerships that extend Tether’s reach beyond digital assets. In May, the company bought a 30% stake in Italian media firm Be Water. Ardoino said the investment reflected Tether’s recognition of “the importance of independent media in shaping informed societies.”
In December, Tether announced a $775 million investment in Rumble, a U.S.-based video platform popular among conservative commentators. In August, it partnered with Rumble on a proposal to acquire all shares of Northern Data’s artificial intelligence and high-performance computing operations, a deal worth more than $1 billion.
The company’s growing portfolio underscores its effort to expand beyond crypto issuance into media, technology, and infrastructure. It has also cultivated ties with policymakers, including attendance at the White House ceremony in July when President Donald Trump signed the GENIUS Act, a new U.S. framework for stablecoins.
Despite its expansive agenda, Tether remains primarily known for USDT, the stablecoin that underpins large parts of the crypto economy. USDT’s dominance faces new competition from other fiat-pegged tokens, including a ruble-backed coin, A7A5, which recently became the largest non-U.S. dollar stablecoin with a market value above $500 million.
Tether’s proposed governance changes at Juventus come as stablecoin issuers seek to broaden their legitimacy through traditional investments. The firm’s latest initiatives suggest that crypto companies are moving further into mainstream industries, blurring the lines between finance, technology, and culture.
By Finance Feeds
3 months ago
