Tether has announced plans to acquire Italian football club Juventus. The top-tier stablecoin issuer announced on Friday that it has submitted a proposal to Exor to acquire its entire stake in Juventus, which represents 65.4%.
According to the announcement, Tether is seeking to make a public offer for the remaining shares at the same price in a bid to acquire Juventus wholly. The company announced that the deal is awaiting regulatory approval in order to proceed with its takeover.
Moreover, the stablecoin issuer plans to inject €1 billion to support the development plans for the club.
“For me, Juventus has always been part of my life,” said Paolo Ardoino, CEO of Tether. “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. Those lessons stayed with me long after the final whistle.”
Following the announcement, the Juventus Fan Token (JUV) price surged over 21% in the past 24 hours to trade at about $0.79 at press time. The small-cap altcoin, with a fully diluted valuation of about $15 million, recorded a 400% surge in its daily average traded volume to hover about $22 million at press time.
If the deal goes through, the JUV token – which is already listed on major crypto exchanges led by Binance, and Bybit – will gain more market exposure. Moreover, the altcoin market is on the cusp of a major parabolic rally fueled by regulatory clarity and the mainstream adoption of crypto assets by institutional investors.
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