Tether, one of the world’s largest crypto firms, said Friday it wants to buy the famous Italian football club Juventus.
“For me, Juventus has always been part of my life,” Tether CEO Paolo Ardoino said in a statement. “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.”
While Tether has made many investments with the billions of dollars of profit it has made from issuing USDT, this could rank as the highest-profile move in the organization’s history. The company has invested in artificial intelligence and gold, among other things.
The stablecoin issuer has submitted a bid to acquire Exor’s entire stake in the football club, subject to regulatory approvals. Exor is a publicly listed holding company for the Agnelli family, scions of the Fiat automobile empire, and the long-time controlling owner of Juventus.
“In the event that the transaction completes, Tether is prepared to invest 1 billion Euros in the support and development of the club,” the company added.
In February, Tether acquired a minority stake in Juventus. Juventus has partnerships with major brands including the sportswear giant Adidas, Jeep, and the insurance firm Allianz, according to its website.
Tether is said to be exploring whether to tokenize its equity once it completes a planned share sale that aims to raise as much as $20 billion and value the company at roughly $500 billion, Bloomberg reported Friday.
The stablecoin issuer generated profits of over $10 billion during the first three quarters of this year and is looking to diversify its portfolio.
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