Tether has raised its stake in Juventus to over 10%, giving it significant influence in the club’s governance and financial future, as the stablecoin giant invests in Europe’s most storied sports institution.
Tether has raised its stake in the popular European football club Juventus to over 10%, giving it 6.18% of voting rights. ‘This move cements Tether as a significant shareholder and hints at deeper involvement in the governance and financial future of one of Europe’s most storied sports institutions.’
Tether, also known as USDT, is a stablecoin pegged to the value of the United States dollar.
It was launched in 2014 by Bitfinex and has since become one of the most widely traded cryptocurrencies.
Tether's value is designed to remain fixed at $1, making it a popular choice for traders looking to hedge against market volatility or park their funds during periods of high uncertainty.
Tether originally acquired an 8.2% stake in Juventus back in February, but has now expanded its investment to become one of the largest shareholders. The company’s CEO, Paolo Ardoino, described the deal as more than a financial investment, stating that he believes Juventus is uniquely positioned to lead both on the field and in embracing technology.
Ardoino also expressed willingness to join future capital infusions to ‘help strengthen Juventus’s financial foundation and avoid dilution of its position.’ This move suggests that Tether sees significant potential for growth and partnership with the club. The stablecoin giant has been investing in a number of sectors, including artificial intelligence, bitcoin mining, and agriculture.
Tether is a type of stablecoin, pegged to the value of the US dollar.
It allows users to invest in cryptocurrencies while minimizing exposure to market volatility.
Tether's value is backed by a reserve fund, which holds an equivalent amount of US dollars or other assets.
This backing aims to maintain the stability of the Tether cryptocurrency, ensuring it remains equivalent to $1.00.
As of 2022, Tether has become one of the most widely used stablecoins in the cryptocurrency market, with over $70 billion in circulation.
The news comes as shares of Juventus are up more than 2.7% to 3.2 euros ($3.65) at the time of writing. Tether’s investment in the club is seen as a vote of confidence in its financial future. With a history spanning over 125 years, Juventus is one of the most successful and storied football clubs in Europe.
Tether’s involvement in sports is not new. The company has been investing in various sectors, including football. This move marks another significant step in Tether’s growing presence in the sports world. With its investment in Juventus, Tether is positioning itself as a major player in the sports industry.
Tether sports investments refer to the use of tether, a stablecoin pegged to the US dollar, in various sporting events.
This concept has gained attention due to its potential for secure and efficient transactions.
In sports, tether is often used for betting, sponsorships, and merchandise sales.
Its stability provides a reliable store of value, reducing the risk associated with traditional cryptocurrencies.
As Tether continues to invest in Juventus, it is clear that the company sees significant potential for growth and partnership with the club. With its 6.18% stake, Tether is now one of the largest shareholders of the Italian football giant. The future of this partnership remains uncertain, but one thing is clear: Tether’s investment in Juventus is a vote of confidence in the club’s financial future.
- coindesk.com | Tether Boosts Stake in Juventus to Over 10%
