Tether's 1.1 billion euro bid to buy Juventus rejected? The century-long showdown between "new money" and "old wealth"

Stablecoin giant Tether officially launched a comprehensive acquisition bid for Italy’s century-old football powerhouse Juventus, showcasing a direct clash between emerging crypto giants and traditional industrial dynasties. The company proposed a full cash purchase at €2.66 per share for the 65.4% stake held by the Agnelli family’s holding company Exor NV, valuing the club at approximately €1.1 billion. However, this bold offer was promptly met with a “unanimous rejection” by the Exor board, and family head John Elkann explicitly stated that “Juventus is non-negotiable.” This acquisition attempt is not only about football; it also reflects deeper challenges faced by cryptocurrency capital in seeking mainstream recognition and asset diversification, including cultural, trust, and value barriers.

Tether’s Strong Bid: €1.1 Billion Cash Plus €1 Billion Investment Commitment

Recently, Tether Holdings SA formally submitted a binding all-cash bid to acquire 65.4% of Juventus FC held by Exor NV. According to the letter seen by Bloomberg, the bid values Juventus at around €1.1 billion, with a premium of approximately 21% over the last trading day’s Milan stock price prior to the offer. This move demonstrates Tether’s determination to secure the deal and marks the culmination of its ongoing accumulation of a 11.5% stake (becoming the second-largest shareholder) since February this year.

More notably, Tether attached a generous future investment commitment to the bid. The company pledged that, upon successful acquisition, it would inject an additional €1 billion into the club to support long-term development, including team building, youth training systems, and infrastructure upgrades. Additionally, Tether guarantees it will purchase remaining retail shareholders’ shares at “no less than” the price offered to Exor, aiming for full privatization of the club. These financial arrangements aim to persuade shareholders with immediate, substantial capital.

However, this seemingly generous proposal was met with cold rejection. The Exor board quickly responded, stating that the bid was “unanimously rejected.” CEO John Elkann emphasized in a video statement: “Juventus is part of my family’s 102-year history… it carries our history and values, and is non-negotiable.” This rejection is not only about price but also about emotional heritage and family honor, adding a non-commercial layer to the transaction.

Clash of the Old and New Worlds: Crypto Giant vs. Century-Old Industrial Dynasty

The core conflict of this acquisition goes far beyond typical business mergers; it is fundamentally a collision of vastly different worlds’ values and logic of existence. On one side is Tether, founded in 2014, representing “new money” in the crypto industry; on the other is the Agnelli family, controlling assets like Ferrari and Stellantis through Exor, and a deep-rooted Italian industrial dynasty spanning over a century.

Tether’s Rise and Mysterious Aura

Tether, as the issuer of the world’s largest stablecoin USDT, is one of the most critical infrastructures in the crypto ecosystem. According to its latest proof of reserves report, USDT’s reserves total up to $181 billion, including $135 billion in US Treasuries. Even more astonishing is its profitability: the report shows that in the first nine months of 2025, its profit exceeded $10 billion. Paradoxically, despite its strength, its governance structure remains relatively opaque: the company only established its first official headquarters in El Salvador in January 2025, lacks an independent board, and discloses limited organizational details. This “low-profile yet powerful” trait causes skepticism and unfamiliarity among traditional finance and industry players.

The Bloodline Ties Between the Agnelli Family and Juventus

For the Agnelli family, Juventus is far more than an asset on the balance sheet. Since 1923, the family has almost never relinquished control of the club. Juventus is part of the family’s honor, the city’s emblem, and a cultural symbol of Italy. Despite recent fluctuations in sporting performance (currently seventh in Serie A and facing the risk of missing European competitions), and scandals involving financial irregularities causing a 27% drop in share price this year, its emotional value and cultural significance remain irreplaceable in the family’s view. Exor’s net assets amount to €36.4 billion, with Juventus representing only a small part of that, further indicating the family’s non-economic motivation to maintain control.

Key Acquisition Data for Tether and Juventus

• Bid Price: €2.66 per share, total valuation about €1.1 billion
• Target Stake: 65.4% held by Exor, valued at approximately €540 million (market price)
• Market Premium: about 21% over the previous trading day’s closing price
• Follow-up Investment Promise: additional €1 billion after acquisition success
• Current Holding: Tether owns 11.5% of Juventus, the second-largest shareholder
• Family Ownership History: The Agnelli family has controlled Juventus for over 102 years

Tether’s Diversification Ambitions and Juventus’s Strategic Value

Beyond emotional ties, from a purely strategic business perspective, Tether’s pursuit of Juventus is a key move within its broader asset allocation and brand upgrade blueprint. This acquisition is not isolated but part of a series of aggressive investments recently undertaken.

Expanding Beyond Crypto Assets. Tether is accelerating the diversification of its large profits and reserves into tangible assets. Its investments span artificial intelligence, renewable energy, agriculture technology, and more. Acquiring a globally recognized brand with a loyal fan base and physical assets (stadiums, training facilities) like Juventus is a high-profile and topical element of its “going mainstream” strategy. This not only reduces reliance on the crypto markets but also offers potential stable cash flows (despite the challenges of club profitability) and immense brand value.

CEO’s Personal Passion and Strategic Implementation. Tether CEO Paolo Ardoino, an Italian, publicly stated, “Juventus has always been part of my life.” This personal sentiment may have influenced the acquisition decision, but it is not the sole factor. Combining personal vision with corporate strategy—using the hometown club’s iconic status to enhance Tether’s recognition and legitimacy in the traditional world, especially Europe—is a clever approach. Football’s global reach and unifying power are unmatched by other media.

Pressure and Lessons for Traditional Capital. The bid coincides with the Agnelli family’s ongoing portfolio adjustments, considering divesting some non-core assets (such as the Gedi media group). Tether’s entry offers Exor a high-premium exit option while exerting strategic pressure. Regardless of the final outcome, it sends a clear signal globally: leading crypto firms have accumulated substantial capital and are actively seeking a more prominent role in mainstream economics. How traditional industries perceive and respond to this “new money” wave will remain a topic of ongoing discussion.

Crypto Capital Enters Sports: Trends and Challenges

Tether’s pursuit of Juventus is not the first crypto venture into sports, but it is undoubtedly the boldest and most disruptive to date. This incident provides an excellent case study of how crypto capital is integrating with traditional sports industries.

Sponsorships and Fan Tokens as Norms. Over recent years, from football and basketball to F1 racing, crypto exchanges (mainstream CEXs) and projects have frequently advertised on stadium banners and team jerseys. Many clubs have issued fan tokens (such as those on Socios.com) to engage fans worldwide and raise funds. These collaborations are mostly marketing and fundraising efforts. However, Tether’s goal of full ownership signifies deep capital involvement, aiming to control club decision-making and marking a new “ownership era” for crypto in sports.

Trust and Regulatory Barriers. Tether’s bid reveals two major hurdles for crypto capital in entering traditional sectors. First is trust: traditional clubs are cautious about new sponsors’ backgrounds, business sustainability, and funding sources. The rejection by the Agnelli family partly stems from discomfort with Tether’s “non-traditional” governance. Second is regulatory: even if business terms are agreed, such cross-border, cross-industry mega-deals face strict scrutiny from Italian and EU financial, antitrust, and sports authorities, making the process uncertain.

Early-Stage Industry Applications. Looking broadly, sports can serve as a testing ground for blockchain and crypto technologies. Examples include issuing NFTs for unique star cards or match moments, automating player transfers and sponsorship payments via smart contracts, or creating club-based decentralized autonomous organizations (DAOs) involving fans. Most of these ideas are still conceptual or in pilot phases. If the acquisition succeeds, it could accelerate real-world adoption of these innovations at a top IP, but only if the project overcomes the acceptance barrier.

Conclusion

Tether’s €1.1 billion bid for Juventus is like a stone cast into a calm lake, with ripples far beyond a typical business deal. It is a symbolic charge from “new money” against “old wealth,” testing whether crypto capital, after amassing enormous wealth, can gain genuine cultural and value recognition from the traditional world. While the Agnelli family’s firm rejection based on emotional and heritage reasons is clear, Tether’s demonstrated financial strength and expansion ambitions cannot be ignored. Regardless of the final outcome, this event signifies that leading crypto powers are actively seeking to reshape the traditional economic landscape in a more assertive and direct manner. In the future, we may witness more dialogues and clashes between old and new, with integration and friction alternating along the way.