Tether Investments, the investment wing of stablecoin issuer Tether, announced it purchased a minority stake in Italian Serie A soccer club, Juventus. The firm said the investment aims to “build a new synergy between sports and digital assets,” ultimately moving further toward its goal of integrating stablecoins and digital assets into everyday life. Financial details of the investment were not disclosed.
“Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies, such as digital assets, AI, and biotech, with the well-established sports industry to drive change globally,” said Tether CEO Paolo Ardoino in a statement. “We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.” The firm has a previous connection to the world of soccer, partnering with the city of Lugano, Switzerland last year for its “Plan B” Bitcoin initiative, which is the sole official sponsor for FC Lugano’s kits.
Amid news of the investment, crypto fan tokens tied to major soccer clubs on the Chiliz blockchain all saw notable price increases, led by the Juventus token (JUV) which has increased by more than 100% to $2.16 at the time of writing. Other popular clubs like Manchester City, FC Barcelona, and Paris Saint-Germain have all jumped by more than 5% in the last 24 hours.
