Tether Moves on Juventus Takeover as USDT Issuer Seeks Up to $20B in Fresh Capital

Tether, the issuer of the world’s largest stablecoin USDT, has outlined plans to acquire a controlling stake in Juventus Football Club, while also seeking fresh capital and limiting secondary share sales.

On Dec. 12, the company said it submitted a binding, all-cash proposal to Exor to acquire the holding company’s entire 65.4% stake in Juventus Football Club, one of Italy’s most storied football teams. The proposal is subject to regulatory approvals and Exor’s acceptance. If completed, Tether plans to launch a public tender offer for the remaining shares at the same price per share, fully funded with its own capital, according to the company’s statement.

Tether said it is prepared to invest up to €1 billion to support and develop the club following completion of the transaction. Juventus, founded in 1897 and based in Turin, currently competes in Serie A and is owned by the Agnelli family through Exor. Tether has previously disclosed that it already holds a minority stake in the club.

The same day, Bloomberg reported that Tether is simultaneously seeking to raise as much as $20 billion in a stock sale that could value the privately held company at around $500 billion, a level that would place it among the world’s most valuable private firms.

As part of that effort, Tether has intervened to block at least one existing shareholder from selling shares at a steep discount to the targeted valuation, people familiar with the matter told Bloomberg.

According to the report, Tether executives are exploring post-deal mechanisms to provide liquidity for investors, including share buybacks and tokenizing company shares on a blockchain. Tether confirmed to Bloomberg that it had received assurances that unauthorized shareholder sales would not proceed, saying such actions could undermine a fundraising process led by major global investment banks.

Bloomberg also reported that one unidentified shareholder had sought to sell at least $1 billion worth of shares at a valuation of about $280 billion, well below Tether’s fundraising target. The company is said not to be planning to allow existing shareholders to sell as part of the main funding round. Tether declined to comment further on its internal deliberations.