The stablecoin issuer's investment arm said it is acquiring a minority stake in the Italian club.
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Stablecoin firm Tether's investment arm has acquired a minority stake in Juventus FC, the firm said on Friday.
Juventus shares are up 2.5% on the Italian stock exchange on the news, while the club's fan token surged nearly 200% in minutes.
Tether reported $13 billion in group-wide profits last year and expanded beyond its crypto business to artificial intelligence, payments and energy.
Tether, the cryptocurrency firm behind the $140 billion USDT stablecoin, said on Friday it has invested in Italian football club Juventus FC (JUVE).
The firm's investment arm, Tether Investments, acquired a minority stake in the sports club, according to a press release shared with CoinDesk. Juventus FC shares, which are publicly traded on the Italian stock exchange, advanced 2.5% immediately after the news. The price of the club's crypto fan token (JUV) surged nearly 200% in minutes before paring some of the gains, CoinGecko data shows.
"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.
The acquisition comes after Tether reported $13 billion in profits last year, and expanded beyond its core stablecoin business with investments in artificial intelligence, payments and energy companies.
