Cryptocurrency firm Tether has raised its stake in storied Italian football club Juventus to over 10%, it revealed on Wednesday.
Tether Investments, an arm of the stablecoin operator, bought into the Turin-based club last month, with an initial 8.2% stake.
Today, it said snapped up additional shares in Juventus to lift its total shareholding to 10.12%, with 6.18% of voting rights.
Tether CEO Paolo Ardoino said: "This investment is not just financial - it’s a commitment to innovation and long-term collaboration.
"We believe Juventus is uniquely positioned to lead both on the field and in embracing technology that can elevate fan engagement, digital experiences, and financial resilience. We’re excited about the opportunities ahead."
Tether said the investment reflects its confidence in the club’s "intrinsic value and growth potential" and is the beginning of "a deep and mutually beneficial partnership aimed at creating synergies between the worlds of sport and technology".
It added that it is open to buying more shares to help strengthen Juventus’s financial position and avoid dilution of its position.
It also expressed interest in setting up an "integrated and unified" board of directors.
Tether (USDT) is the world's largest stablecoin. Stablecoins are synthetic assets, purportedly backed by real-world assets (though this has been a point of contention), that act as digital representatives of the US dollar.
They solve the problem of price volatility in the crypto markets: with stablecoins, crypto traders can engage with the decentralised finance (DeFi) markets without worrying about noticeable price fluctuations.
Tether says all its tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether’s reserves.
Last October, the stablecoin giant said a bombshell Wall Street Journal article that revealed a supposed US government investigation into the cryptocurrency firm was "wildly irresponsible".
A report in the Wall Street Journal, citing "people familiar with the matter", claimed that Tether is facing a criminal investigation into potential violations of sanctions and anti-money-laundering rules.
Prosecutors are reportedly considering action due to the alleged use of stablecoins by Mexican drug cartels, Russian arms companies, and Chinese fentanyl manufacturers.
Tether responded by noting that "no authorities have gone on the record to confirm these rumours, and no sources are named".