What happened?
Stablecoin issuer Tether has made a strategic investment in the Italian football club Juventus, with the company’s CEO Paolo Ardoino stating on X: “Let’s make Juventus great again!”
Tether’s investment in Juventus aligns with the company’s goal of integrating stablecoins and digital assets into everyday life. Additionally, Tether has indicated that it is pursuing strategic investments in global sports teams.
In addition to Tether, other cryptocurrency companies are also making significant inroads into the sports market, including exchanges such as Gate.io, Crypto.com, and Coinbase.
Tether Acquires Minority Stake in Juventus
Stablecoin issuer Tether recently announced the acquisition of a minority stake in Juventus FC, aiming to promote the application of blockchain and digital asset technology within the sports industry. Founded 125 years ago, Juventus is one of the oldest and most successful football clubs in Italy’s Serie A league.
According to Forbes, Juventus has a market value of approximately $2.05 billion, with projected revenue of $459 million in 2024. In a statement released on February 14, Tether indicated that this investment aligns with the company’s objective of “integrating stablecoins, digital assets, and human-centered technology into daily life.” Furthermore, Tether CEO Paolo Ardoino wrote on X: “Let’s make Juventus great again!”
While the investment amount has not been disclosed, Tether emphasized that the company is undertaking “strategic investments in global sports teams,” with the hope that these collaborations will promote the widespread adoption of digital assets and payment technologies. According to CryptoSlate, Tether’s investment division operates independently, ensuring that USDT stablecoin reserves are not utilized for these investments. Additionally, the company is organizing a team of expert advisors to explore how blockchain technology can be applied to team management, fan engagement, and payment systems.
Cryptocurrency Companies Actively Invest in the Sports Industry
In recent years, cryptocurrency companies have been actively investing in the sports industry, aiming to enhance the mainstream recognition of digital assets. According to CoinGecko, there will be 26 collaborations related to sports and cryptocurrency in 2024, with a total of 92 from 2021 to 2024.
In addition to Tether, other cryptocurrency companies are also aggressively entering the sports market. For example, the exchange Gate.io recently announced a partnership with the Red Bull F1 team to integrate blockchain technology into motorsports, while Crypto.com sponsored a golf tournament offering prizes in digital assets and signed an exclusive partnership with the UEFA Champions League.
Moreover, American exchange Coinbase reached a sponsorship agreement with the NBA’s Golden State Warriors in October 2024.
Tether’s stake in Juventus not only symbolizes the rapid penetration of blockchain technology and crypto assets into the global sports industry but also aims to enhance the brand’s visibility outside the Web3 space, further educating the public on the applications of stablecoins and digital assets.
Sources: CryptoSlate, Cointelegraph