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.
UPDATE (Feb. 14, 14:30 UTC): Adds Juventus share, fan token price gains.