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Worth more than $2 billion, Juventus is the world’s 11th most valuable football club.
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Stablecoin issuer Tether has flexed its financial muscle by acquiring a minority stake in Juventus FC, a storied Series A football club that was founded more than 125 years ago in Turin, Italy.
According to a Feb. 14 announcement, the investment supports “Tether’s goal of integrating stablecoins, digital assets, and human-first technology into everyday life.” Financial details of the investment were not disclosed.
The company said it is looking to make “strategic investments” in global sports franchises, which could help market digital assets and payments to more users.
According to Forbes, Juventus is the world’s 11th most valuable football franchise at $2.05 billion. As of May 2024, the franchise’s annual revenue was $459 million.
A valuation breakdown of Juventus. Source: Forbes
Tether’s stake in Juventus comes on the heels of a record-breaking year for the stablecoin issuer. The company earned $13 billion in profits in 2024 as its holdings in low-risk US Treasury bonds reached an all-time high of $113 billion.
Tether’s USDt (USDT) stablecoin is the world’s largest in circulation at more than $140 billion.
Related: CFTC mulling probe of Crypto.com over Super Bowl contracts: Report
Crypto sports partnerships on the rise
Crypto and blockchain companies have poured billions of dollars into sporting partnerships with the aim of boosting mainstream recognition of digital assets. According to CoinGecko, 2024 saw 26 crypto sports partnerships.
Between 2021 and 2024, there were a total of 92 crypto sponsorships in sports, CoinGecko said.
2021 was the most active year for new crypto sponsorships in sports. Source: CoinGecko
Crypto exchanges have been among the biggest sponsors when it comes to sports. Earlier this week, Gate.io announced it was teaming up with Red Bull’s Formula 1 team to bring blockchain technology to motorsports.
In November, Crypto.com sponsored a golf tournament with the first-ever prize paid entirely in digital assets. This came months after the exchange signed an exclusive partnership with the UEFA Champions League.
In the United States, Coinbase became one of the first crypto exchanges to return to sports partnerships in the wake of the FTX collapse. In October, the company announced partnerships with the National Basketball Association’s Golden State Warriors.
Opinion: Coinbase and Base: Is crypto just becoming traditional finance 2.0?
This article first appeared at Cointelegraph.com News
