The world’s largest stablecoin issuer, Tether [USDT], is making a significant move into the boardroom of Italian soccer giant Juventus FC. Despite holding a substantial 10.7% stake, making it the club’s second-largest shareholder, Tether has reportedly been sidelined from crucial governance decisions and a recent capital raise, prompting a direct challenge to the dominant control of the Agnelli family’s investment firm, Exor.
The Exclusion of a Major Shareholder
Tether’s acquisition of a 10.7% stake established its position as the second-largest shareholder in Juventus, only behind Exor, which controls approximately 65% of the club. However, this significant investment did not translate into influence, as Tether was notably excluded from key governance discussions and a critical €110 million capital raise. Exor had already contributed €30 million to this funding round, further highlighting the stablecoin issuer’s exclusion from vital financial and strategic conversations impacting its investment in the financially struggling club, which reported a $58 million loss for the fiscal year ending June 2025.
Tether’s Bid for Board Representation
In response to its exclusion, Tether is preparing a strategic counter-move. It plans to propose its own list of board candidates and advocate for comprehensive governance changes at Juventus’ shareholder meeting on November 7th. This bold step is legally supported by Italian law, which permits shareholders holding at least 10% of a company to propose alternative board lists, thereby enabling Tether to directly challenge Exor’s entrenched control. This push not only aims to protect Tether's investment but also reignites the broader debate about the integration of digital assets into traditional sectors, especially given Exor’s previously stated reluctance to engage with crypto ventures. Tether's status as a dominant stablecoin issuer lends weight to its determination to assert its shareholder rights and influence in the traditional corporate landscape.
