Stablecoin issuer Tether's ambitious bid to acquire Italian soccer club Juventus FC has been unanimously rejected by majority shareholder Exor.

The board of directors announced Saturday it has "no intention of selling" its 65.4% controlling stake to the El Salvador-based cryptocurrency company.

The rejection came less than 24 hours after Tether publicly revealed its binding all-cash proposal Friday.

What Happened

Tether offered €2.66 per share for Exor's controlling stake, representing a 21% premium over Juventus' Friday closing price of €2.19.

The proposal valued the Turin-based club at approximately €1.1 billion ($1.3 billion).

Tether CEO Paolo Ardoino, a lifelong Juventus supporter, had pledged to invest an additional €1 billion in the club's development if the acquisition succeeded.

The stablecoin issuer currently holds an 11.53% stake in Juventus, making it the second-largest shareholder behind Exor.

Juventus Fan Token JUV surged more than 32% following news of the bid.

Exor called the proposal "unsolicited" in its statement, reaffirming the Agnelli family's century-long commitment to the club.

Read also: Bitcoin Institutions Accumulate 24,000 BTC Daily Despite $350B Unrealized Losses

Why It Matters

The rejection marks a significant setback for Tether's diversification strategy beyond its core stablecoin business.

Tether reported net profits exceeding $10 billion in the first nine months of 2025 from its dominant USDT stablecoin.

The company has been aggressively expanding into artificial intelligence, robotics, bitcoin mining and sports investments.

Juventus has faced recurring financial challenges, requiring more than €1 billion in capital injections over the past seven years.

The failed bid represents the boldest attempt yet by a cryptocurrency company to acquire majority control of a major European soccer club.

Read next: Whale Opens $392 Million Ethereum Position As ETF Inflows Exceed $250 Million