Juventus Football Club's fan token tumbled more than 13% after stablecoin issuer Tether's €1.1 billion takeover bid was swiftly rejected by the Agnelli family.
The JUV token climbed to $0.85 Sunday evening, its highest level since early November, before sliding below $0.74 by Monday morning.
Club shares moved in the opposite direction, surging 14% to €2.50 following news of the rejected crypto bid.
What Happened
Tether submitted a binding all-cash proposal Friday to acquire Exor's 65.4% controlling stake for €2.66 per share, valuing the Italian Serie A club at approximately €1.1 billion ($1.3 billion).
The offer represented a 21% premium over Juventus' Friday closing price of €2.19.
Exor, the Agnelli family's holding company whose assets include automaker Stellantis, released a statement Saturday saying it has "no intention of selling" its stake to any third party, including Tether.
CEO John Elkann emphasized the family's century-old commitment to the Turin club in a video message.
Tether currently holds an 11.53% stake in Juventus, making it the club's second-largest shareholder behind Exor.
The stablecoin issuer had pledged an additional €1 billion investment to strengthen the team if the acquisition succeeded.
Tether CEO Paolo Ardoino said the company was prepared to support Juventus with "stable capital and a long horizon."
The bid marked one of the most significant crypto-backed attempts to acquire a major European football club.
Juventus has faced persistent financial challenges, requiring more than €1 billion in capital injections over the past seven years.
Why It Matters
The rejection highlights tensions between traditional sports ownership dynasties and cryptocurrency firms seeking mainstream legitimacy through high-profile acquisitions.
The Agnelli family has controlled Juventus since 1923, navigating multiple crises including the 2006 Calciopoli scandal that relegated the club to Serie B.
Crypto exchanges invested $565 million in global sports sponsorships for the 2024-2025 season, a 20% year-over-year increase, according to sports marketing firm SportQuake.
Football accounts for 59% of all new crypto sponsorship deals.
The divergence between JUV token performance and club share price underscores growing separation between equity and tokenized sports assets.
Tether operates USDT, the world's largest stablecoin with $176 billion market capitalization.
The company generated $10 billion in revenue during the first nine months of 2025.
Tether's minority stake purchase in February signaled strategic intent beyond simple investment.
Despite the rebuff, the company indicated willingness to maintain its position as a long-term suitor for potential future opportunities.
The failed bid leaves Tether's strategic options limited to maintaining its minority position or potentially divesting entirely.
