Tether has kept buying into Juventus since its first investment in February 2025, but the club’s stock has fallen sharply over the same stretch.
According to Protos, Tether initially bought an 8.2% stake in Juventus, Italy’s most successful football club. It later increased that position and now holds more than 11% of the club’s total shares and 7% of voting rights. Since that original investment, Juventus stock is down more than 30%, the report said.
Tether sought full ownership after the first purchase
Protos reported that Tether pushed for total ownership of Juventus after acquiring its initial stake. Majority owner Exor unanimously refused to sell.
Even so, Tether did secure representation at the club. In exchange for its stake of more than 11%, one of its nominees, Francesco Garino, was appointed to Juventus’ board of directors.
Garino won a board seat
Tether put forward two director nominees to Juventus, Garino and Lyons. In the end, only Garino was accepted, serving as an independent director.
Tether described Garino as “a true Juventino DOC for 50 years.” Protos then pointed to comments Garino gave to Italian private media company La7. In that exchange, he called himself “Tether’s trusted man” and said he had known Giancarlo Devasini, the chief financial officer of Bitfinex and co-owner of Tether, for “50 years, since we were children.”
A falling stock price may still leave room for pressure
Protos argued that Juventus’ declining share price may not necessarily hurt Tether’s position. As a minority shareholder, it still has room to criticize mistakes and missteps by Exor and, eventually, try to wrest control.
The report also said Juventus is currently seventh in Serie A and outside the qualification spots for any major European competition, with three wins, one draw, and one loss.