#cryptosports Italy's Juventus shares rise after crypto firm Tether buys stake.
MILAN, Feb 14 (Reuters) - Shares in Italy's top-flight soccer club Juventus (JUVE.MI), opens new tab rallied on Friday, after cryptocurrency firm Tether said it had become a minority shareholder, without disclosing the size of its stake.
Turin-based Juventus is controlled by Italy's Agnelli family through their investment company Exor (EXOR.AS), opens new tab, which holds a 64% stake in Italy's most successful club. The holding did not sell any shares to Tether, a spokesperson said.
On its website, Tether said the investment in the Milan-listed club had a "strategic" nature, as Juventus shares rose as much as 4.7% on heavy volumes, before paring gains and closing up 1.57% at 2.531 euros.
"Make Juventus Great Again," Tether CEO Paolo Ardoino wrote on X.
Juventus, which has been controlled by the Agnelli family for a century, had to raise around 900 million euros ($945.5 million) from its shareholders over the past six years in three separate cash call operations to beef up its balance sheet. It reported a loss of nearly 200 million euros in the financial year ending June 30.
Tether has emerged as a dominant force in the booming market for stablecoins, which are designed to maintain a constant value by being pegged to traditional currencies and offer users a way to move money between cryptocurrencies without exposure to price swings.