In a surprising move that could reshape the future of Juventus, Tether has formally submitted an unsolicited binding offer to Exor for the acquisition of the Agnelli family’s entire 65.4% stake in the club. According to documents seen by Calcio e Finanza, the blockchain-based investment company has valued Juventus at approximately €1.1 billion, offering €2.66 per share — a 20.74% premium over the closing price on December 11, 2025.
The offer, made entirely in cash, comes with a strict deadline: Exor must respond by 6:00 p.m. on December 22, 2025, or the proposal will automatically expire. Tether has emphasized that it can finance the transaction entirely through its own resources, without resorting to debt or conditional funding. The completion of the deal, however, would still require negotiation of a definitive Sale and Purchase Agreement (SPA) and approval from the relevant authorities.
The proposed valuation places Juventus just slightly below the €1.2 billion tag attached to AC Milan when it was sold by Elliott to RedBird Capital in 2022. However, analysts note that the comparison may be misleading — Juventus currently owns its stadium, while Milan did not own San Siro at the time of its sale. Given Juve’s current market capitalization of €837 million, Exor may consider Tether’s €1.1 billion bid insufficient.
Tether’s initiative underlines the company’s growing interest in strategic investments across sports and entertainment. In its statement, Tether expressed a “strong conviction” that an agreement could be reached in the best interest of all Juventus stakeholders. Should Exor accept the offer and the deal go through, Tether plans to launch a mandatory tender offer for the remaining shares at the same price of €2.66 each.
Moreover, Tether reportedly intends to make around €1 billion available to strengthen the first team and to develop new complementary business ventures under the Juventus brand. The proposal has also been shared with Juventus’ board of directors “in a spirit of transparency and fairness.”
However, sources close to Exor told Calcio e Finanza that the holding company is not expected to consider the offer.
