Tether, the world’s largest stablecoin issuer, has made a strategic investment in Italian football club Juventus FC, triggering a significant rally in the prices of cryptocurrency fan tokens.
According to a press release, the firm’s investment arm, Tether Investments, has acquired a minority stake in Juventus FC. The news sent Juventus FC shares up 2.5% on the Italian stock exchange. The development has seen the price of the Juventus Fan Token (JUV) increase by more than 100%. However, the token is still trading 94% lower than its all-time high.
Tether’s investment also fueled a broader rally in the fan token market, with the SS Lazio Fan Token (LAZIO) up 11%, while the FC Porto Fan Token (PORTO) saw gains of over 10% on the day. Other European club tokens, including those linked to Tottenham Hotspur, Paris Saint-Germain and Napoli, also saw notable price increases following the announcement.
Fan tokens were particularly one of the most prominent themes of the 2021 cryptocurrency bull market.
*This is not investment advice.
