Juve, Tether to take part in capital increase, but abstains on financial statements

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The stablecoin firm of Giancarlo Devasini and Paolo Ardoino will pay the €28.8m corresponding to its share. Eleven months ago it attempted to purchase the bianconero club from John Elkann

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Stablecoin giant Tether, which holds roughly 11.5% of Juventus shares, will also take part in the €250m capital increase proposed by Exor at the shareholders' meeting held last Tuesday, 3 November. Giancarlo Devasini and Paolo Ardoino's firm, which in December 2025 submitted an unsolicited binding offer to the Agnelli family holding company to acquire all the club's shares—an offer subsequently rejected—voted in favour of the majority shareholder's proposal and will pay the €28.8m corresponding to its share. Compared to a year ago, however, Tether decided to abstain on all other ordinary shareholders' meeting proposals, including the approval of the financial statements showing a €66m loss.

tether and its stance on the 2025 capital increase

At the meeting on 7 November 2025, the stablecoin giant had approved the accounts showing a €58m loss, while challenging the capital increase (then worth €98m) on formal grounds, proposing that pre-emption rights be included for existing company shareholders and that the issue price and number of shares be set immediately, in order to guarantee "the best valorisation of the investment" and avoid "dilution phenomena regarding currently held equity stakes". Tether's motion had been rejected by the meeting, but the company nonetheless took part with €11.7m for its share in the recapitalisation, completed through an accelerated bookbuild formula and the entry of 15 investment funds.

juve, tether abstains on financial statements

This year, as mentioned, besides the approval of the financial statements, Devasini and Ardoino's firm decided to abstain on all other proposals at the ordinary meeting, including the appointment of Giovanni Carnevali and Martina Storti to the board of directors replacing Damien Comolli and Kerstin Andrea Lutz, and the approval of the target-based executive compensation plan, which provides for a bonus in Juventus shares if financial, sporting and stock market performance targets are met over the next three-year cycles.

This article was originally written in Italian by a Gazzetta dello Sport editor. The English version has been generated using AI translation tools. If you notice any translation errors or have suggestions, please contact us at [email protected]

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