Juventus Fan Token Jumps 16% As Tether Injects $129M Ahead of Board Change
The value of the Juventus Fan Token ($JUV) jumped 16.8% in the space of just a few hours late on Oct. 7, coinciding with the announcement that Tether (USDT) would inject $129 million into the club while it seeks to propose a new board member.
Tether acquired a 10.7% stake in Juventus earlier this year, becoming the club’s second-largest shareholder after the Agnelli family’s investment company, Exor.
In the hours following the announcement the $JUV token spiked to the tune of 16.9%, while average daily trade volume more than quadrupled.
Juventus Fan Token Jumps 16.8% on Tether News
From a daily low of $1.07 prior to the publication of the Tether announcement, the value of the Juventus Fan Token ($JUV) jumped to $1.26 by the evening of Oct. 7.
What followed was a 4-fold increase to daily trade volume, as the changeover of $JUV tokens increased from $10 million to over $40 million.
By time of writing on Wednesday morning, the value of the $JUV token had fallen back to the $1.13 range. While the peak of the spike had put the token on 16.8% gains, the fallback to the current price leaves $JUV holding on to 5.5% growth for the past 24-hours.
The majority of trading took place on Binance, while Pionex, BtcTurk, Paribu, and a handful of others showed strong trading activity.
Tether to Appoint New Juventus Board Member?
According to a Reuters report published on Monday night, Tether intends to submit its own list of potential candidates for the board of Juventus when they meet at an annual shareholders meeting next month, on November 7.
Tether also announced that it planned to contribute a capital increase of $129 million (or €110 million), which it says the board of Juventus had proposed last month.
As the second-largest single shareholder of Juventus behind the Agnelli family, Tether has the right to make proposals to amend the executive make-up of the Juventus board. Tether stated that it intended to put forward some “governance changes,” without elaborating any further.
Investors will hear those proposed changes and vote on them when the shareholders meet on Nov. 7.
Meanwhile, on the pitch, Juventus are currently on an 11-match unbeaten run in Serie A, and 13-matches in all competitions, excluding the summer’s Club World Cup.
Greg Thomson: Fan Tokens Market Reporter