The valuation of the Juventus Fan Token ($JUV) reacted sharply to the news that cryptocurrency stablecoin firm, Tether, has submitted a bid to gain a controlling stake in Juventus Football Club.

Tether, which is already the second-largest shareholder in Juventus with 11.527%, proposed to purchase the entirety of the holdings owned by Exor, which owns 65.4% of the club’s shares.

The proposal was reportedly quickly dismissed by the Elkann-Agnelli family, which controls Exor, who have stated that no plans to sell their controlling stake in Juventus are being considered.

However, the news of the bid and the declaration by Tether that it was “prepared to invest 1 billion Euros in the support and development of the Club” was apparently enough to influence traders of the Juventus Fan Token ($JUV), which jumped 46% within hours of the news.

Juventus Fan Token ($JUV) Jumps 46%

From a starting price of $0.61, the valuation of the Juventus Fan Token ($JUV) jumped to $0.84 within just 30 minutes of Tether’s bid being made public, as $15 million in trade volume flooded into $JUV markets.

Just over 12 hours later, the token price was still on the ascent, eventually hitting $0.90 by time of writing, representing an increase of 46%.

In the same time period, $JUV trade volume climbed all the way to $80 million – marking a four-month high – and continues to climb as of publication time.

Tether’s Juventus Bid

Tether proposed an all-cash purchase of Exor’s shares for EUR 2.66 per share, which, if accepted, would be followed by a “a public tender offer for the remaining shares at the same price per share.”

CEO of Tether, Paulo Ardoino, who grew up as a boyhood fan of Juventus, stated that the company’s interest in Juventus “comes from deep admiration and respect,” adding that Juventus represented “a symbol of Italian excellence with a truly global presence, built over generations through hard work, ambition, and the unwavering loyalty of its supporters.”

The offer will lapse if not accepted by Exor by the expiry date of 6pm on Dec. 22. Reports suggest that Exor has no interest in relinquishing its majority share of Juventus.

The company had previously rebuffed claims of a potential sale of its shares to Saudi prince Mohammed Bin Salman in recent days.