Tether’s boss, Paolo Ardoino, has thrown his hat in the ring with a daring pledge: the company intends to become the globe’s top Bitcoin miner by the end of 2025. At first blush, it might sound like pie in the sky, but scratch beneath the surface, and the plan starts to look a lot more grounded. This isn’t just about raking in profits; it’s a long game to shield the digital assets Tether already holds in spades.
Image 1: (Source: Protos)
The firm, best known for the USDT stablecoin tethered to the US dollar, is no backroom operation. Despite a lean team of fewer than 200, Tether banked an eye-watering $13 billion last year. That kind of windfall from such a tight-knit crew is nothing to sneeze at. But instead of resting on its laurels, the company has been casting a wide net—dabbling in everything from AI and telecommunications to power infrastructure and now Bitcoin mining.
Digging Deep to Safeguard Bitcoin
So why dip a toe into the unpredictable waters of mining? According to Ardoino, snapping up Bitcoin off the shelf tends to pay off quicker than mining it from scratch. Buying is a sprint; mining is more of a marathon. You’ve got to set up shop, keep the power flowing, and wait to see if it pays off. Still, for Tether, it’s not just about chasing the almighty dollar.
With a Bitcoin stash north of 100,000 coins—worth over $10 billion—Tether sees mining as a hedge. Instead of sitting on their hands and hoping for the best, they want a hand on the tiller, actively supporting the very network that underpins their holdings.
Good recap of my interview https://t.co/HmkSMOLtpG
— Paolo Ardoino (@paoloardoino) June 24, 2025
While the firm’s exact mining horsepower remains under wraps, one thing’s for sure—they’re not sitting idle. Since 2023, Tether has sunk over $2 billion into mining ventures across Uruguay, Paraguay, and El Salvador. The investments cover everything from renewable energy plants to substation builds and stakes in mining farms. The initial $500 million outlay in late 2023 was just the entrée; there’s a feast still being cooked.
To wrest the top spot from current industry giants like Marathon Digital, Riot Platforms, Core Scientific, Iris Energy, and CleanSpark—who boast hashrates between 19 and 57 EH/s—Tether will need to go hell for leather. Considering the global network churns at about 810 EH/s, the hill they need to climb is nothing short of Everest.
From Stablecoin to Football
Just when it seemed Tether couldn’t get any bolder, it dived headfirst into European football. On 14 February 2025, the company splashed out €128 million to snatch a 10.7% stake in Juventus Football Club. That move made Tether the club’s second-biggest shareholder, trailing only Exor NV, helmed by the Agnelli family.
At the outset, it all looked like a match made in heaven. A fast-moving crypto juggernaut teaming up with an iconic football club? It raised eyebrows and expectations. But the honeymoon was short-lived. By June, the mood had cooled. Tether’s overtures to join board talks were met with radio silence. The crypto firm found itself knocking, but no one was answering.
Ardoino, not one to beat around the bush, made it clear: Tether wants a say in Juventus’ financial and strategic playbook. But the club, still firmly under Exor’s wing, hasn’t rolled out the welcome mat.
Juventus remains tightly run, with decades of institutional legacy behind it. Tether, on the other hand, is still the new kid on the block—fleet-footed and bold, but lacking some of the polish that old-school stakeholders expect. Unlike publicly listed firms, Tether doesn’t disclose financials through conventional channels, nor does it have an independent board overseeing operations. Though it holds around $150 billion in backing assets—largely U.S. Treasuries—a 2023 report linked USDT to about $20 billion in shady transactions, casting a long shadow over its credentials.
Big Dreams, Cold Shoulders
When the Juventus deal was announced, Tether hinted at a vision beyond just holding shares. They floated ideas like using artificial intelligence to sharpen player recruitment, enhance performance analytics, and streamline off-field operations.
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But as things stand, Tether’s big dreams are in limbo. With the Club World Cup around the corner, the firm has hit the brakes, waiting for Juventus and Exor to return to the negotiating table. Until then, the investment hangs in the balance, suspended somewhere between ambition and frustration.
According to Bloomberg, Tether has become the second-largest shareholder of Italian football club Juventus, holding a 10.7% stake valued at approximately €128 million. Tether is seeking a board seat and has expressed interest in participating in future capital raises. Juventus…
— Wu Blockchain (@WuBlockchain) June 25, 2025
What’s unfolding isn’t merely a hiccup in business—it paints a broader picture of two worlds colliding. On one side, a legacy institution rooted in history and tradition; on the other, a tech-driven player used to moving at breakneck speed and calling shots on its own terms.
